|
HomeLoanStL.com Back to Home Page | Apply
Online | Schedule
Appointment | Contact
Us Servicing Home Mortgage Loans in |
||||||||||||
|
|
||||||||||||
|
|
|
|
|
|
||||||||
|
|
||||||||||||
|
Home Purchase Home
Purchase So you want to buy a house? OK.
So, either you call up a real estate agent or you look through the
paper or online and you get out there and you go to some open houses. You see a few things you like: right
neighborhood, plenty of back-yard space, just the right design and so you put
in an offer. The contract is for 30
days. Plenty of time you think, so
then you go apply for a loan. You then
find out that those few late payments and old bills popped up on your credit
or maybe an account that you could have sworn you paid off. Or maybe you didn't know that your income
was just a tad bit shy of what the lender would consider safe enough for them
to loan you a few hundred thousand dollars.
Now three weeks have gone by and you're pulling your hair out trynna beat the deadline... Unfortunately, most people go about the
process in exactly this reverse pattern.
Before you go out and look at a house, wouldn’t it be nice to know how
much house you could afford? In most
cases, sellers will leave themselves a little room for negotiation, you
should too. You might find that you
can afford a lot more home than you thought - now wouldn’t that be a pleasant
surprise? ·
Know your costs upfront.
Who will pay the closing costs for your loan? In most instances the seller will pay, at
least up to 3 - 6% depending on the type of loan. This must be negotiated into your purchase
contract. ·
It may take up to 3 weeks (on average) to process your
loan. It would be a great idea to have
all of the preliminaries out of the way to ensure a faster closing. You'll be happier and your seller will
appreciate it. Getting pre-approved for a mortgage will
give you a number of important benefits including emotional security in the
house-hunting process and insurance against rising interest rates in the
market place. Pre-approval is easy and
can give you complete peace-of-mind when shopping for your home. Mortgage brokers can obtain written
pre-approval for you at no cost and no obligation. Basic
Qualifications Conforming Basic Qualifications (although there are
acceptations): ·
2 Years employment with the same employer or same profession
(last 2 years W-2's or tax returns) ·
2 Years Verifiable Residence ·
Verifiable income: 2 check-stubs, 3 months bank statements, or letter
from CPA (self-employed) ·
Reserves: 3 months worth mortgage payments either in a bank
account or other security such as 401K, stock, etc. ·
3 Trade-Lines: that means that you've made monthly payments on
time for at least 24 months on three separate accounts (car, credit card,
etc.) ·
Credit Score: 640 fico This is a conforming loan, and because it
meets basic requirements it will offer the best rates and terms. Loans that do not fit perfectly into the
above criteria are considered riskier by lenders and therefore they charge
more. Most borrowers are lacking in at
least one of these categories which created the need for non-conforming loan
products Non-Conforming Basic Qualifications: ·
2 Years employment with the same employer or same profession
(last 2 years W-2's or tax returns) ·
2 Years Verifiable Residence ·
Verifiable income: 2 check-stubs, 3 months bank statements, or
letter from CPA (self-employed) ·
Reserves: may not be required, but will improve pricing ·
3 Trade-Lines: that means that you've made monthly payments
usually on time for at least 12 months on three separate accounts (car,
credit card, etc.) ·
Credit Score: 580 fico (low as 500 fico) If you
do not meet the above criteria but wonder if may still qualify or if you have any
questions contact us
for a confidential loan evaluation.
You may also apply online by clicking here. In the meantime, while your loan is being processed you will
need to gather together a few items: ·
Proof of all monthly income: (check-stubs, statements, social
security, pension, etc.) ·
3 months bank statements (savings and checking) ·
W2’s or tax returns for last 2 years ·
Most recent statement on all asset accounts (401k, stocks, etc.) ·
If self employed, complete personal and business tax returns
(all schedules) from previous 2 years ·
Purchases Only: copy of fully
executed sales contract (if you have already made the offer), be sure to have
your agent include that the seller will be paying up to 3% closing costs;
prior to closing you will also have to obtain 1 years of homeowner insurance
(this is purely your responsibility and is not covered in your loan even with
100% financing); all purchases require the borrowing to make a personal
commitment of $500 (even with 100% financing) because lenders want borrowers
to have a vested interest and not just give them hundreds of thousands of
dollars without bringing something to the table. ·
Refinance Only: a) proof of
homeowner’s insurance b) copy of most recent mortgage statement ·
2 forms of ID (Driver’s License, Social Security Card, etc.) If you have already gathered the above
necessary items, you may expedite
your loan processing by faxing to: Attn: Nick Nelson 314-993-6463 Some
basic rules to observe during your loan approval: ·
DO NOT quit or change jobs ·
DO NOT stop paying your
bills on time ·
DO NOT STOP PAYING YOUR
MORTGAGE! ·
DO NOT make any major purchases,
co-sign on any loan, or open any new lines of credit ·
DO NOT allow anyone else to
pull your credit, too many inquiries may effect the outcome of any loan in
process |
Properties for
Want to list a property in this
section? Send us an e-mail
with a link to pictures or provide basic information to be posted in this
section. Send us an e-mail Single Family Homes Asking Price: $199,500 Own this home for just
$1180 per month! Investment Properties 2 Family $145,500
Condo $150K 4 Fam $150K Contact
Seller Manufactured Homes Modular Home $50K ------------------------- |
|||||||||||
|
Market Conditions
|
Mortgage Industry
Equity Composite National Mortgage News has compiled a Mortgage Industry Equity
Composite, intended to reflect developments in the mortgage industry. The
Composite includes stocks representing all major segments of the industry:
banks, thrifts, non-depository lenders, GSEs,
mortgage insurers, title insurers, technology vendors, commercial real estate
finance companies, builder-lenders, sub-prime and
high- |
|||||||||||
|
|
Being bombarded by mortgage companies and brokers can
become confusing, between interest rates, closing costs, points and
experience – How can a person make an intelligent decision? Advice: Key word “intelligent”. More often than not, most consumers make
there buying decision on who ever rubs them the right way. While this may do wonders for your ego, you
could end up paying for it – literally.
When making a financial decision, that decision should be based on the
numbers. But which numbers you
ask? Most mortgage brokers are in the
habit of “hiding” their fees – this is because most believe that customers
would throw a fit, and they usually do.
This comes from the fact that most customers have no idea what would
be considered a normal fee, therefore they can not intelligently determine if
they are being over-charged or not.
Let’s establish a few facts first.
First of all, the broker’s fee is a percentage of the loan. If you are
speaking with a Loan Officer who works for a Broker, that Loan Officer is
only getting a percentage of a percent typically 35 – 50%. That means the
higher the loan amount, the more money the broker should make. This percentage is often called points, 1
point = 1 percent. What is fair? On a $200,000 loan 2 points ($4000 out of
which your Loan Officer will make 35 – 50% or $1400 - $2000 far less than what a Real Estate Agent
would make: 3.5 – 7% in their pocket) would be considered
reasonable. Because this is a
percentage, the number of point you are charged most likely will be higher on
lower loan amounts and lower on higher loan amounts (the law limits this to
3% on conforming loans above 640 credit and 6% on non-conforming below 640
credit). Typically, you can expect
higher points if your loan is a difficult file or will require special
attention. Points are charged “up
front” and represents the total of your “Loan Origination Fee”, “Mortgage
Broker Fee” and sometimes hidden under the title “Loan Discount”. In addition, there are a number of third
party fees that all borrowers must pay no matter who you go through
(approximately $2500 before the broker has charged you a single penny!). So don’t let closing costs fool you. No matter what any broker or banker tells
you, trust me – you will pay these fees.
There is only one other way for your broker to get paid: “on that
back” through what is called Yield Spread Premium (YSP). This translates into a higher interest rate
for you and most likely will increase your monthly mortgage payments. This is completely hidden from the borrower
and difficult to determine. Most
brokers will use a combination of these: points and ysp. If your broker is fair, you should have
lower points with higher ysp and higher points with
lower ysp.
Unfortunately, a few brokers will max out both fees. I refer to this practice as
“head-busting”. So is it better to go
ahead and pay the fees up front or on the back? If
you plan to be in the home for more than 2 years it is always better to pay
the points; if you will be there less than 2 years or if you are making a
purchase and don’t have money for a down payment, it is better to pay on the
back. Always obtain a good faith estimate so that you may
identify these fees. Also, be aware
that brokers are not required to fully disclose this information on your Good
Faith (although they should!) and it can be difficult to determine if it is
just the old bait and switch. Beware
of any lender who claim “no points” or “no closing costs”, since they have to
get paid one way or another, you will be the one paying for it one way or
another. Save yourself a lot of hassle
and time by working with one of our professionals. Subject: Pay-Option ARMS There's a growing wave of refinances sweeping certain
segments of the business: payment-option ARMs. Too many consumers are opting to make only
the minimum payment on these loans to increase spending money without regard
to negative amortization. Advice: If you decide to take advantage
of the lower payment offered by a pay-option |
|||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
|
||||||||||||
|
| Refinance | Home Equity | Debt
Consolidation | Home Purchase
| Commercial
Property | |
||||||||||||
|
Tools | St Louis City Database
| St Louis County Database | St
Charles County Database | | Property
Values | Amnet Rates | ARM Indexes | Advantage Credit | Mortgage Calculators | | St
Louis Post Dispatch Listings | Craig’s
List | List
in Classified | Mortgage Leads
| Keywords
| | Google
Ad Words | Top Keywords
| Check Form Values | Email | |
||||||||||||
|
Links | Best
Quotes Free | Appraiser
| Financial Advisor | Graphic Design | Refinance Saint Louis | | Wanna
Network | |
||||||||||||
|
Copyright ©2007 RCI, Inc. All Rights Reserved Contact Us: info@homeloanstl.com or Toll Free
1-888-861-0446 |
||||||||||||
