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.