Moving into a New Home Information

When it comes to purchasing a new home, there is a never a dull moment. Whether you are shopping for the perfect property, shopping for a St. Louis mortgage lender, or sorting out the details during closing, there is always something to think about.

Once you have decided that moving into a new home is your priority, be sure to take the following into consideration:

  • CREDIT SCORE IMPROVEMENT. Begin by getting a free credit report to give yourself a benchmark of where you stand. To improve your credit score – or to maintain the good score you may already have – ensure that you pay all of your bills on time, keep your credit card (and other revolving credit) balances low and avoid opening up multiple credit card accounts. Having good credit is an important component to receiving a low interest rate and having the ability to borrow money to purchase a home.
  • WHAT TYPE OF NEIGHBORHOOD YOU WANT TO LIVE IN. The type of neighborhood you want to live in is a decision equally as important as the St. Louis mortgage lender you choose to help you purchase your home. Whether or not your home is close to your place of work, in the city or the county, in a good school district, an area with a low crime rate, or close to recreation and dining is very important to your lifestyle. These considerations also directly impact the price of real estate.
  • RECESSION RESISTANCE. While many homebuyers like to think they will live in their new home for the next 20 years, this is not always realistic. Therefore, you should consider the fact that you may need to sell your home at some point. Will the home you purchase be able to be sold in the future? Living in a good area of town where homes sell well and making sure that you have the funds to maintain your home are key elements in being able to resell your home – even in a struggling economy.
  • BUDGET. Even after putting your life savings toward the down payment on your home and making your monthly payments, do you still have excess dollars to afford your home’s upkeep? Or, perhaps you foresee refinancing in the near future and would like to position yourself on track to go from a 30-year fixed loan to a 15-year fixed loan. This will significantly increase your payment structure month to month. These types of financial considerations can affect the way in which you handle your budget – discretionary money and all.
  • LOAN OPTIONS. If you are currently in the market to sell your home and upgrade to a newer one, our St. Louis mortgage lenders may recommend a 203K loan. Our team at USA Mortgage is in the business of offering multiple options to help place you into your perfect home and on a payment structure that fits your lifestyle.

While USA Mortgage is expected to service you with a home loan, we go the extra mile and provide you with the guidance, how-tos and the comfort of all the extras in the home buying process. Any of your home ownership research can be done all in one place – our blog. To ask your questions to an experienced St. Louis mortgage lender, or if you don’t find the information you need, give us a call at 314-546-4844.