Your 3 Step Guide To Finding the Best Mortgage Lender in St. Louis

For most people, a home is the biggest investment they will make in their lifetime, which is why the average house buying process takes 30 to 60 days. However, the homebuying process doesn’t end when a person finds a home. Once a person or couple finds the house they want to call home, they must then apply and get approved for a mortgage. This can take an additional 40 to 90 days, depending on how prepared a shopper is. YOU, however, can speed up the homebuying process by working with a knowledgeable lender from the moment you decide to buy a home.

If you want to get into your forever home sooner rather than later, work with a loan officer who can help you find the best mortgage product for your needs and budget. These three tips can help you find that officer:

1. Get Your Finances in Order

At USA Mortgage in Arnold, Missouri, their goal is to help aspiring homeowners speed up the homebuying process by helping them prepare as best they can for the experience and advising them at every stage. That said, a house hunt won’t get very far if potential buyers don’t have their finances in order.

There is no sense in shopping for a home if your finances are all over the place, as no reputable lender will grant you a loan without first conducting a thorough assessment of your financial situation. You can help speed up the overall buying and lending process by approaching your chosen lender with all the information he or she could possibly need to make an informed decision. Some statements you should get in order include:

• Income statements
• Tax returns
• W-2s
• Credit reports
• Investment account statements
• Copy of your driver’s license photo

If your credit is not in great shape, the helpful mortgage bankers at USA Mortgage can advise you on what you need to do to boost your score to a point where you can obtain an affordable rate.

2. Assess Which Type of Lending Institution is Right for You

Not all mortgage lending institutions are created equal. The mortgage industry is saturated with more options than ever, and shoppers have their choice between retail banks, credit unions, local banks and online lenders, just to name a few. While each institution type has its pros and cons, you can narrow down your options by simply gathering quotes. Lenders are required to provide potential borrowers with Good Faith Estimates and Truth-in-Lending statements within three days of receiving a request. These documents are crucial in helping borrowers compare total loan costs and therefore, in selecting the right institution.

3. Vet Mortgage Lenders Based on Qualifications and Reputation

Once you have determined which type of lending institution with which you want to work, start shopping for a loan officer. If you are already working with a real estate agent, he or she may be able to point you in the direction of one or two officers with which the agency routinely works. However, if you have yet to select a realtor, or if you’re using a DIY approach to the homebuying process, schedule interviews with Mortgage Bankers at a few different banks/credit unions/online lending institutions. Some questions you can ask to help narrow down your selection include:

• What are your fees?
• How long have you been in the mortgage business?
• How many lenders do you work with?
• Does your company hold loans?
• Do you have any areas of expertise?

You can also narrow down your selection by asking friends, family and neighbors for references. If several people in the area have used the same loan officer, take it as a good sign.

Before you decide on a lender, it’s imperative that you do your due diligence. You can safeguard yourself from predatory lending by performing a few in depth safety checks:

• Check with the Better Business Bureau and other licensed regulatory agencies to make sure that the lender’s reputation is clean and that everything he or she told you regarding experience and expertise is accurate.
• Visit the Nationwide Multistate Licensing System Registry to ensure that the lender is licensed to work in your area.
• Visit the National Association of Mortgage Brokers to make sure that the lender you want to work with is a registered and trusted officer.

By putting in a bit of legwork on your end, you can find a lender with whom you can develop a successful and lasting relationship. You can also ensure that the lender with whom you choose to work has your best interests in mind and will work hard to find a loan that will allow you to buy your forever home without going into debt.

The mortgage bankers at USA Mortgage exhibit outstanding customer service and work diligently to ensure that their clients end up in their dream homes. The loan officer that you work with can make or break the homebuying process. Let USA Mortgage in Arnold, Missouri, make the process. Reach out their team to start the loan process today.

 

5 Pitfalls to Avoid When Shopping for a Home Loan

The decision to purchase a home is a big one and for most people, a home is and will be the biggest investment they’ll every make. If this is the case for you, you may be feeling nervous and unsure of yourself, especially when it comes to the home loan process. After all, what if you make the wrong decision and get stuck with a loan with horrible rates and impossible terms?

What if your credit takes a huge hit because your spouse applied for a credit card at the same time you both applied for a mortgage? A lot can go wrong during the home buying process and really muck up your chances of getting the loan you need to buy the home of your dreams. Fortunately, you do not have to approach the mortgage process alone. USA Mortgage in Arnold, Missouri, works hard to help customers not only find the best lending option for them, but also, to avoid common pitfalls as well. Below are five mistakes your personal loan officer will help you avoid:

1. Applying for New Credit

Your credit will undergo serious scrutiny when you apply for a home loan, so the worst thing you can do is try to obtain MORE credit simultaneously. Not only does applying for a new credit card cause your credit to take a dip, but also, it shows that you’re spend-happy. Mortgage bankers want to see that you’re responsible and even somewhat frugal. They do not want to see that you’re the type of person who likes to put things on your charge card.

On the flip side of the same coin, do not close any accounts while you’re applying for a mortgage loan. In closing an account, you reduce your amount of revolving credit, which can also negatively impact your score.

USA Mortgage in Arnold, Missouri, advises you to do simple things to avoid these mistakes. First, only apply for a new credit card or loan only after you’ve been approved. Second, keep your charge cards empty but open.

2. Neglecting To Review Your Credit Before Applying

It’s amazing what mortgage lenders can turn up on your credit report. If you missed a payment on your Amazon charge card last June, it may have been a minor hiccup to you, but to the mortgage lender, it’s a huge deal. Though you cannot do anything to erase marks on your credit report, you can be prepared to address any concerns the banker may have. By having a reasonable explanation for each ding, you can appear responsible, well-informed and reformed. Oh, that three-month period in which you didn’t pay a single one of your credit cards? That was just you being an irresponsible kid without a job. Now, you’re a dependable adult who is working her way up the corporate ladder.

3. Waiting

Too many people want to wait for that “perfect time” to buy a home, but the truth is, there is no perfect time. The market is going to do what the market wants to do when it wants to do it. Today house prices might be down and rates may be low, but tomorrow, everything can skyrocket. Do not wait for “later,” as everyone knows that “later” never comes. If you found a house and absolutely love it, your USA Mortgage loan officer will do everything in his or her power to ensure that you get the best rates possible.

4. Taking On a Loan You Cannot Afford

The worst thing you can do for your family, your future home and your future is to bite off more than you can chew. Unfortunately, many people don’t realize what’s on their plate until it’s too late. For instance, most people base their budget on their current rent payments. After all, you’re paying $1,500 now, so you can easily afford a $1,500 mortgage, right? Probably not. In addition to the mortgage payment, you also need to consider interest rates, property taxes, maintenance, utilities and HOA fees and other hidden costs of homeownership. Discuss your finances with your personal representative at USA Mortgage, so that he or she can help you determine a reasonable budget and go from there.

5. Failing To Secure a Lender Early On

Finding a lender should be the first thing you do, as you want to have a good relationship with him or her when you do find the home of your dreams. Too many homebuyers only start looking for lenders once they’ve found a home, a mistake that could cost them their dream home. If you want to be able to put in a serious offer the moment you lay eyes on your future house, contact a mortgage banker the moment you make the decision to stop renting.

The decision to buy a home is huge and exciting. Keep the excitement in homeownership by taking on a loan with great terms and even better rates. By avoiding the five pitfalls above and by working with USA Mortgage in Arnold, Missouri, you can do just that.

About The PAK Region at USA Mortgage. The Home Of Possibility.
From the pre-qualification/education of the mortgage process all the way to the closing table, and beyond, the PAK Region at USA Mortgage has your home purchase and refinance covered! With experience & expertise in almost every facet of the process, you can be sure that communication & education are paramount throughout the process. Your questions will be answered by a team member to discuss any questions, as our goal is to make you a client for life with our unbeatable customer service & knowledge!

USA Mortgage offers a variety of loan types, including conventional, FHA, VA, USDA, Jumbo, First Time Home Buyer and Low Down Payment Programs and much more to fit your unique mortgage needs.

 

Picking the Best Mortgage Company Just Got Easier

 

If you’re in the market for a new home, chances are you’re overwhelmed with the options you have for mortgage companies.

• Identify which ones should be avoided?
• Find out which ones would other home shoppers highly recommend?
• Discover which ones can help with the specific loan needs you have?

USA Mortgage in Arnold, Missouri, knows how wide the mortgage market is, so they work hard to earn and keep your business.

Four Reasons That Make USA Mortgage the Right Choice

Proudly USA Mortgage boasts a wide range of offerings that help them rise to the top of the market. From offering a full range of loan services to fantastic customer service, there are four major reasons to use this lender for your home loan.

1. Being mortgage bankers allows for a customized service.

Not just a middle man between you and a bank, USA Mortgage directly handles the details of your loan. And because they are their own bank, they can even offer an online application. If you ever have a question or an issue during the process of securing your loan, the company will be able to provide assistance without needing to wait for an answer from an outside party. And it doesn’t hurt that St. Louis Business Journal has named USA Mortgage among the top residential lenders since the company was started in 2001.

2. Connections with other companies in the mortgage industry ensure the best results.

No matter what your mortgage need or financial situation is, the connections USA Mortgage maintains with other mortgage banks helps make sure that you’ll be able to get exactly what you need out of your loan product. The focus on mortgage banking without the distractions of managing checking and savings accounts means that more energy can be spent on serving you.

3. A dedicated staff strives to meet your needs.

The loan officer that will work with you throughout the process of applying for and finalizing your mortgage is among the best in the business. Their trademark communication is understandable and always available to the customer. And never is a client left wondering on the status of their loan application thanks to the excellent follow-up the staff provides. Furthermore, the president and CEO of USA Mortgage makes sure the company is always great to work with by being involved with the day-to-day tasks. Taking part in the regular operations of the company helps keep growth and improvement an active part of the company culture.

4. Loyal dedication to customers keeps them coming back.

 

The Mortgage Bankers, underwriters, processors and closers all work hard at their customer service. Not only does the staff provide excellent communication, but the company is also able to offer low rates and minimal fees in a loan that they work hard to make sure will fit your needs. The approval process is fast and the closings go smoothly without any surprise problems popping up. And USA Mortgage isn’t the kind of company that disappears after the last signature is signed on your mortgage paperwork. Their dedicated staff keeps in touch with every customer.  By following up on the process, keeping them informed on relevant topics and even making them aware of refinancing opportunities.

Take Advantage of the Learning Center

Its good to know that USA Mortgage keeps the interest of the customer at the forefront of what they do. You don’t have to worry about being taken advantage of or being pushed through a process you don’t understand. In addition to their excellent communication, they offer a Learning Center where you can gain knowledge about all things mortgage-related.

Through the Learning Center, you can learn key home buying information, such as:

• How much house you can actually afford to buy

• The type of property you want to live in

• Where you want to live

• How long you want to keep your home

• How much cash you’ll need at the closing of your mortgage

You can also learn the details of the mortgage loan process. Here are the main points:

• Fill out the application
• Collect the necessary documents
• The loan application is processed
• Your potential new home is appraised
• The loan is underwritten
• The loan is closed

The team USA Mortgage has more information on all of the options.

These are the types of loans available:

• Conventional
• VA
• USDA
• FHA
• 203K

The Best Care in the Industry

About USA Mortgage in Arnold, Missouri. We will take care of you from the beginning of your home loan process till the end. The process can start today online, and thanks to their comprehensive service. You’ll be on the way to purchasing the house of your dreams in no time at all. Find out for yourself why this company has earned the trust and continued business of so many home buyers.

USA Mortgage Arnold Missouri, USA Mortgage

USA Mortgage 101: 3 Tips to Finding an Affordable Mortgage

Buying a new home is an exciting prospect, but knowing where to start can feel overwhelming. Fortunately you don’t have to be worried about getting a USA mortgage in Arnold, Missouri. Understanding the basics of home financing and the USA mortgage process ensures you find the best possible match for your needs and will have you hitting the market in search of your next home before you know it.

1) Learn the Basics of a USA Mortgage in Arnold, Missouri

Your mortgage is a loan from a credit provider which allows you to make a payment on a new home. In addition to your down payment, the loan will allow you to cover the cost of the home as well as any administrative costs in the purchase. There are five key elements to your mortgage which must be understood to properly plan your financial obligations:
• Collateral: the object of a value a borrower puts up when entering into a home loan, with ownership transferring to the lender in the event of default. With a mortgage the home being purchased is used as collateral.
• Principal: the total amount of the loan received by the home buyer.
• Interest Rate: the percentage of the remaining balance which is added to the remaining balance until the mortgage loan has not been paid off.
• Taxes: property taxes are used by the local government to maintain the community and fund public goods.
• Insurance: a monthly charge paid to protect your home in the event of disasters like flood or fire. The exact requirements for carrying insurance vary by provider and loan, so be sure that you understand all that your lender requires to protect your USA mortgage in Arnold, Missouri.

2) Use Points to Lower Your Closing Costs or Your Long Term Cost

Many times when agreeing to a mortgage you will have the option of using “points” to alter the terms of the agreement to make it better match your financial needs in one of two ways:
• Positive Points: paying a greater up-front payment, but in-turn the buyer is given lower interest rates, allowing for a lower overall cost as the mortgage will accrue less interest to pay out over its term
• Negative Points: paying a smaller fee at closing. As a trade off for the lower initial payment interest rates are raised, resulting in a higher cost over the duration of the mortgage as more interest will build up.
Both positive and negative points have their pros and cons and each can be beneficial in their own way depending on your financial situation. Speak with your realtor and your mortgage professional when discussing your options to find the best fit for you.

3) Manage Your Credit Before You’re Ready to Buy

Maintaining a high credit score is essential if you want to get the best rates on your USA mortgage in Arnold, Missouri. Unfortunately many of the indicators used to find your score can not be changed overnight, so it is important to be practicing sound credit practices as soon as possible in order to have the best possible credit when you begin looking. There are many factors which go into making your credit score:
• Payment History: being late with payments to creditors has a strong negative effect on your credit score. You should always try to make all payments on time as history is one of the most heavily-weighted factors in your score.
• Public Records: prior financial struggles, such as bankruptcies or collections efforts will show on your report and hurt your score.
• Credit Length: in addition to having made your payments, lenders also want to see a long history of using credit responsibly, so if you have no prior loans or credit cards your score may suffer.
• New Accounts: a rash of new accounts opened damages your credit score, so avoid opening new cards if you are going to begin house hunting.
• Inquiries: each time your credit score is checked by someone else it shows up on your report, and as with new accounts, too many checks near your application for a USA mortgage in Arnold, Missouri will lower your score.
• Open Accounts: while lenders don’t want to see you having no open credit accounts, too many can also lower your score the same way too many new accounts will.
Many services now offer free credit reports which allow you to monitor your credit score. If you don’t currently track your score, you should sign up for a tracker and work to improve it. Although it is often a gradual process, it can save you a lot on your USA mortgage in Arnold, Missouri.

Getting ready to buy your own home doesn’t have to be overwhelming. By keeping the fundamentals in mind as you prepare for your USA mortgage in Arnold, Missouri you’ll position yourself to get the best possible deal. Although it can seem like a lot of work, you’ll be glad you do it when you get an excellent mortgage for the home of your dreams in the greater St. Louis area.