With all of the recent hype regarding record-low interest rates, many new homebuyers are forgetting that there is more to a mortgage banker than that.  When you are shopping for a home loan, be sure to do your homework before choosing a St. Louis mortgage company.  Consider asking multiple lenders some of these questions:

  • Do I qualify for a loan?  Each mortgage company will have unique guidelines to determine what qualifications are necessary that meets requirements to receive a loan.
  • What does that mean?  Be informed – it is better to ask questions now than after you commit to a loan.  Lenders often advertise the most appealing rate to prospective clients.  If you don’t know the difference between an APR and APY, you could get stuck with a higher interest rate than you initially anticipated.
  • What kind of loan is best for me?  Do you want to lock in your rates or gamble with an adjustable rate mortgage?  Your mortgage banker should be able to help you determine what type of loan will best fit your need

There are many mortgage companies out there that are relying on you to simply choose a mortgage company with the lowest advertised rate – be wary of a company that prides themselves on just one factor of a home loan.  St. Louis mortgage company USA Mortgage strives for customer satisfaction and  we consider all of our clients customers for life!  If you are buying a home or considering refinancing your current loan, contact the mortgage professionals at USA Mortgage and create a life-long relationship with a reputable, full-service mortgage bank.