Buying a home in St. Louis — the first step
Contary to popular belief the first step in buying a home in St. Louis is not calling your favorite Realtor and asking to see a bunch of properties. The first step is to get approved for a loan.
Here’s Why…
Getting approved for a loan takes more time today than ever before. A good offer in this economy has a quick closing date. In many cases, I can save you $1000s of dollars if you are willing and able to close soon. Lots of the properties I show are vacant. The sellers are anxious to get a contract and close. But if you haven’t applied for your loan with your lender, you cannot close quickly.
The St. Louis Mortgage lender you choose can give us a good feel for your “credit-worthiness” with just a short phone call and a credit check. But he cannot give us a final decision unless you have submitted support documents that back up your financial story.
I’ve been working with a young couple for a few weeks that has a number of student loans. In order to qualify, these student loans need to be placed in deferment. Rather than potentially wasting my buyer’s time (and mine) looking for houses, we need to get the loan approved. Supporting documents for the deferment must be put in place.
The security of having a full credit approval allows the buyer to shop with confidence. Further, it strengthens any offer put on a property.
Category : finance &First Time Homebuyers in St. Louis &Mortgages St. Louis &Moving to/from St. Louis &St. Louis Real Estate Buyers
