Navigating Through the 3 Worst Parts of Buying a St. Louis House
There are so many exciting parts to buying a St. Louis house. Searching for the perfect one, walking through multiple homes, and the best part of all – getting the keys.
But in between all of these exciting parts are the really boring ones that are the core of buying a St. Louis house. Few people like dealing with their finances, or looking at their credit score, and most do not like reading their disclosures. Yet, these are are important steps to buying a St. Louis house.
All About That Credit
Lenders want to see a buyer with a great credit score. Having a great credit score is not an easy task to accomplish. Once a person has damaged their credit, it can take a lot of time and effort to clean that mess up. But this has to be done so they can get approved for a loan.
Start by paying off any debts. This is going to dramatically help increase that credit score. Keep all accounts up-to-date and avoid any late payments.
In the months, or even the year, leading up to getting a mortgage, do not open any new accounts. No new credit cards and no loans. Having consistent payments and well-established accounts is going to help greatly.
A Lender
Few St. Louis buyers are making purchases without a mortgage. Finding a lender to provide a mortgage should be one of the first steps a buyer takes. It is not only about getting pre-approved for a mortgage, but about finding a lender that is giving the best rates and even bonuses for working with them.
Some lenders specialize in home mortgage loans while others rarely deal with them. Interview many lenders to see who is offering the best overall package. Talk to them about what loans are available through them as well. Have them explain their loan types because not all loans are a good fit for each buyer.
Some St. Louis buyers like a fixed-rate mortgage while others are looking for an adjustable-rate. There are many options when it comes to home loans, and the lender should be able to provide information on all of them. Once a lender and loan have been selected, it is time to get pre-approved.
Be sure to get pre-approved and not pre-qualified. Getting pre-approved will take a lot of documentation, and the lender will closely examine the person’s finances and credit score. At the end of the process, they will set an amount that the buyer can borrower and let them know what interest rate the loan will be set at.
Read Everything
This is the part many people fail at. They often skim over documents that are provided and sign on the dotted line. This can spell trouble if there are any aspects of the document that is different from their expectations. It is important to read everything top to bottom to fully understand what is happening during the sale.
Some St. Louis buyers have to make multiple offers on a home, or even offers on multiple homes. After drawing up multiple offers, it can be hard to know what is being offered and what isn’t. That is why every offer should be carefully read before giving it to the seller.
Once there is an accepted offer, it is time to get the house inspected. Many buyers simply want to know if the foundation is good and if there are any major problems with the structure of the house. Even though those are important aspects to an inspection, the whole report should be reviewed. Even smaller problems can cost a St. Louis homeowner a lot of money if left unchecked.
Finally, the sale is almost complete. Getting closing documents means the St. Louis buyer is almost at the finish line. These documents will tell the buyer all about the mortgage so they should read all of the information. It will talk about interest rates, duration of the loan, and even what they will be paying in closing fees.
A home buyer should leave nothing up to chance when buying a St. Louis house. Signing documents that have not been read is an easy way to agree to something without knowing it. While there are professionals that are helping buyers through the process, they may not go through the entire document. When buying a St. Louis house, it is up to the buyer to read it thoroughly and understand what they are agreeing to.