Home Financing Services for St. Louis, MO

Purchasing a home is exciting but can be overwhelming if you’re not sure of how the process works. There are a lot of moving parts and expectations that you should learn before diving in head first. With, The SCORE Mortgage Group on your side, we’ll be your beacon of light to help you navigate through the loan process. 

Call us at (314) 607-5566 to see if you’re prequalified in minutes.

How Do I Know I’m Ready to Buy a Home?

MORTGAGE COST

The first step is finding out how much you can afford each month. Knowing your buying power will help you narrow down your selection when searching for homes. Sit down and make a budget to see what type of monthly payment you can make toward a home loan; then simply search for a mortgage calculator to determine what you can pay based on the amount of the loan and the interest rate.

UP-FRONT COSTS

While you may have determined what you can afford monthly, the home buying process doesn’t come without up-front costs like your down payment and closing costs. A down payment is usually between 3% and 30% of the loan amount and closing costs are between 2% and 6% of the loan amount. You can choose the amount for your down payment but placing less than 20% down may require the purchase of mortgage insurance.

ON-GOING COSTS

There are multiple costs to consider once you become a homeowner, like:

  • Mortgage Payment
  • Homeowners Insurance
  • Utilities
  • Maintenance

Finding an Interest Rate

Determining your interest rate can be the most difficult part of calculating mortgage cost. When shopping around, make sure you compare rates from different lenders on the same day. Mortgage interest rates fluctuate daily and often multiple times per day. Don’t get trapped in a short lock-in period of 15 days from other lenders that void your quoted rate if you don’t close within the lock-in period. The SCORE Team’s rates are quoted for 30-, 45-, and 60-day periods.

At the end of the day, you want to compare the total sum of all costs before comparing interest rates. The SCORE Team, powered by New American Funding, has some of the lowest rates available. Call us at (314) 607-5566 to calculate mortgage costs today.

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