There will be new legal guidelines that will give Fannie Mae legal recourse against home loan buyers who refused to make their mortgage payments when financially they were able to.

The amount of foreclosures that most likely will happen this year will be at least 2.6 million. What is worse is that approximately 11 million owners are severely underwater as far as their homes are worth.

The real problem lies in the fact that these consumers are committing what is now called a strategic default. They feel that they are totally blameless even to the point of not having to workout some type of payment plan. Fannie Mae feels differently and will not allow these ones access to government funds for seven years.

There will be lawsuits filed against homeowners who have in essence committed lending fraud due to refusal of payments by many of these disgruntled lenders. Any court order or winning lawsuit will force the buyer to pay any unpaid amounts or balances that are left after the house is sold.

California plans on limiting the use of court orders handed out to obtain deficiency judgments. If the home loan was for refinancing, the order will be granted. If the loan was for a purchase, no court order.

And what will ultimately happen to these borrowers who refused to pay their home mortgage loan? Will they be blacklisted from all FHA and government sponsored home loans?

Think about it for a moment: What if Fannie Mae took the stance that any government sponsored loans such as a FHA loan would not be available for ones who simply walked away from their home loan?

Of course this would be the end result once it was proved that the homeowner refused to pay their home loan all because they were upside down on the value and that it wasn’t due to being unemployed.

So how long could one be banned from doing business with Fannie Mae? Well at this point, Fannie would no longer buy or guarantee a home loan for about seven years.

Further data from the research firm CoreLogic shows that consumers who are slightly underwater or owe a little more than their homes are worth will most likely continue to pay their mortgages if they have the resources.

But borrowers on both a local and national level are more likely to walk away from their St Louis home mortgage loan when the home’s value is at least 25 percent less than the original home loan amount.

If we go back to the month of March, about 31 percent of foreclosures were described as strategic walkaways which was compared to only 22 percent in March of 2009.

However, many are now questioning why it took so long for Fannie Mae to make these debtors finally owe up to their financial responsibilities?

And why should this ineligibility only last seven years? Should we not throw the proverbial book at these irresponsible fools who in essence helped cause the greatest collapse in the housing industry since the Great Depression?

The real problem started when homeowners began treating their house as an investment or A.T.M. instead of their family’s home.

As a struggling nation trying to get back its financial strength, many experts are calling for the use of common sense and thus get back to the traditional viewpoint that a house is a home to live in and not our own personal A.T.M.

A recent press release said that “Fannie Mae will also take legal action to recoup the outstanding mortgage debt from borrowers who strategically defaulted on their home loans in jurisdictions that allow for deficiency judgments.”

But one has to ask: “If the mortgage walk-away issue is big enough for Fannie Mae to get this tough, then why is the Administration still trying to convince the American people that it’s just not that big of a deal when in reality it is of panoramic proportions?” Only time will tell.

Visit this website to learn more about St Louis mortgage refinancing loans. Stop by Floyd J. Tapia’s site where you can find out all about St Louis finance and what it can do for you. We invite you to call us at 877-334-0210 or 314-334-0210.

There is one thing homeowners should do before putting their home on the market and that is taking a close look at recommended home improvement ideas that agents suggest and how you can make your home look like new at a great price.

1. Make Your Kitchen Hot

This is where most families spend quite a bit of time. Let us start with some of the easier fixes. First, replace your old kitchen faucet with a new one. Perhaps install some new lighting fixtures. Another simple task would be replacing cabinet door handles. These new types of fixtures will only set you back a few hundred dollars but will make a big difference in your kitchen.

2. A Face-Lift Will Make Your Home Look Younger

Another eyesore you want to avoid is if your kitchen appliances do not match. A simple solution would be to order new doors or face panels from the manufacturer. Most people don’t realize this but many dishwasher panels are white on one side and black on the other and they are easy to change.

3. Give Your Bathroom Some Style

The bathroom is another important room in the house that may need updating. And it doesn’t have to mean mortgaging the house, so to say. Consider a new toilet seat or a pedestal sink. They are easy to install and can create a whole new look.

If your floor looks old and dingy, replace it with vinyl or sheet tile. Another tips is to replace old, broken chipped tiles with new ones and do not forget to use new grouting if needed. If you have extra money for improvements, put in a new prefabricated tub.

4. Paint A Masterpiece

This is a definite must that is relatively cheap. That’s right, fresh, new paint. Painting will turn an old room into a masterpiece that looks look clean and bright. And don’t forget to paint the ceiling. And while your at it, paint the trim a contrasting color.

Some consumers are now painting their walls three different shades of the same color. You first paint the bottom wall with the darkest shade. Once it dries, do the middle section with the next lightest shade and so forth.

5. This Would Be a Good Time To Look Down

Take and moment and look downward. How does your carpet look? Carpeting is another detail that can quickly give your home a brand new look and make it look cleaner. Perhaps calling your local professional carpet cleaner is all that is needed.

If this does not work or you already know that this step will not make a difference, then cover up the small, dingy area with an area rug. Most agents will not recommend replacing all the carpeting since the new owners will no doubt want to choose their own brand and color.

6. Making A Grand Entrance

Greet your new potential buyers with a beautiful door. This doesn’t have to be expensive either. If it is made of wood, paint or refinish it. If the door has dents in it, then either replace it with a new steel door or one made of fiberglass. It your budget can handle it, consider upgrading to a nice wood grain door.

If the door is in good shape, then replace the door nob, lock set and knocker. This will add a certain elegance to your entrance. Also consider placing two large planters on both sides of the door.

7. Your Home and Curb Appeal

You may have heard this advice time and time again especially from your agent, but a nicely mowed lawn, a few well-placed shrubs and a swept walkway makes an incredible first impression. As the saying goes, you never get a second chance to make a first impression. Your house may be immaculate, but if the outside is in shambles, they may never come back.

So, if you don’t have a green thumb or not enough time, hire a landscaper. These changes can be inexpensive and will change the perception of your home. It may even help increase the overall value of the house you are selling which you and your St Louis mortgage broker will love when buying your next home.

Want to find out more about a St Louis finance loan, then visit Floyd J. Tapia’s site on how to choose the best St Louis mortgage broker for all of your St Louis lending needs. Or give us a call at 877-334-0210 or 314-334-0210.

Most consumers understand that we are living in a new credit restricted society. Thus, it only makes sense that we should exercise more care as handling our credit profiles.

Here are 3 good ways to make improvements as regards our credit information:

1. Your Credit Report Must Be Checked On a Regular Basis -

One of the biggest mistakes consumers make is not knowing if there are errors on their credit reports until they apply for a loan.

Simply put, your credit report can either provide you with the things you want and need while saving you money or can cost you dearly if things are not in order.

Go and search on the Internet for Annual Credit Report. You can then request a free copy of your credit report from all three bureaus by federal law.

You must carefully review your credit report and then immediately dispute any errors including accounts that are not yours and duplicate accounts.

2. You May Want To Opt Out Of Pre-screened Credit Card Offers -

Why allow tons of pre-screened credit card offers pile up in your mailbox.

But if you do want a new credit card with a better rates, shop at your pace by searching on the Internet for Credit Card Guide or Bankrate and then apply.

Do not make the mistake of thinking that just because you receive any type of credit card offer in the mail that you have been approved for the best rates and terms.

No bank or credit card company will give you a credit card without first checking your credit when applying.

You may find yourself getting less than favorable terms or possibly getting a letter of denial due to changes in your credit profile since receiving the original credit card offer via mail or e-mail.

You can easily stop receiving pre-screened credit card offers for a period of five years by going on the Internet and searching for Opt Out Prescreen.

3. Remember to Pull Out Those Hidden Credit Cards -

New rules taking effect in August will now get rid of inactivity fees for not using credit cards.

However, just because you claim a victory by not getting charged inactivity fees, if your cards continue to go unused, they can be closed or credit limits dropped which may lower your credit score.

For cards that you definitely want to hold on to, make sure you use them at least once every 3 months.

The good thing about keeping these cards with limited usage is when another card you have gets zapped with a higher interest rate or lower credit limit.

Visit our website to learn more about the best St Louis refinancing loan. Stop by Floyd J. Tapia’s site where you can find out all about a St Louis home mortgage and what it can do for you. We invite you to call St Louis mortgage brokers at 877-334-0210 or 314-334-0210.

The obvious failing of the home loan modification programs has created mixed views on whether homeowners should even waste their time trying to apply for funding that may never materialize.

However, most economists will say that all is not lost. Well, for those who share this optimistic opinion about these federal programs, here are some proven ideas that have been relayed by St Louis refinancing experts that may actually help increase your change of being approved and funded.

Let’s dive right into these helpful suggestions:

1. Completing Your Submission - Here is what you need to submit to get this application moving forward: Paycheck stubs, letter of hardship, finance budget and all documents requested by said mortgage servicers. Any missing items including outdated documents will disqualify you from this program.

2. Don’t Be Afraid to Ask Questions - Never assume what the servicer wants or is requesting. Understanding what you need to provide will help this process go a lot more smoother. In short, this applies to all documents requested by the mortgage servicer.

3. Communication Is Important - Get into the habit of calling your contact every week to check on the status of you file. This would be a good time to discuss any documents they are reviewing or in question. Many times, changes occur during the application process so make sure you always discuss this with your mortgage servicers which will prove invaluable.

4. Never Give Up - This application can eventually become frustrating even for the organized individual. There may be times when you are asked to resubmit documents. Make sure you do this and do it quickly. This may end up putting you ahead of other homeowners who are slow or may not even send the required documents.

Now here are some more tips to help you discuss your situation whether it is on the phone or in person that can further help a St Louis refinance client to secure a loan modification:

5. Try To Remain Flexible - Home loan modifications come in many different forms which means not everyone is going to qualify for the federal government’s (HAMP) Home Affordable Modification Program. Most servicers must follow certain guidelines which means terms are non-negotiable and may require full income documentation.

6. Do Not Forget To Label Your Documents - Since you are not the only homeowner seeking assistance with a loan modification, you need to make sure that the servicer who is getting your application receives it promptly and intact. So, you must put your name on every document and call to make sure they were received. And if you make a mistake on one of the applications, start over with a fresh one. If you scratch it out, you run the risk of it being thrown out and that will delay your getting help.

7. IRS Form 4506-T Must Be Filled Out - One of the first things you will want to do is to make sure your servicer has permission to access your tax filings from the IRS. By not taking this step, you will be removed from the qualification process and will have to start all over. Delays like this must be avoided at all costs.

Visit our website to learn more about the best St Louis finance loan. Stop by Floyd J. Tapia’s site where you can find out all about a St Louis home loan mortgage and what it can do for you. We invite you to call St Louis mortgage brokers at 877-334-0210 or 314-334-0210.

It has been very difficult for Americans to keep track of all the federal bailout programs that were originally designed to halt this dying economy.

As the general public reads more and more about short sales and the potential they have in rescuing this economy, banks are now giving more credence to this type of transaction.

For example, the use of a short sale gives distressed homeowners an exit that will not lead to a credit-damaging foreclosure.

This alternative process allows banks and lending companies the opportunity to save money by avoiding the more formal foreclosure avenue.

Most St Louis home loan owners would think that that in itself should make them a bankers preferred option. But surprisingly it is not.

There are a few perceived negative factors built into current short sales. First, they generally take longer to complete; that being on average two months longer.

And if the time frame wasn’t the culprit, they can seem to be a loss cause when other lenders have liens on the distressed house.

With feeling the financial pinch and loss of business, the National Association of Realtors strongly urged the U.S. Treasury Department to come up with a new program designed to primarily encourage the use of short sales.

Thus, the new federal program known as HAFA or the Home Affordable Foreclosures Alternatives came to be in existence as of April 2010.

There are four main aspects to HAFA’s terms for short sales:

I. By holding parties to strict deadlines for various parts of the process

II. Financial inducements - Incentives will include $3000 assistance for moving costs for homeowners; $1500 for mortgage servicers; and up to $2000 for mortgage security investors who give up to $6000 of the selling proceeds to other lien holders

III. Before any listing of said property occurs, consumers must be allowed pre-approval status for the short sale process

IV. Consumers upon approval must be released from all future liabilities from their home loan debt

Under HAFA’s new arrangement, banks and mortgage lenders must give a final decision on whether to accept or decline this short sale process within 10 business days

There are recent statistics showing that banks already have an immense inventory of close to 1.1 million foreclosed houses.

There is no surprise that in the economy’s present state, both foreclosures and short sales will be on the rise.

The fourth quarter of 2009 also showed grim news. Close to nine percent of homeowners were in default on at least one payment according to the Mortgage Bankers Association.

Other mortgage industry data companies place the figure closer to 4.8 million that are delinquent or may already be in the early stages of the foreclosure process.

The sad thing is, HAFA will in no way be able to help such a staggering number of people who are now facing eventual foreclosure.

St Louis mortgage lenders who have actively participated in the federal government’s effort to encourage mortgage relief for distressed homeowners with (HAMP) the Home Affordable Modification Program are also required to participate in the new HAFA program as well.

Looking to find the best deal on a St Louis finance loan, then visit www.StLouisRefinancingGroup.com to find the best St Louis home mortgage advice on a St Louis loan for you and your family. Get your questions answered by calling us at 877-334-0210 or 314-334-0210.

Each year we are alerted by our banks and financial experts as to how to protect ourselves from identity theft especially when we use our credit and debit cards at retail stores, on the Internet and by phone.

What most people do not realize is that even if you have your credit or debit card stored safely at home or in your purse or wallet, you still may become a victim of identity theft by shrewd criminals.

How can this happen you may ask. The answer is “skimming.” What is skimming? “Skimming” is a method where thieves utilizing illegal technology can steal your credit card information.

St Louis finance experts are saying that credit and debt card skimming is now becoming an epidemic while becoming more newsworthy due to recent skimming incidents such as those at Bank of America.

Criminals often use skimming tactics at retail establishments that would include gas stations, bars, restaurants and ATMs where credit and debit processing takes place.

All a thief has to do is get a hold of your credit or debt card, scan it through a small hand held electronic device and in seconds has all your financial information that is stored on your card.

With you financial information in hand, the so-called possibilities are endless. They can either use it to buy whatever they want with you footing the bill or they can sell that information to the highest bidder.

Criminals are also targeting ATMs now. By using cameras or watching you as you key in your 4 digit pin code, these ruthless white collar thieves can now suck your bank dry.

And it is only when the credit card or bank statement arrives in the mail is when the customer is alerted to the fact that someone has stolen their financial information and are now a victim of identity theft.

So, here are 10 tips to help keep your financial information private and safe:

1. Keep your personal information updated with your bank or financial institution. This is very important if an issue every occurs and you need to dispute any fraudulent charges.

2. Make sure you write down all customer service phone numbers from the back of your credit or debit cards and keep this list in a safe place at home.

3. Never use an ATM that is dirty or in bad shape. They may not be in working condition or may be a counterfeit machine put their to steal your credit card information.

4. Always let your bank or credit company know when you travel and where you are going so that they can monitor purchases and decline any suspicious transactions.

5. When approaching an ATM, any sign that says you should ‘enter PIN number twice to complete transaction,’ is a warning to leave immediately.

6. If your bank(s) offers email banking alerts, make sure you sign up for them.

7. If an ATM appears to look damaged or has loose fitting parts, this may mean that someone has installed some type of skimming device.

8. Keep in mind that the location of the ATM you are patronizing. If there are suspicious individuals casing the ATM, they probably want your cash or are wanting to watch you type your PIN number. If you ever lose our card in a machine, just leave. It may be best to politely turn down assistance from someone who may have been watching you. You can always call your bank and get a new card.

9. If you want to be extra sure no one is watching you type in your PIN number or capturing it on camera, cover the pin pad with your other hand thus blinding the onlooker.

10. Although ATM skimming is growing at a quick pace, skimming occurs more often at retail outlets such as restaurants. If possible, always keep your card in sight. Try not to let anyone leave with your card if you can help it. If you are in a retail store and they say they have to go to another counter to run the card, follow them. If in doubt, pay with cash.

Another good piece of advice that was mentioned above is to check your balance on a regular basis when your statement arrives.

Consumers should also be aware that federal laws do not protect debit cards to the same degree as credit cards when it comes to fraud. So, use your credit card when possible or get a secured one to avoid headaches.

If you notice that your cards are missing, immediately call your bank within two days so that your loss amount is limited to just $50. If you procrastinate, you may end costing yourself and your financial loss may be greater than necessary.

Looking to find the best deal on a St Louis refinancing loan, then visit www.StLouisRefinancingGroup.com to find the best St Louis finance advice on a St Louis mortgage for you and your family. Get your questions answered by calling the St Louis loan experts at 877-334-0210 or 314-334-0210.

One of the better programs that has been available to those wanting to buy a home with guaranteed lower interest rates and low to no down payments has been the United States Department of Agriculture.

To counteract the tougher lending guidelines that have followed this mortgage crisis, many potential home purchasers have been counting on the USDA St Louis home mortgage program to help put them into a new home with better rates which in turn would give them a better life.

Recent data regarding the USDA programs shows that in 2006, they backed approximately 31,000 loans worth about $3 billion dollars. This large number grew to an astounding 133,000 loans now worth $16.2 billion in 2009.

St Louis mortgage experts have known that the qualifications for the USDA loan is much more stringent than the FHA required loans. But the biggest difference with the USDA home loans was there were lower default rates.

Now for the bad news: This program was never meant to handle that many St Louis loans and due to this run on this stimulus package, they ran out of money.

To rectify this unfortunate situation, members of Congress are in the process of appropriating more funding for this successful program. In fact, the House passed a bill sponsored by Congressman Paul Kanjorski of Pennsylvania.

We also see another bill sponsored by Senator Michael Bennet which was passed by the Senate Appropriations Committee.

But the frustrating thing seems to be that while all this is optimistic news, at present, one still cannot get a St Louis home loan from the USDA.

So, consumers who have filled out all St Louis finance applications are anxiously awaiting what they hope to be good news about additional funding being available. These potential borrowers received a last minute stay when announced that the tax credit program was extended till September 30th for hopeful closings.

To help spur the economy, politicians are expecting these new bills to pass but are not giving any potential dates when these new funds will be ready.

With the September 30th deadline looming on the horizon, these mortgage applicants are all but dependent on getting one of these USDA loans and hope the funding will start soon.

Remember, the promise of funding still does not make for a legal home loan contract. And what makes matters worse, these larger banking institutions are not budging. They feel it is necessary to wait and make certain that these new appropriations are in essence, a done deal.

Industry professionals are still trying to keep an optimistic attitude that these loans will be made and the closings will take place by September 30th so that the consumer and all professionals involved will be happy.

But the one thing St Louis refinance analysts strongly agree on is that by the time Congress passes this new funding, there will be a massive backlog of borrowers who may still not get their home mortgage by the September 30th closing.

It would be a shame for these potential borrowers to lose out on their dream home, the home buyer’s tax credit and the low interest rate they may have been locked into or waiting to receive.

Thus, let us see how Washington and the current administration addresses this new appropriation of funding for the USDA and hope that all home loan applicants will truly benefit and get their new home. The economy needs this as well.

Visit this website to learn more about a St Louis home mortgage. Stop by Floyd J. Tapia’s site where you can find out all about St Louis loans and what they can do for you. We invite you to call us at 877-334-0210 or 314-334-0210.

There is a growing number of property owners in this distressed housing market who are defiantly refusing to pay their mortgage and in essence thumbing their noses at the financial companies holding their home loans.

What was once a financial taboo by not faithfully paying one’s mortgage payment is now becoming chic by many standards. National and St Louis mortgage owners no longer wish to have the monetary burden of what they legally owe.

In fact, they are diverting their cash flow from their housing expense to more frivolous expenditures such as credit card debt, entertainment and other debts less important and costly.

Hence, their loose financial conduct and irresponsible spending can now be fed at the expense of their banker. In reality, it has become a diabolical game of ‘catch me if you can cause until then I ain’t leaving.’

It seems the problem stems from the fact that these disillusioned borrowers feel that the banks or lenders are totally to blame for what has happened in the housing industry. Thus, they feel no moral responsibility to nor feel accountable to finish paying their loans.

Now to be fair, we are not talking about the homeowners who were taken advantage of or lied to by unscrupulous lenders during the St Louis finance and lending process nor ones who were downsized or were let go from their jobs due to the economy.

But in all fairness, just as many Americans who bought homes in the last five years committed nothing less than fraud on their ’stated income’ lending applications or greedily bought too much house on their small budget knowing full well they should never have bought such a higher priced home.

With about 1.81 million homes being processed for foreclosure procedures and new filings being recorded everyday, this dire financial trend shows no sign of slowing anytime soon.

There are also such legal hurdles such as foreclosure moratoriums that will need to be faced by both borrower and mortgage servicers.

But even with Congress taking strong measures on this ever growing problem, their bailouts including loan modifications and then turning these trial ones into permanent loans doesn’t seem to be the needed fix.

Another quandary that economists are noticing is the incapability and even the outright refusal of lenders wanting to deal with so many national and St Louis home loans that are in default.

But it now makes sense as to the thinking of a borrower. Why pay their mortgage loan when the average consumer was late on their house payment for 438 days before being evicted according to LPS Applied Analytics.

This crowd who actually leeches off society is growing at a very fast rate. Various real estate professionals including the St Louis Refinancing Groups news team have reported these ones plan on living ‘rent free.’

There is news circulating the industry speculating that more than 650,000 households have not made a payment on their home loan in over 18 months. That is over 547 days.

With political and consumer anger over the problem of homeowners who can pay their home loan but refuse to do so may be coming to an eventual end. There is legislation being proposed in Washington that would keep these freeloaders from using government sponsored funds when purchasing a future home.

Want to find out more about a St Louis mortgage, then visit Floyd J. Tapia’s site on how to choose the best St Louis finance loan for your needs.

With the updated banking regulations and provisions taking place, a new credit card law in 2010 will bring about new changes for credit card companies and cardholders alike.

There will be firm restrictions placed on credit card companies regarding rate hikes and fees. Cardholders will also notice increased disclosure requirements made mandatory by this new law. Borrowers too must take time to familiarize themselves with these new provisions and how it affects them as well.

For example, while the new rules will clamp down on retroactive rate hikes, consumers with high credit scores may not be able to avoid unwanted adjustments or fees this coming year.

Another stipulation that cannot be ignored is the right of credit card companies to decrease your credit limit due to credit scores dropping, card usage being low or payment behavioral changes.

No matter how well you have paid in the past, credit card companies will be making drastic decisions during this economic turn down. This will include the closing of credit card accounts. Such a step is really no surprise when considering the fact that mortgage delinquencies are more and more related to credit card delinquencies and non-mortgage debt.

So, just because the St. Louis market has not been hit as hard as other real estate markets “and won’t suffer the run down” says Jack Strauss, a St. Louis University economist, St. Louis home mortgage consumers need to be aware of 3 credit card moves that will put them in a better financial situation in 2010 as regards their high interest debts and mortgage.

1. The best advice a homeowner could put into place is keeping a good credit score now more than ever by paying bills on time, keeping balances low and not closing accounts unless it is necessary in avoiding fees or changes in terms.

You may consider paying down holiday purchases which reduces your outstanding balance protecting you against negative changes to your account. This will inevitably save you money and most likely improve your credit score.

Most consumers don’t realize that until the Credit Card Accountability, Responsibility and Disclosure Act goes into effect in February 2010, you may be exposed to higher interest rates to your existing balance. That is why having a lower balance may protect your credit score against credit limit reductions.

2. Now would be the time to discuss your financial options including a possible refinancing with your local St. Louis mortgage broker.

To help you save money and lower those outstanding balances, you may want to consider refinancing which may include a lower rate. This will no doubt assist in giving you a healthier debt-to-income ratio thus allowing you to keep your present credit card limits.

That’s why a St. Louis mortgage broker will discuss how important your credit ratio is which includes the amount of credit you’ve used versus your limit and how this will play a vital role in remaining financially healthy.

The problem that may surface is if your credit limits are cut and your debt doesn’t decrease or get paid down, your score may drop at any given time. This may be avoided by disciplined budgeting or with the help of a St. Louis refinancing loan. A professional in this area will be able to help you form an aggressive financial attack or banking offensive as I like to call it.

3. Be absolutely sure you open all mail before discarding it and read all credit card disclosures carefully.

If there are any changes in the terms of your current credit card, the new CARD Act requires credit card companies to inform you of this and give you the right to opt out of such card.

If after reviewing any changes in the terms of your credit card, you must either accept or reject the new agreement. If you decide to opt out this in fact cancels your account and any balances owed must be repaid.

But to leave you on a positive note, there is much you can do to vastly improve your credit score so as to not face these financial dilemmas. By making a fervent effort to keep your credit card scores high, this should qualify you for most types of credit cards that have lower rates and worthwhile perks.

Don’t ever minimize the importance of paying your bills on time while reducing your credit card balance(s). Another thing to watch out for is applying for multiple credit cards at one time. The numerous inquiries on your credit report alone could lower an already good credit score.

Although there are many other financial strategies that we could discuss that would be advantageous to St. Louis home mortgage owners, these three important steps mentioned above will put you and your family in a better position to help get you through this brief economic setback.

Looking to find the best deal on a St Louis mortgage, then visit www.LibertyLendingConsultants.com to find the best advice on St Louis mortgage refinancing for you and your family or call 314-698-4092.

Although the economy has suffered major setbacks over the last couple of years, there are those that still want a piece of that American dream, namely buying a home.

Whether you have bought a home in the past or not, homeowners should know the precarious events that could lead to an unsuccessful St. Louis mortgage. These lending tips can actually be applied to a purchase or refinancing.

1. The “Affordability” Clause

More and more financial experts are warning people that the biggest mistake you can make is shopping for that new home before knowing how much you can afford and if you can even get an approval to begin with.

Probably the best thing you can do right now is take a moment and write down your expenses, all sources of income coming into your household and create a manageable budget.

Expenses should include all unforeseen problems such as a new roof, water heater, or plumbing mishaps for example.

Many make the mistake of thinking that these expenses are far in the future when in actuality they could happen at any time. But this is not the end of the world. Just plan ahead financially and this will help you to avoid being short money which could lead to payment delinquencies.

2. Did You Take the Time to Discuss the Various St. Louis Home Loans Available to You

Take the needed time to sit down with a professional loan officer and talk about all the various loan options available to you. Would an ARM or fixed rate home loan be better for you? You really need to ask these types of questions before ever applying for that new mortgage loan.

For example, an adjustable rate mortgage may help you get into your home a bit easier compared to a fixed rate loan. Just keep in mind that each type of loan has their advantages and disadvantages depending on your goals.

The worst thing you can do is not take the needed time on the phone or in person with your mortgage professional.

And remember to be patient and courteous at all times. Loans don’t happen overnight. Most mortgage professionals sincerely want to assist you in reaching your home ownership goals. Working together will make the whole loan process more efficient for everyone involved!

3. My Momma Told Me… You Better Shop Around

No matter how much research you do, you will never know more than the mortgage broker sitting in front of you. You should appreciate this and use this to your advantage. Don’t make the mistake of calling every bank in town and wasting their time. Choose a lender and work with them.

Learn enough to ask important and relevant questions just as you would when going to the doctor or an attorney. And don’t be the proverbial uneducated “rate shopper” when talking with a loan officer. You can check rates online. Use your time with this mortgage professional for important issues.

Simply using these 3 ideas as a financial guideline or map will inevitably help you and your family to buy that dream home by securing the best St. Louis mortgage.

Learn more about getting a St. Louis home mortgage. Stop by Floyd J. Tapia’s site where you can find out all about the St. Louis Refinancing and Mortgage industry and what it can do for you and your family.