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What is a Mortgage?
/24 Jul 2024
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What is a Mortgage?

A mortgage, commonly known as a home loan, is a type of secured loan used to purchase real estate. When you ask, “what is a mortgage?” the answer is essentially a financial agreement between a borrower and a mortgage lender, where the borrower receives funds to buy a property and agrees to repay the loan over a set period. The loan is secured by the property itself, meaning if the borrower fails to make the mortgage payments, the lender can foreclose on the property. Mortgage loans come with various terms and conditions, including different mortgage rates, loan amounts, and repayment...
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factors determining mortgage interest rate
/23 Jul 2024
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5 Key Factors in Determining Mortgage Interest Rate

1. Credit Score and Credit Report One of the primary factors determining mortgage interest rates is your credit score. Lenders use your credit score to assess your creditworthiness. A higher credit score typically means a lower interest rate, while a lower credit score results in a higher interest rate. Your credit report, which details your credit history, also plays a significant role. Ensuring your credit report is accurate and addressing any discrepancies can help you secure a lower mortgage interest rate. 2. Loan Amount and Loan Type The amount you borrow and the type of loan you choose are crucial...
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man in purple suit jacket using laptop computer
/21 Jun 2024
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Mortgage Lenders vs Brokers

When navigating the mortgage loan process, homebuyers often face the choice between working with mortgage lenders or brokers. Understanding the differences between these two can help borrowers make informed decisions about securing a home loan.  Understanding Mortgage Lenders Mortgage lenders are financial institutions that provide loans directly to borrowers. These can include banks, credit unions, and specialized mortgage banks. When working with a direct lender, borrowers interact directly with the loan officer or mortgage loan originator employed by the lending institution. Direct lenders have their own set of loan products, mortgage rates, and lending criteria. They can offer various loan...
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brown and white concrete house near green grass field during daytime
/12 Jun 2024
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The Benefits of Buying vs. Renting

The decision between buying vs. renting a home is a significant financial decision that many individuals face. Each option has its own set of benefits and considerations, influenced by factors such as location, personal financial situation, and long-term goals. As a St. Louis mortgage broker, we will explore the advantages of buying vs. renting, focusing on aspects like building equity, tax benefits, and overall financial stability. Building Equity and Financial Investment One of the primary benefits of buying a home is the ability to build equity over time. Homeownership allows individuals to accumulate home equity as they pay down their...
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woman in gray tank top and blue denim jeans sitting on bed
/12 Jun 2024
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Home Maintenance Tips for New Homeowners

Taking care of your new home is essential to avoid costly repairs and maintain its value. Here are some essential home maintenance tips for new homeowners, from a mortgage broker, to help you get started. Creating a Monthly Home Maintenance Checklist A monthly home maintenance checklist can help you stay on top of essential tasks. Regular maintenance can prevent minor issues from becoming major problems. Check your HVAC filters monthly and replace them as needed to keep your HVAC system running efficiently. Inspect your water heater for leaks and test your smoke detector and smoke alarm. Cleaning gutters regularly is...
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a view of a very tall monument in the middle of a city
/10 Jun 2024
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St. Louis Neighborhoods: Choosing the Right Community for Your New Home

St. Louis is a city with a rich history and a diverse array of neighborhoods, each offering unique characteristics and charm. Whether you’re looking for a bustling urban environment, a historic district, or a quiet suburban area, St. Louis neighborhoods have something to offer every resident. From the lively streets of the Central West End to the peaceful parks of South St. Louis, choosing the right community for your new home is essential for a fulfilling living experience. Exploring Central and West St. Louis The Central West End is one of the best neighborhoods in St. Louis, known for its...
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What Is PMI Insurance
/24 May 2024
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What is PMI Insurance?

Understanding PMI Insurance PMI insurance, or private mortgage insurance, is a type of mortgage insurance you might be required to pay for if you have a conventional loan. Typically, PMI insurance is required if your down payment is less than 20% of the home’s purchase price. This insurance protects the lender in case you default on your loan. While PMI insurance provides benefits to the lender, it can also help you as a borrower to qualify for a loan that you might not otherwise be able to get.  The Cost of PMI Insurance The cost of PMI insurance can vary...
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minimalist photography of house shot in front of chain fence
/01 May 2024
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Homebuyer Anxiety vs. Institutional Optimism

Amidst an era of financial unpredictability, the discourse surrounding mortgage rates has captivated the interest of many. While a substantial segment of consumers brace for heightened rates, Fannie Mae injects a note of optimism, forecasting a forthcoming ‘thaw’ in the housing market dynamics. Understanding Mortgage Rates Mortgage rates, the interest levied on home loans, significantly influence housing affordability and market activity. A retrospective glance reveals a volatile journey, punctuated by economic upheavals and policy shifts, sculpting the landscape of home ownership. A confluence of economic indicators and Federal Reserve policies orchestrates the rhythm of mortgage rates. Inflation trends, employment statistics,...
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