Archives for May 2016
If you are a first time home buyer in St. Louis, getting a mortgage doesn’t have to be intimidating. Sean Z and his team are here to help!
For most first time home buyers, buying a home is a dream come true. However, there can also be potential problems and pitfalls that trap an unprepared buyer.
Our team wants to make this dream of yours a reality. We know all there is to know about obtaining financing for this major purchase and are more than happy to pass our knowledge onto you.
What is the TBD Mortgage Approval Program?
If you are trying to buy your first home without a mortgage approval, it is essentially the same as putting the cart in front of the horse. You are being led around to homes that you may not be able to afford, or that are significantly under your budget. With our TBD mortgage approval program you have the freedom to search for that perfect house without fear of being rejected by the bank later.
Don’t let yourself be surprised at the end of your search to find out that you can’t qualify for the home of your dreams that you have invested months looking for. We offer a variety of different mortgage programs aimed at first time home buyers and with our “TBD Mortgage Approval Program” you can be confident that you qualify before the search even begins.
First Time Home Buyers – Mortgage Options
Some of the first time home buyer mortgage options include:
- Conventional Mortgage – With only 5% down, this Fannie Mae mortgage is a huge benefit for first time home buyers who have little capital to start with.
- VA Loan – No down payment, no private mortgage insurance, and a competitive interest rate for men and women who have served their country.
- FHA 203B – With less than 5% down, an FHA loan benefits people who have had financial problems in the past and want a second chance at home ownership while at the same time building up their credit scores.
- FHA 203K – This works like the 203B, except it has additional funding of up to $35,000 that may be added to the mortgage amount to help with any major repairs or renovations a house may need.
- USDA Home Loans – Available to buyers looking for home ownership in rural parts of the state, this USDA backed loan is specifically targeted towards low and median income households.
- Homestyle Renovation Mortgage – This Fannie Mae loan package combines the cost of your new home with up to 50% of its post construction value making it possible for a St. Louis home buyer to purchase a house that is in need of repair.
- Fixed Rate Mortgage – The interest percentage you locked into at closing will be the same after 5, 10 even 25 years.
- Adjustable Rate Mortgage – It will remain steady for the first 5 or 7 years depending on your terms, but will then change to reflect current interest rates.
At Sean Z Mortgage, we will take the time to find the right mortgage with a payment that you are able to afford. There is more than just a monthly mortgage payment to consider and we want you to be well aware of that long before you set your sights on a home that is out of your budget. When helping you figure out your monthly budget, our team is going to look not only at the payment and interest, but also property taxes, insurance, utilities and the possibility of home owner association fees. Our team of professionals is going to make sure that you start your hunt fully armed, knowing how much home you can really afford.
Get Started Today!
We are just as excited about your new home purchase as you are. We are proud to be a part of such a monumental milestone in your life and are dedicated to ensuring that it is the enjoyable experience for you that it should be.
Call us today at (314) 361-9976 or fill out our online contact form, to start making those first steps to buying that first home you have always dreamed of!
The question on every home buyers mind is, how do I get a low mortgage rate?
First of all, St. Louis home buyers can stay up-to-date and informed on everything mortgage related when they have Sean Z by their side. We study current interest trends daily to keep abreast of not just what is happening now, but what may be happening 6 months from now.
Mortgage Rate Shopping
It seems like an easy task: simply compare rates and pick the lowest one. But after you begin the process, you discover that comparing lenders is a difficult task. Some lenders are not properly trained and will give you either the wrong information or not enough.
When comparing what the different brokers and lenders are charging, make sure you’re comparing the rates on the same day. Why? Well, rates change from day to day based on the bond market. The bond market changes daily and sometimes more than once in the same day.
Another challenge, different lenders seem to have their own way of expressing the costs. So, make sure you compare the total costs to get the loan. Get the grand total of all the costs and then compare the interest rates.
The Sean Z Team mission is to get you locked into the best mortgage rate available for the mortgage loan that is right for your needs. We will guide you through the process and give you tips on the steps that you need to take in order to lock in at the lowest possible interest rate.
Secure a Better Mortgage Rate
The absolute best way to secure a good mortgage rate is with Sean Z. With expert knowledge on all things mortgage related he and his team are able to find the perfect loan program for you with the lowest possible mortgage rate.
The less risky you look on paper, the lower the mortgage rate. There are a few things you can do that will help lower points on your interest rate:
- Clean up your credit.
- How much debt you have is a key factor in determining not just the amount of the loan, but also the interest rate. Try consolidating debt if you have outstanding balances on multiple credit cards and be sure you are making timely payments on them.
- Secure cash for a down payment. The more you are able to put down on a home, the lower your mortgage rate will be. Interest rates are all about securing risks. If you have a personal investment in the property up front, the risk is lower.
Contact a Reputable Lender
Consult a reputable lender with a proven track record of success like the Sean Z Team at USA Mortgage. As approved lenders for Fannie Mae, Freddie Mac and HUD endorsed loans, we can secure you a competitive rate that other lenders may not even be able to match.
Call us today at (314) 361-9979, or fill out our online contact form, to get all of the latest St. Louis housing information right here and let our team of mortgage pro’s help you to understand your options.