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

May 11, 2016 By Sean Zalmanoff

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!

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.

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

February 18, 2016 By Sean Zalmanoff

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.

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!

How to Get a Pre Approved Home Loan in St. Louis

February 12, 2016 By Sean Zalmanoff

Many home buyers think they need to find a house before getting the mortgage paperwork done. However, in the mortgage world, 95% of what we do has nothing to do with the house.

The St. Louis home market is off to a good start in 2016. Home values are going up and the amount of non-distressed home sales have increased as well.

With this in mind, many potential home buyers are starting the process of looking to buy a house. Yet, many buyers think they need to find a house to buy before getting the home loan paperwork done.

How to Get Pre Approved for a Mortgage

In order to get pre-approved for a mortgage, you will need to give detailed information about your assets and income. These will then be reviewed by the lender’s underwriters. If you are approved, the lender will give you a commitment for a specific loan amount.

Getting preapproved for a mortgage shows that you have the resources to make the purchase of a new home. From a sellers perspective, a buyer that is pre-approved for a mortgage is more attractive than someone that only has their word to be able to back up their offer.

At Sean Zalmanoff Mortgage, we can help you will the entire home loan pre-approval process. The more time we have, the more beneficial it can potentially be for you. This gives us time to examine your credit, income, and assets.

The TBD Mortgage Process

The TBD mortgage approval program, means that 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”.

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.

For your convenience, we can start the entire process online. 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. The more time we have, the more beneficial it can potentially be for you. This gives us time to examine your credit, income, and assets.

Contact the Sean Z Team Today!

Call us today at (314) 361-9979 or fill out our online contact form. “The TDB Mortgage Approval Program” gives home buyers, sellers, and real estate agents the confidence that comes from knowing USA Mortgage is standing behind them.

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

January 25, 2016 By Sean Zalmanoff

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

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

January 7, 2015 By Sean Zalmanoff

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

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!

5 Things Required for Pre-Approval

December 15, 2014 By Sean Zalmanoff

A pre-approval letter by a lender is one of the most beneficial documents that will help you in your quest for buying a home.

When you meet with Sean Z, you can discuss loan options and budgeting structure. We will be able to check your credit rating and inform you of any potential problems. Our unique “TBD Mortgage Approval Program” will give you confidence while looking for your dream home in St. Louis.

Obtaining a Pre-Approval Letter

As a home buyer, you should first of all be comfortable with the repayment structure of the loan you are applying for. You should never aim for the top of your spending limit from the very beginning. Many home sellers look for a pre-approval letter from the lender of the prospective buyer, since this document proves your ability to finance the purchase. The five documents that your lender requires prior to issuing a pre-approval letter are given below:

1. Proof of Income

Gone are the days when loans were sanctioned without any verification or documentation. Proof of income can be provided by your W-2 statement of the past two years which include your payment statements, additional income statements like income from alimony or bonuses, and your tax return statements of the past two years.

2. Proof of Assets

A lender will require your bank statements and investment statements to ascertain that you have the required capital to make the down payment and closing costs plus some funds in reserve. FHA loans require a down payment of just about 3.5 percent of the total cost, whereas down payment for a conventional loan is generally 10 – 20 percent. If you receive funds from a friend or a relative for helping you in making the down payment, you should also have a gift letter from the friend or relative stating that the said amount is a gift and not a loan.

3. Good Credit Score

The borrowers with the highest credit scores get loans at the lowest interest rates. A credit score of 740 or above gets you the lowest rate of interest on your home loan. Borrowers with a credit score of 580 and below are often required to pay a higher amount as down-payment. A credit score of 620 is preferred for an approval of an FHA loan.

4. Verification of Employment

Lenders are not always satisfied by the pay stubs provided by you. They may also call your employer to confirm your employment and what is your salary package. Borrowers with stable income are generally preferred by lenders as they are sure to recover their capital.

5. Documentation

A copy of your drivers’ license and social security number along with your signatures will be required to pull up your credit report. You should be prepared to provide any additional paperwork that may be required for a smooth mortgage process. So keep these documents ready before you go shopping for a mortgage.

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

Top Things Every Couple Should Consider Before Investing in a House

December 2, 2014 By Sean Zalmanoff

Purchasing a property should be a well thought out decision for a couple.

The Sean Z mortgage team knows that buying a 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. Here are some key considerations.

Pick the Right Mortgage

Today, choosing a mortgage is easier than it was a few years back, because the high risk mortgages that catered to unqualified borrowers are not available anymore. The choice available for borrowers today is between an adjustable and fixed-rate mortgages, choosing the right one based on their financial circumstances. With our “TBD Mortgage Approval Program”, you can be confident that you qualify before the search even begins.

Couples with dual incomes may secure a mortgage more easily. If a couple is looking at a low risk mortgage, then a fixed rate mortgage is the best option as the interest rate will remain constant throughout the duration of the loan. On the other hand, in case of an adjustable rate mortgage, the rates tend to fluctuate with the market conditions, and you may expect your monthly payouts to be low; however, it is likely that the rate would increase over time. So, your present and potential future earnings should be the key deciding factor while choosing between mortgages.

Location and Development

Your home is one of the biggest investments that you will ever make in your life, so it is important that you choose a property whose value is expected to appreciate over time. In deciding the value appreciation, location plays a huge role. If the demand is high in a particular area, but the available houses are few, then your investment may be secure.

Another important consideration is whether there is any scope of development or expansion of the home as an individual property. If you buy a house that meets both these criteria then you can expect to fetch a good price if you wish to sell it in the future.

Practical Considerations for the Future

Even though choosing the right mortgage type and good location are two extremely important considerations for home buyers, there are other important things that cannot be overlooked. Today, you might be a couple spending most of your time at work, but a few years down the line you may plan a family and you will need space for a growing family. You will need schools and play areas in close proximity to your home. So, while making a decision today, you must keep one eye on your future needs as well.

The Bottom Line

Couples have certain advantages over individual buyers when it comes to purchasing a home and securing a mortgage. However, it is extremely important to consider your financial circumstances and future plans when making this decision.

Call Sean Zalmanoff with USA Mortgage at (314) 361-9979 today!

Success Tips For the First-Time Home Buyer

September 24, 2014 By Sean Zalmanoff

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

You 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!

Do I Really Need a Real Estate Agent to Buy A Home?

August 31, 2014 By Sean Zalmanoff

Carefully consider how you will handle one of the largest, complex financial decisions you will ever make.

Purchasing a home is one of the largest financial decisions a person will make in their lifetime. Therefore, as a future homeowner, you will need to carefully consider the best way to go about buying your home. Generally it is not a legal requirement to use a real estate agent to purchase or sell a home. However, there are reasons to consider using a real estate agent.

Buying a House Is a Complex Transaction

Buying a house involves many different types of transactions. For example, you will be required to obtain a home inspection, a home appraisal, and you will need to work with a mortgage lender to obtain financing. There are many negotiations to be made with the buyer, for example, date of possession and any repairs or upgrades to appliances are settled on between you and the buyer. A real estate agent is familiar with all of the many transactions, how they fit together, and can easily facilitate communication with the various people involved.

Drowning In Paperwork

To purchase a home, there may be up to 300-600 pages of forms to complete. For example, the purchase contract may be about 200 pages long, including any contract addendums, disclosures, and disclaimers. Other documents required to purchase a house are the mortgage loan application, title insurance and property insurance documents. Any of these documents may be anywhere from 20-200 pages in length, depending on the complexity of the purchase.

Working With Dependable and Honest People

One you are aware of the many details of buying a house, you will then realize you will need to find reputable vendors to do business with. Connecting with the team at Sean Z Mortgage will put you in touch with the dependable people you need. In addition, a TBD mortgage approval program can help you determine how much house you can truly afford, before you start shopping around.

A real estate agent is usually paid on a commission basis, after the sell of the house is completed at closing. Typically, the seller will pay the commission fee, which will then be split between the seller’s and the buyer’s agent. When you a purchasing your home, you will want a person who will be looking out for your interests. Call Sean Z Mortgage at (314) 361-9979. We will connect you with some of the top real estate professionals in the St. Louis area.