VA Loans Do a Great Job of Serving Those Who Have Served Us!

November 11, 2014 By Sean Zalmanoff

VA loans continue to provide cost-effective and accessible loans to military men and women and their spouses.

In today’s market there are many obstacles for a home buyer when it comes to applying for a mortgage. Many potential home buyers have been pushed out of the market altogether because of the stricter credit and income requirements. However, throughout the housing market meltdown, the VA loan program has done a great job of serving those who have served us! It has continued to provide cost-effective and accessible loans to military men and women and their spouses. Understanding how a VA loan works is the first step toward getting into your dream home. Equally important is understanding what qualifications you need to meet to be eligible for a VA loan.

Know the Benefits

Knowing what the benefits are of a VA loan is the first step. These types of loans are unique in that they do not have certain restrictions that most people have with conventional loans. Here are 3 major benefits:

No down payment
No PMI (Private Mortgage Insurance)
Competitive mortgage rates

The VA mortgage offers 100% financing to veterans and their spouses. In addition, 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.
Because the VA mortgage gives lenders a greater degree of flexibility and safety, it offers more competitive rates than non-VA loans.

How to Qualify

Military men and women can qualify for a wide range of benefits and chief among these is an opportunity to take part in the Veterans Affairs Home Loan Program. While it is designed specifically for those who have served their country, there are a few requirements that they must meet. One of the following conditions must be met:

Served 90 consecutive days of service during wartime.
Served 181 days during peacetime.
More than 6 years in the National Guards or Reserves.
A spouse of a service member who died while in the line of duty.

Where to Start

Sean Zalmanoff has over a decade of experience helping St. Louis veterans get approved for VA mortgages in St. Louis. He can approve your mortgage prior to finding your new home with his one of a kind “TBD Mortgage Approval Program”, so you can shop with confidence. If you would like to find out what VA loan you are eligible for, call Sean Zalmanoff: USA Mortgage at (314) 361-9979 or apply online today!

Choosing the Right Time to Refinance Your Mortgage

September 23, 2014 By Sean Zalmanoff

Learn about the advantages of refinancing your mortgage.

Many St. Louis home owner’s have refinanced their mortgage as interest rates slowly tumbled downwards. This can be a money saving option. What are the advantages of refinancing your mortgage? When is the right time to refinance your mortgage?

Refinance Your Mortgage When Interest Rates Are Low

Refinancing your mortgage can lower the interest rate and therefore the monthly payments. You will reduce your monthly expenses and potentially save money on the life of the loan. To gain the most financial benefit of refinancing, consider changing the terms of the loan, such as a 15 or 20 year term. This will allow you to still finish paying off your home in the time projected and get the benefit that a lower interest rate will offer you.

Refinance Your Mortgage When the Value of Your Home Rises

When your home’s value increases, the equity can be used to fund major home renovations. It may be easier to budget one loan instead of two. Refinancing to improve your home and increase its value may make sense, especially when interest rates are considerably lower. You may then be able to recoup the costs when it comes time to sell the home.

Working With the Sean Z Mortgage Team

There are several options to consider when it comes to refinancing your home loan. Speak with the Sean Z Mortgage team at USA Mortgage about your short-term and long-term financial goals. We will help you have a clear understanding of your options, making sure you get the loan that is going to work best with your needs.

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

A Sellers Market in St. Louis and What It Means For You

August 7, 2014 By Sean Zalmanoff

The St. Louis real estate market is on the upswing, boosting home values and making it possible for homeowners to reassess the value of their home.

Home values are increasing here in St. Louis, Missouri.

Because of a shortage of homes on the market, St. Louis home buyers are facing limited choices. 2013 saw the best rise in home sales since 2008 and that momentum has continued into this year. If you are still battling with an unbalanced mortgage, now is a good time to have its worth reassessed.

Home Buyers Entering the St. Louis Real Estate Market

With a steadily rising stock market and a mortgage rate of 4.3% that promises to raise, home buyers are steadily entering into the St. Louis market. By using services such as the Sean Z TBD mortgage approval program, potential St. Louis home buyers are entering the market with confidence, knowing beforehand exactly how much house they are able to afford. This also gives home sellers some peace of mind, knowing that buyers viewing their home have already been screened for pre-approval. No last minute back-outs due to an unforeseen bank denial.

The media is reporting that the St. Louis real estate market is steadily gaining strength, especially in areas like St. Louis where new job opportunities on the horizon are giving buyers the confidence to commit to a mortgage. This imbalance of supply versus demand is creating a market where one home is receiving multiple offers, driving the home values in the area upwards.

St. Louis Sellers Market Boosts Home Values

As the threat of an increasing mortgage rate continues to loom around the corner, more and more potential buyers are attempting to lock in now at a rate that is still historically low on a 30-year fixed loan. Home sales are rising in all price ranges, offering more opportunities to buyers who are pre-qualified by TBD programs like the Sean Z mortgage approval program.

This type of news is most advantageous to those St. Louis home owners still tied down to a mortgage value that is greater than their homes worth. A sellers market such as this one boosts home values, making it feasible that you can sell your home for a price that will cover the remainder of your mortgage. It has now become commonplace in St. Louis to see bidding wars on for sale homes, where the owner is able to accept offers above his original asking price.

A Stronger Economy and Low Interest Rates

Excited by the news of a strengthening economy and low interest rates on fixed loans, potential buyers are once again entering the real estate market. Talk with a qualified lender like Sean Z first and get your approval before you start looking at homes. You will be better equipped to make offers with confidence when you have the mortgage approval part of the process already nailed down. Contact the Sean Z Mortgage Team at USA Mortage today. Call us at (314) 361-9979.

St. Louis Mortgage, USA Mortgage, Mortgage Rates

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