When shopping for a mortgage loan
for purchasing real estate in St. Louis or St. Charles County area of Missouri,
there are several things you need to do to ensure you get the best mortgage
rate possible.
1) Know and Improve Your Credit
Score
Get a copy of your credit report
and know your FICO score. You can order
a free credit report from credit reporting agencies experian.com, equifax.com,
or transunion.com that will provide your FICO score. Once you know your number
you can calculate your loan savings based on your credit score using the
myfico.com loan savings calculator here.
When reviewing your credit report check
for any discrepancies or anything unusual that needs attention. Look for
mistakes such as accounts that are not yours. A study issued in 2012 by the FTC
found that 1 in 5 people have errors on their credit report. When you find
errors, contact the creditors by phone or mail to correct the error.
2) Compare Lenders
An online search can help you find
and compare mortgage rates for different lenders. You’ll also want to check and
compare the amounts of their closing costs. Ask friends and family what lenders
they have worked with and their feelings about that lender. Or contact TheBoehmer Team for contact information on reputable area lenders that have
successfully assisted clients in obtaining great mortgage loan products.
3) Compare Loan Types
Choose the right mortgage product
based on your needs. Do you plan to stay in the home for many years? Or do you
plan to sell or refinance in a few years? The answers to these questions will
help you determine what is right for you. Loan types include: fixed-rate loans,
adjustable-rate loans (ARMs), Federal Housing Administration loans (FHA),
Veterans Administration loans (VA) and other low or no down payment loan
products. For more in-depth information on choosing the right type of loan
visit our page detailing the loan process.
4) Build Your Down Payment
The size of your down payment can
affect the interest rate you pay, the type of loan products available for you
and how much if any mortgage insurance you will need. In general, a larger down
payment helps get you better mortgage rates and less expensive loan products.
While putting twenty percent down on a home will allow you the greatest choice
of loan products, there are currently mortgage loan programs in place that
allow you to put as little as 3 percent down or even less. A conversation with
your mortgage lender will help you determine how much you need to save to get
the loan product that is best for you.
The Boehmer Team Helps Homebuyers
Get Homes
The Boehmer Team has years of
experience helping homebuyers find and purchase the home of their dreams. If
you have questions, contact The Boehmer Team any time for expert advice. They
can direct you to reputable local area lenders and loan officers or share more
ways their clients have found the best lender to meet their mortgage needs.
