St. Louis Mortgage Checklist – Information Needed For the Loan Process

June 21, 2016 By Sean Zalmanoff

Our St. Louis mortgage experts are here to make the home loan process easy and simple for you!

Whether you are buying a home or refinancing a property, there are a lot of steps in the process. It can seem overwhelming but our team is here to help. The following information will help keep you on track.

Mortgage Checklist

You want your mortgage application process to go smoothly, and so do we! You will need to gather certain information during the home loan process.

The following information is generally required:

Social Security number
Current pay stubs or tax returns for the past 2 years if self employed
Two months of bank statements
Two months of investment account statements
Life insurance policy (if applicable)
Two months of retirement account statements (if applicable)
Make and model of the cars you own
Auto loan information
Credit card information
Any personal loan information

If you already own real estate, you will need:

Mortgage account info
Home insurance information
Information on home equity account (if applicable)

The Sean Z Team prides itself on making the home loan process simple, straightforward and fast in the St. Louis area. Our highly experienced team of mortgage experts can help you take the first step toward the best financial solution for you and your family.

St. Louis Mortgage Experts

We study current interest trends daily so that we are always up-to-date not just with what’s happening now, but with what may be happening 6 months from now. Our goal is to get you locked into the best mortgage rate available for the loan that is right for your needs.

For all of your refinancing questions and concerns, trust our team! Call us today at (314) 361-9979 or fill out our online contact form.

St. Louis Home Refinance – Reasons to Refinance Your Home Loan

June 7, 2016 By Sean Zalmanoff

The Sean Z Team is on your side to walk you through the St. Louis home refinance process from beginning to end!

Are you thinking about refinancing your home loan? Are you trying to decide if refinancing your home now is the best financial path for you and your family? Our team will work with you to determine what your goals are and help you meet all of your needs.

3 Reasons to Refinance Your Home Loan

There are basically 3 reasons why you should refinance your home loan:

You want a lower interest rate: Because interest rates are continuing to dance around all-time lows, it doesn’t make sense to borrow money at a rate that is more expensive.
Get rid of one of your mortgages: If you have two mortgages on your home – now is a good time to refinance your home equity line of credit and consolidate the loans so that you’ll only have one payment.
Get a fixed-rate loan: You can get rid of your adjustable-rate mortgage and ensure the safer option of having a fixed-rate. It is a good choice when the interest rates are low.

If your monthly mortgage payment is leaving your wallet a little low every month, refinancing can definitely be helpful. Refinancing your home loan isn’t a complicated process when you enlist the help of Sean Z and his team of St. Louis mortgage experts.

When is a Good Time to Refinance?

When the value of your home rises or the interest rates drop is the ideal time to refinance your mortgage. You may also consider refinancing if the value of your house has made a significant increase.

When done right, refinancing your mortgage can lower your monthly payments, reduce the total amount owed to the bank or make good use of the equity you have built into your home. Sean Z will discuss all of your refinancing options and help you determine what is the right choice for you.

St. Louis Mortgage Experts

For all of your refinancing questions and concerns, trust our team! Call us today at (314) 361-9979 or fill out our online contact form.

Mortgage Rates: How to Get a Low Mortgage Rate

May 4, 2016 By Sean Zalmanoff

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.

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

April 26, 2016 By Sean Zalmanoff

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!

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.

What should I know about the St. Louis USDA Home Loan?

April 20, 2016 By Sean Zalmanoff

Also known as the USDA Rural Development Guaranteed Housing Loan Program, it is a mortgage loan that is offered to rural property owners who qualify.

This unique program works with local lending agencies to extend 100% financing to qualified buyers living in rural communities.

Thousands of home buyers across the nation have already been assisted by these guaranteed loans. The loan caters to lower income families by offering lower interest rates and loan terms.

Sean Zalmanoff and his team of mortgage professionals, want to ensure that low or moderate income homebuyers in the rural sections of Missouri can achieve their dream of owning a home.

USDA Home Loans

A USDA home loan is so appealing because of the 100% financing! A buyer does not have to come up with money for a down payment, as long as the amount of the loan does not exceed the appraised value of the home. It may also be possible to roll other fees into the mortgage.

It is a program that is specifically meant for families with low incomes. Therefore, traditional credit scores may not be counted against those who qualify.

The USDA home loan program looks for homeowners that have no more than 41% debt ratio, and they even sometimes make exceptions to that rule.

It is good to know that this is a fixed rate mortgage. We can assure you that the rates will not suddenly skyrocket in the next years. When you and the lender agree on an interest rate and it will stay there for the life of the loan. So, when there are changes in the housing market or interest rates, neither will have any affect on your monthly payments.

Contact the St. Louis Mortgage Experts

If you enjoy the peaceful life of a rural setting, don’t let the opportunity to get this type of loan slip away. The professionals at Sean Z will be more than happy to help you secure the funds to get you and your family into the house of your dreams.

Call us today at (314) 361-9979 or fill out our online contact form.

St. Louis Mortgage Expert Explains the Home Loan Process

April 5, 2016 By Sean Zalmanoff

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

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:

Prequalification
Applying for Your Loan
Processing Your Loan
Appraising Your Home
Underwriting
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.

VA Home Loan: Do I Qualify for a VA Loan?

March 29, 2016 By Sean Zalmanoff

Because of their dedicated service, veterans qualify for a number of benefits, among them is the ability to take part in the VA home loan program.

The VA loan program is specifically designed for the men and women who have served their country. In order to qualify for a VA home loan there is a requirement of specific service conditions that they must meet. The Sean Z mortgage team has over a decade of experience helping St. Louis veterans get approved for VA loans in St. Louis.

If you are a veteran and are interested in taking advantage of the VA home loan program, you may be wondering if you qualify.

Am I Eligible for a VA Home Loan?

You may be able to obtain a VA loan if you meet one or more of the following:

Have served 90 consecutive days of active service during wartime
Have served 181 days of active service during a time of peace
Have at least 6 years of service in the Reserves or National Guard
You are the spouse of a member who died while in the line of duty or was disabled as the result of a service related injury

You will need to obtain your certificate of eligibility, however, if you have your DD-214 form, we can order your Certificate of Eligibility for you. This is the only additional paperwork you will need to provide us with in order to process your loan.

Benefits of the VA Loan Program

There are a number of benefits to the VA Home Loan program, but the 3 primary ones are:

No Down Payment
No Private Mortgage Insurance
Competitive Interest Rates

The VA mortgage offers 100% financing to veterans and their spouses for the purchase of owner occupied homes. In addition to there being no down payment, veterans do not have mortgage insurance on the loan. There is a funding fee that ranges from .5 to 3.3%. The funding fee is waived for a veteran that receives a minimum of 10% VA disability compensation.

The St. Louis VA Loan Professionals

If you are eligible for a VA loan, contact the St. Louis VA loan professionals at Sean Z Mortgage today. We can APPROVE your mortgage prior to finding your new home with our one of a kind “TBD Mortgage Approval Program”, so you can shop with confidence. If you would like to find out what VA mortgage you are eligible for, call Sean Zalmanoff at (314) 361-9979 or apply online today!

Get a HomeStyle Renovation Loan for Your New St. Louis Home Renovation

March 15, 2016 By Sean Zalmanoff

We can help you get the extra funding that you need to turn your new fixer-upper into the home of your dreams!

In today’s home market, many of the houses that are for sale are fixer-uppers. Some homes need major renovations to pass inspections. Others houses need only a little updating and some need style changes to suit the buyer’s needs.

Are you needing to renovate your new St. Louis home? Does the siding need to be replaced, appliances need updating or broken pipes need repairing? If so, you’ll be glad to know that Fannie Mae has introduced the HomeStyle Renovation Loan to help homeowners turn their likable fixer-upper into the home of their dreams.

What it is the HomeStyle Renovation Loan?

In the past, a St. Louis homeowner would use a home equity loan or a line of credit to make the needed repairs and renovations on a new home – but those days are gone. Due to the current housing market of low home values and no equity, Fannie Mae came up with a program that can get the home buyer the financing they need, all included in the price of the mortgage. One loan, one closing.

The HomeStyle Renovation mortgage allows the borrower to obtain the money they need for the purchase of a new home, along with the cash to pay for the cost of any repair, remodel or renovation. You can even use the money to add energy efficiency improvements to the house like skylights.

The only requirements by Fannie Mae is that the construction be a permanent fixture to the home and that it increases the property value. If it is an energy efficiency upgrade, the borrower will need to get an energy report highlighting the approximate savings that the improvement gives.

The HomeStyle Renovation loan lets the buyer combine the purchase of their house with the financing needed to make repairs or upgrades. There is no second approval process, extra set of paperwork or two closings. Everything you need to turn a house into your dream home is put together into one loan package.

How the Sean Z Team Can Help

At the Sean Z team, we know that investing in a fixer-upper can be a scary undertaking. The house you have in mind may need major repairs or just a little updating. Large or small, our team will work with you to get the funding you need.

Call us today about a HomeStyle Renovation Mortgage for your new home or existing home, at (314) 361-9979 or fill out our online contact form. Our level of service and lending power is second to none in St. Louis.

St. Louis Mortgage Expert Answers: What is Mortgage Insurance?

March 10, 2016 By Sean Zalmanoff

For many St. Louis home buyers, the biggest obstacle to owning a home is the down payment. Understanding what mortgage insurance is can be of great benefit!

You may have heard the term “mortgage insurance” but what is it? Do you need it and how can you get it?

What is Mortgage Insurance?

Simply put, mortgage insurance is an insurance policy that protects the lender against losses should the borrower, or homeowner, default on their mortgage payments.

It is typical for lenders to require mortgage insurance for loans that have a down payment of less than 20%. This gives them a financial guarantee should the home loan go into foreclosure. With mortgage insurance, many lenders will not require a 20% down payment.

However, most mortgage insurance companies have very strict guidelines for a lender to follow making it difficult for people with a less than stellar credit score to secure funding.

A St. Louis FHA Loan

The FHA, or the Federal Housing Administration is not a lending institution. Rather, they provide insurance to lenders who are willing to grant mortgages to high risk buyers. So, a St. Louis home buyer that has a below average credit score has a real opportunity of owning their own home!

An FHA loan promotes home ownership by overlooking some of the flaws a potential buyer may have when they approve a mortgage. What this does is gives the lender the peace of mind to move ahead with the application because they have the reassurance that it is backed by the FHA.

The buyer will be required to make an initial payment toward the mortgage insurance, which is about 1.75% of the loan amount. In addition to this, there will be a monthly premium, or MIP, on the mortgage statement each month. The amount of the mortgage insurance is directly related to how much of a down payment a person is able to make towards the purchase of their new home.

In the event that a person is not able to continue making their loan payments, the funds that have been collected through the insurance payments will be used by the FHA. A lender is more willing to work with a buyer that has this kind of security behind them, even if their are flaws in their credit history.

Ask a Sean Z Mortgage Expert!

The FHA offers a variety of options for St. Louis home buyers, the most popular being the FHA 203B mortgage and FHA 203K mortgage. Ask your Sean Z mortgage expert for more details about which loan will work best for your circumstances. We are committed to making sure that you are able to receive the funding you need, whether for a home in mint condition or one that needs extensive renovations.

Call us today at (314) 362-9979 or fill out our online contact form. We are proud to be able to offer a full line of FHA loans to St. Louis home buyers.

When Should I Refinance My St. Louis Home Mortgage?

February 26, 2016 By Sean Zalmanoff

Deciding when to refinance your St. Louis home doesn’t have to be complicated. The Sean Z Team will help you decide if refinancing your home now is the best financial path for you.

We hear the word “refinance” used often. If you own a home, you have no doubt thought about refinancing your mortgage at one point or another. Figuring out when to refinance can seem tricky. However, the Sean Z Team will help you decide if refinancing your home now is the best financial path for you. We will work with you to determine what your goals are and help you choose which refinance mortgage will help you meet your needs.

Understanding the Mortgage Refinance Process

Simply put, refinancing your home mortgage means that you have come across a better deal on a home loan, and you want to use the new terms to pay off your existing mortgage.

So, when is a good time to refinance? When the value of your home rises or when interest rates drop, are the ideal times to refinance.

When it is done correctly, the refinance of your home mortgage can lower your monthly payments, reduce the amount of money you owe the bank and/or make good use of the equity you have built into your home.

So then the questions are, how do I know when the value of my home rises or how can I know when mortgage rates drop?

The basic answer is, you should have a counted on source for your St. Louis housing information.

Where to Get All the Latest St. Louis Housing Information?

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.

When you start looking into when and how to refinance your mortgage, you’re going to hear a lot of words and terms that may seem confusing. At Sean Z Mortgage we do not want you to feel that way! Our goal is to make sure that you are completely informed and up-to-date.

We study the current interest trends daily so that we’re always abreast of not just what is happening now, but of what may be happening 6 months from now. Our goal is to get you locked into the best mortgage rate available for the mortgage that is just right for your needs. We will guide you through the entire process and will give you tips on the steps that you need to take in order to lock in the lowest rate.

Call us today at (314) 361-9979 or fill out our online contact form.