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First Time Home Buyers in St. Louis – Mortgages Made Simple

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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!

It’s Important to Have a Home Inspection Before Buying a House!

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Buying a home is one of the biggest decisions you will ever make, having the house inspected is an inexpensive way to find out the overall condition of the home!

first time home buyer in St. Louis

Some home buyers think that skipping the inspection process is a way to save money. But this couldn’t be farther from the truth.

Take the case of a young couple, buying their very first home. They have found the St. Louis home of their dreams, but wisely, before they buy the house, they have it inspected by a certified home inspector. The inspector discovers a crack in the plumbing stack, which the owner must fix before the couple agrees to buy. So, the small inspector’s fee ended up saving the couple thousands of dollars that they would have otherwise had to spend.

Why a Home Inspection is So Important

The situation above perfectly illustrates the value of a home inspector. Having an inspection done generally happens at the time of the sale of the home. This is important because an inspection helps the buyer to avoid a costly mistake by buying a home that needs major repairs.

A good home inspector will assist the buyer by helping them understand what they are acquiring. A house may look like it is ready for the buyers to move in, but an inspector will look at the features of a home and see issues that the buyers couldn’t notice.

There are a number of different types of inspections that can be performed. First and foremost, a general inspection is done. They will assess the plumbing, electrical wiring, roofing, insulation, HVAC, ventilation, and the overall structure of the home. After it is completed, the inspector will give the buyers a report with suggestions as to what needs to be repaired, replaced, or improved upon. There may be things that need to be brought up to the current standards.

Another type is a radon inspection. Radon is a radioactive gas that is colorless, tasteless, and odorless. It is a gas that occurs naturally as a decay product of radium. According to the Surgeon General, radon is the second largest leading cause of lung cancer in the U.S. There are no safe levels of radon gas, so it is important to know if the house you are about to purchase is dangerous to occupy.

First Time Home Buyer St. Louis

In the end, you will be glad that you had a home inspection completed. It will give you peace of mind knowing that your new home is safe and in good shape.

The Sean Z Team 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) 361-9979 or fill out our online contact form.

Do I Need a Real Estate Agent? The Importance of a St. Louis Realtor

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Finding the right home for you and your family is not as easy as it looks. You need the assistance of an experienced real estate agent!

do i need a real estate agent in ST. Louis

We live in a very “do-it-yourself” society. There is a whole cable channel devoted to DIY home projects. What was once someone’s area of expertise, is now reduced to watching how to do it yourself on a YouTube video.

What about when it comes to buying a home – should you do it yourself? It is a valid question since there is a recent proliferation of services that can help you complete your own real estate transactions. And after-all, couldn’t you save yourself the commission rates that most realtor’s ask?

Well, it may surprise you but going solo may end up costing you more than those commission fees do. The fact is, finding the right home for you and your family is not as easy as it looks. You need the assistance of an experienced real estate agent!

Reasons Why You Still Need a Real Estate Agent

The St. Louis metro area is loaded with magnificent homes, excellent school districts, sporting events, beautiful parks and unique dining experiences. It is important to find a home in the right neighborhood that lets you conveniently experience this great city. There is a lot more to a home than just the price! Having an expert realtor’s input and experience is invaluable.

Here are a few reasons why this is one project you don’t want to do yourself:

  • They have easy access to all the properties in the right areas.
  • They are experts at finding the homes that meet your criteria, getting in touch with the sellers’ agents, and making the appointments for you.
  • They do all the negotiating for you.
  • They handle contracts on a regular basis. They know which ones should be used, when they can be removed safely, and how to use them to protect you.

Work with an Expert Realtor in St. Louis

The Sean Z Team has spent over 10 years nurturing relationship with the best real estate agents in St. Louis. They are able to help you identify the homes that you can afford in the right neighborhoods. A good realtor will represent you through negotiating offers, accepting the real estate contract, understanding home inspections and appraisals, any title work issues, and all the way up to the closing table.

As your mortgage experts, we will be there to make sure all of your questions are answered. Our goal is to have made the home buying process as surprise and stress free as possible. Call us today at (314) 361-9979 or fill out our online contact form!

St. Louis Mortgage Expert Explains the Home Loan Process

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We will make it easy for you by helping you understand the entire home loan process, starting from the beginning!

St. Louis home loan process

Whether you’re buying your first home or you have bought a number of times, going through the home loan process is an experience. The St. Louis metro area is loaded with magnificent homes, excellent school districts, sporting events, beautiful parks and unique dining experiences. There are many opportunities to purchase excellent homes at a great value.

At Sean Z Mortgage, we want to help make your home buying experience positive! We will make it easy for you by helping you understand the entire process, starting from the beginning.

The Home Loan Process

There are basically 6 steps to the home loan process. They are:

  1. Prequalification
  2. Applying for Your Loan
  3. Processing Your Loan
  4. Appraising Your Home
  5. Underwriting
  6. Closing

The prequalification helps you determine how much of a loan you can afford. This generally takes less than 5 minutes.

Applying for your loan is easy too. You can make an appointment with us to do this in person, or we can do this over the phone. It usually takes less than 15 minutes to complete.

Processing your loan may be better described as verifying your information. You will typically need 3 items: your last 2 pay check stubs, your last 2 W-2 forms, and your last 2 checking or saving account statements. While this information is being gathered, your credit report will be ordered and the appraisal on the property.

Appraising your home will initially take about 15 minutes to explore the property that is to be financed. Then, the appraiser will take time to research comparable homes in the area that have sold within the last 6 months.

After these steps your loan is sent to underwriting. An underwriter will determine if the loan is approved or rejected. If the loan is not initially approved, then if possible, a counter offer is made.

Finally, the closing. This term speaks for itself!

The TBD Mortgage Process

Many buyers think that they need to first find a house to buy before getting the paperwork done. However, 95% of what we do has nothing to do with the house. The first step is to fill out the application and provide a number of disclosures. Then we can submit everything to underwriting. Once this is done, you have 6 months before you would have to have a home under contract.

This entire process can begin online. The TBD Mortgage Approval Program can give you the confidence of a cash buyer while buying a house in St. Louis.

Contact the St. Louis Mortgage Experts!

Not only will we help make your home buying experience a good one, but we will take the time to match you with the best mortgage loan product available. Our mortgage underwriters will examine your credit history, employment history, debt ratios, down payment amount, reserves and any other necessary documentation to get you approved for financing while your house is still “To Be Determined.”

Call us today at (314) 361-9979 or apply online.

Guide for a First Time Home Buyer in St. Louis

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Start making those first steps to putting rent payments behind you and buying that first home you have always dreamed of.

There are so many benefits to owning your own home! As a homeowner, you will experience the security of owning the house that you live in. You’ll no longer be wasting money each month on rent payments. You will be able to create a home that meets your needs and desires.

In addition, you will be able to take advantage of tax benefits, while building home equity and creating a stronger credit history.

Buying your own home is likely to be the single largest investment you will make in your lifetime and this can seem like a daunting task. The Sean Z Team knows that this is an event you have been dreaming of for years and wants to make it as enjoyable for you as possible. 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.

First Time Home Buyer

Many first time home buyers end up being surprised at the end of their search to find out that they can’t qualify for the home of their dreams that they have spent months looking for. They think they need to find a house to buy before getting the mortgage paperwork done. Don’t let this happen to you.

In order to avoid this scenario, 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.

What is the TBD Mortgage Approval Program?

In the mortgage world 95% of what we do has nothing to do with the house. All we need to do is get an appraisal and the title work and, as long as the house you choose appraises and the title is clean, you will be able to get a loan.

The process typically goes as follows:

  1. Fill out the application.
  2. We submit this to underwriting.
  3. Once approved, you’ll have 6 months before you have to have a house under contract.
  4. Search for a new home with the confidence of a “Cash Buyer”

So we literally can do almost your entire loan without you having a house under contract.

First Time Home Buyer Mortgage Options

There are a wide variety of mortgage options out there for first time home buyers. At the Sean Z mortgage, we will take the time to find the right mortgage with a payment that you can afford. Some of the options include:

Call the St. Louis Mortgage Experts

Sean Z and his entire team 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.

What to Look for When Buying a House in St. Louis

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If you’re in the market for buying a home, you may be overwhelmed by all of the options you have and the decisions you have to make.

what to look for when buying a house in St. Louis

If you’re in the market for buying a home, you may be overwhelmed by all of the options you have and the decisions you have to make. You are not alone! Almost everyone that sets out to look for a house to buy, faces these issues.

If you are looking to buy a brand new home, you may think the process will be easier. However, new homes can be just a troublesome as old ones. Because they haven’t been tested by years of use, they can have potential problems that go unseen prior to purchase. This can be especially true if the builder used shoddy materials or methods. Hiring a house inspector before you buy a new home is one way to guard against expensive surprises.

While hiring an inspector is very important before you purchase a home, you may waste time and money by unnecessarily hiring one for a home that turns out to have noticeable issues. For instance, if you end up buying the home that was inspected, you will have spent your money well. On the other hand, if you do not purchase the home because the inspector found major issues, you may have been able to spot some of these things yourself and have saved yourself the hassle and cost!

What to Look for When Buying a House

If you do a little leg work upfront, you may be able to answer some of these questions yourself:

  • The Roof – is it old or new? Are there shingles missing or look like it wasn’t applied properly?
  • Structure – step back and look at the house. Are the walls flat and plumb? On the inside, do any walls bow or lean? What about the floor – does it flex if you jump in the middle of a room, or does is feel solid?
  • Water Control – is there any water damage, inside or outside? Does the ground slope away from the home? Will the homes gutters and drains carry rain water away from it effectively?
  • Kitchen & Bath – do all of the fixtures work? Is the water pressure strong when you turn on the tap or flush the toilet? Have the appliances been well taken care of?
  • Furnace & Air Conditioner – are these relatively new? Find out what the average utility bills are for the home, if they are more costly, maybe the systems are not efficient as they could be.
  • Details – Check the windows, are they in good condition? Is there quality in the workmanship of the moldings, paint, tiling and hardware?

What you are able to determine on your own may be able to save you time and money.

How to Get Pre Approved for a Mortgage

Even before you find your perfect St. Louis home, you can have the confidence of a “Cash Buyer” by getting pre approved for financing!

Our TBD Mortgage Approval relieves much of the anxiety surrounding buying a house. My team will go over an entire set of “To Be Determined” loan documents with you before you even start your search for the perfect home. We will be able to process and underwrite your entire loan file with a property address of “To Be Determined”.

Contact the Sean Z Team today at (314) 361-9979 or fill out our online contact form to get started!

Are You a First Time Home Buyer in St. Louis?

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Trying to buy your first home without a mortgage approval is the equivalent of putting the cart in front of the horse.

first-time-home-buyer-programs

For many first time home buyers, having the funds available for a down payment is one of the biggest obstacles to purchasing a new home.

There is good news because first time home buyers have many options and 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.

There are mortgage options that require low down payments. There are also programs and resources that may be able to help you fund the down payment on your new home.

The TBD Mortgage Approval Program

Many first time buyers think that they need to find the home they want to buy before getting the mortgage paperwork done. However, the majority of getting approved for a loan has nothing to do with the house you’re going to buy. In fact, all we need to do is get an appraisal and the title work and, as long as your house appraises and the title is clean, you will be able to get a loan.

Low Down Payment Mortgages

Recently, Fannie Mae announced a 3% down payment mortgage option that is designed to help first time home buyers who are not able to fund a large down payment but who are otherwise are able to qualify for a loan. Any first-time home buyer interested in this program should contact the Sean Z Mortgage Team.

Other first time home buyer programs include:

  • FHA loans (Federal Housing Administration)
  • VA loans (Department of Veteran Affairs)
  • USDA loans (US Department of Agriculture)
  • Conventional

Our team knows that buying your first home is an event you have been dreaming of for years and we want to make it as enjoyable for you as possible. 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.

Contact the Sean Z Mortgage Team

Every St. Louis resident deserves the opportunity to live in the home of their dreams. Let us help make buying your first home possible. Call us today at (314) 361-9979 or complete our online contact form.

4 Things Every Home Buyer Should Be Asking Themselves

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Purchasing your first home can be both an exhilarating and daunting experience.

first time hown owners

Even though here are professionals to help you make the right decision, you will need to do some homework before you actually go house hunting. In this post, we will discuss the basics of preparing for a first-time home purchase. These tips will come in handy and will help make your life simpler when you begin the decision-making process.

What Are Your Long-Term Goals?

A first-time home buyer will need to determine their long-term goals and how owning a home fits into those plans. Some homebuyers may want to stop paying rent and instead pay a mortgage for their own home, while others may decide to buy a home for independence and enjoy becoming a property owner. Consider these questions to narrow down your homeownership goals.

What Type of Home Will Suit Your Needs the Best?

When you decide to purchase a residential property, you will have several options to choose from, such as a townhouse, a single-family home, a multi-family building, or a condo. Each of these options has its own pros and cons and a buyer can make a choice depending on their homeownership goals. A fixer-upper may be a great choice if someone wants to save money on the purchase price and has the time and money to complete the renovations to turn the house into a dream home.

What Specific Features Are You Looking for in Your Ideal Home?

Your home will be one of the biggest investments you will ever make. Make sure that you get the most out of the money you invest. Make a list of the specific features you want in a home. Include your basic desires such as the neighborhood, size, and even details such as the kitchen and bathroom layouts and appliances you would like in your home.

What Can You Afford?

Before you go searching for your new home, it is important that you have an idea of how much mortgage you qualify for. The Sean Z Mortage Team can help you decide how much you qualify for based on your income, credit history, and other factors. Your monthly installment payments are not the only cost associated with a home purchase. You will also need to include the cost for a down payment, property taxes, insurance costs, closing costs, and repair and maintenance costs.

The Sean Z mortage team looks forward to helping you own your first home. We work with top-rated real estate agents who will help you find and choose a home. Our unique “TBD Mortgage Approval Program” will help you budget for a mortage loan and complete the paperwork, even before you start shopping for your home. We will guide you through the entire process and save you from any potential pitfalls. Call us today at (314) 361-9979!

Lending Rules Are Easing as Housing Recovery Delays

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Many Americans desire the security of home ownership. Hopefully with these new changes, that opportunity can become a reality for more Americans.

home loan St. Louis

In the early days of the housing crisis, a proposal was drafted that would make lenders hold a stake in the loans that they sold. This specifically applied to mortgages that had a down payment that was less than 20 percent. The idea that the government maintained was that this would encourage more cautious lending.

However, this plan was opposed by both the industry and the housing advocates. Both sides felt that this plan would lock too many people out of the housing market because lenders would be forced to raise interest rates and fees on loans with low down payments.

A New Proposal

In October of this year, a milder version of the plan was decided on by six different agencies. These changes are in response to the fact that the housing recovery has taken a lot longer than it was expected to. It has been acknowledged that the tough regulations were forcing lenders to only lend to those that had exceptionally good credit. This new proposal will hopefully encourage lending to a wider population of borrowers.
In light of this new proposal, both Freddie Mac and Fannie Mae have said they may lower the down payment requirements to 3 percent. The FHA may also be on board to lower the fees that they charge borrowers.

This also means that banks will not be required to hold a stake in the loans that have less than 20 percent down. They will only have to do so on loans where the borrower has a high debt-to-income ratio. While these changes will take effect in about a year, they will not apply to Fannie Mae, Freddie Mac, or the FHA. This plan affects loans that have been sold to private sectors, agencies that do not have government backing.

Owning a Home in St. Louis

The history of home ownership in America is rich. Prior to the Great Depression, a minimum of 50 percent was required as a down payment. However, after WWII, the government wanted to encourage home buying by significantly lowering the down payment requirements. They dropped to as little as 5 percent down for certain loans that qualified. The amount of people who could now qualify and own a home soared. This trend lasted for many decades.

Owning a home is still something desired by many Americans. Hopefully with these new changes, that can become a reality for more Americans.

Sean Z has always made every possible effort to secure loans for St. Louis residents that they could afford. Having these new guidelines in place only solidifies our standard practices and gives borrowers more incentive to seek our TBA mortgage approval program. Call us today at (314) 361-9979.

Success Tips For the First-Time Home Buyer

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Take the first steps toward home ownership in St. Louis with confidence!

first time home buyersYou are about to embark on a journey that is exhilarating! Having that special home to call your own is a long-time dream for many. When you start the process on the right path, you can make the entire experience a joyful one.

Have Your Finances In Order

First, start off right by getting your finances in order. Work towards paying off any credit card debts and build a savings account for a down payment. You are also going to want to have cash on hand to help you when it comes time to turn your new house into your home.

Once your financial situation is in order, make an appointment with Sean Z Mortgage. You will want to see us first to find out how much house you can afford before you start making appointments for open houses. Our “TBD Mortgage Approval Program” will keep you focused only on those St. Louis homes that fit into your budget. The Sean Z Mortgage team will make sure to find the right product to suit your needs. There are special loan packages for certain circumstances, such as veterans, that you may qualify for.

Happy House Hunting

When you have your pre-approval in place you can begin the house hunt. Do your research to find out which St. Louis neighborhoods appeal to you and will likely work with your budget. Take into account schools, local taxes, and location in relation to your job. When speaking with a real estate agent be honest about your desires and the price range you are looking at. Nothing dampens the house hunting joy quicker than falling in love with a home that you find out you cannot afford.

Sean Z Mortgage Team

The experience for a first-time home buyer does not need to fraught with stress and disappointment if you follow the steps in the right order. With a “TBD Mortgage Approval Program” you can eliminate the stress and enjoy the process of getting to pick out the home you have been dreaming of.

Call Sean Z Mortgage at (314) 361-9979 today!

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Sean Z Team