Archive for July, 2012

How the Mortgage Payment Structure Works

July 31st, 2012 by Amanda

There are several components to a mortgage and four of them specifically play a crucial role in the calculations of a mortgage payment. These four items include: principal, interest, taxes and insurance. Our experienced St. Louis mortgage lenders feel that you – as a current or future homeowner – should know the breakdown of a […]

The Obama Administration has implemented several programs in an effort to assist homeowners struggling to make their mortgage payments and are at risk of foreclosure. The U.S. Department of Treasury and the Department of Housing and Urban Development (HUD) are responsible for administering these programs. Our experienced St. Louis mortgage lenders at USA Mortgage have […]

What could be more exciting than turning the key and walking into a new home? Probably making the leap from renter to first time homeowner. Since it’s easy to be swept up in all of the excitement, our St. Louis mortgage lenders at USA Mortgage have a few smart steps for you to take when […]

Closing costs – or settlement costs – are an important component to the cost structure of buying a home. Whether it’s a pre-existing home or a newly constructed one, you will have to pay closing costs in addition to your down payment. But what exactly constitutes a closing cost?

We have a six-step process in order to receive a loan from our St. Louis mortgage lenders. After (1) prequalifying, (2) applying for the loan, (3) processing the application, (4) appraising your home, (5) underwriting and (6) closing, you can take the most important step — into your new home!

What is a Lock-In and How Does It Work?

July 13th, 2012 by Amanda

In the past, we discussed how to be a smart consumer when shopping for a St. Louis mortgage company or individual St. Louis mortgage lender. Some of the essentials to consider are the interest rates, lowest points, upfront charges and how to calculate them. Once you find the most favorable terms for your needs, work […]

The mortgage industry is continuously changing each and every day and so are lending standards. Borrowing money to become a future homeowner is now becoming feasible for more people.   Every quarter, the Federal Reserve conducts a survey for its member banks in order to gauge supply and demand of loans for businesses and American […]

In its simplest form, a mortgage is a long-term loan that is designed to assist an individual in purchasing a home. As a borrower, you make monthly payments on the principal amount of the loan in addition to interest payments to the lender. While most homeowners today have a mortgage, it hasn’t always been this […]