What is A Conventional loan?
A Conventional loan is a non-government loan such as VA or FHA. Fannie Mae & Freddie Mac, insurers of these loans, offer what is referred to as "A" paper loans for borrowers with good to excellent credit, meaning no late payments within the past 24 months. These loans offer the best market interest rates with minimum down payment requirements of 3% & 5%. Private mortgage insurance (PMI), a cost added to your monthly payment, is required on these loans when less than 20% down payment is made.

What is an FHA Loan?
A loan insured by the Federal Housing Administration (FHA), open to all qualified home purchasers. You can put down a smaller down payment on a FHA loan, but you will also be required that you pay mortgage insurance. The Federal Housing Administration operates several low down-payment mortgage insurance programs that homebuyers can use topurchase a home with a down payment of 3 percent or less.

I’m Buying My First Home, Where Do I Start?
Unless you don’t need a loan to buy your home, start with the financing. Talk with a lender before you start looking at homes. This will answer your questions about how much you qualify for, how much your payments will be, and how much cash you will need to close your escrow. Be sure to have a credit report run at this time to eliminate any surprises later. Errors on credit report are common— especially if you have a common last name or someone else in your family has your name.

What size of a loan can I aquire from mystlouismortgage.com?
Mystlouismortgage.com can get many sizes of loans ranging anywhere from 10K, 100k, Even a Million ! Just Ask!

What is PITI ?
PITI is the total monthly payment you make on your home. Principal, Interest, Taxes, and Insurance. PITI

Do I Need Perfect Credit To Buy A Home?
No. Lenders understand that family emergencies, death, divorce, etc. that have happened in the past can contribute to periods of late payments. The credit history over the past 12-36 months is the most critical. Late payments, that are current, but occurred over 2 years ago generally will not act as a barrier in obtaining a mortgage loan. All derogatory items that appear on the credit report must be explained by you in writing.

What is a mortgage puchase loan?
A mortgage purchase loan is a type of loan that you use to buy a new home, apartment complex, duplex, condominium. Even a second home. Whether it's for you to live in yourself or rent out to make money. We can loan you the money!

My Friend Just Bought A Home And He Said It Was A Lot Of Hassle To Get Loan Approval—Is This True?
Before obtaining loan approval you will have to submit 2 years tax returns and W-2s, recent pay stubs, statements for all your assets, have your credit checked and explain any derogatory credit. Furthermore, your employer, bank, and landlord will be contacted. You will complete, sign and possibly re-sign dozens of forms and pay for your credit report, appraisal upfront

What is an Escrow Account?
An account to which a borrower makes monthly installment payments for property taxes, insurance from which the lender disburses the payments directly when they become due.

How long will it take to get my mortgage loan from mystlouismortgage.com
It can take as little as 3-5 business days(sometimes less) to get a purchase loan from mystlouismortgage.com . Usually you it would take 7-14 business days for you to completely get your new home mortgage loan. Like most business' if a RUSH is necessary we will do our best to accomodate.