Real Estate Article: Before You Talk to Lenders

When you’re planning to buy a real estate, you need to avoid any major credit purchases as you could change your “qualifying ratios” and make you have to buy a cheaper real estate.  In fact, you should avoid having any recent “credit inquires” on your credit report as they could effect your “credit score” which in turn will effect the interest rate on your home loan.  

Before you call a lender, get out your pay stubs and calculate your gross monthly income (before any deductions) from all sources of income.  If you are paid weekly, don’t just add up 4 weeks pay, as you will short yourself.  Multiply your weekly pay by 52 and divide by 12.  If you are paid every 2 weeks, don't just add 2 together.  Multiply the amount by 26 and divide by 12.   

The next step is to write down your current payments (excluding rent and utilities).  Write down the total debt and your minimum monthly payment on each of them.   Then figure out how much cash you have available to invest in the house (including down payment and closing costs).   

Now you are ready to call.  Let the loan officer know all of these things.  Be honest about how your credit looks.  The loan officer will take a look at all these things and give you some suggestions on loans that would work for you.  

Ask them for details:

• Interest rate.
• Points.
• Estimated payment (and whether that includes a tax and insurance escrow or any mortgage insurance)
• Down Payment Required
• Also ask for a Good Faith Estimate of your closing costs.

Now you will be able to realistically compare loans and lenders, whether you are looking to buy St Charles County MO real estate, St Peters MO real estate, St Charles MO real estate, O'Fallon MO real estate, Lake St Louis MO real estate, Wentzville MO real estate, Dardenne Prairie MO real estate, Harvester MO real estate, Saint Charles County MO real estate, Saint Charles MO real estate, Saint Peters MO real estate, OFallon MO real estate, Lake Saint Louis MO real estate, or Dardenne MO real estate.  Remember, Linda is here to help you find the best home possible, no matter what real estate company or agent has the sign in the yard.  We'll be working for you. 

Main page for Linda Grissette and St Charles County Real Estate....covering all of St. Charles County, including St Charles MO, St Peters MO, OFallon MO, Lake St Louis MO, Wentzville MO, Dardenne Prairie MO, Harvester MO, Cottleville MO, Saint Charles MO, Saint Peters MO, O'Fallon MO, Lake Saint Louis MO, Dardenne MO....or anywhere else in the St Louis area.

Buyer Main Page for St. Charles County buyers, including St Charles MO home buyers, St Peters MO home buyers, OFallon MO home buyers, Lake St Louis MO home buyers, Wentzville MO home buyers, Dardenne Prairie MO home buyers, Harvester MO home buyers, Cottleville MO home buyers, Saint Charles MO home buyers, Saint Peters MO home buyers, O'Fallon MO home buyers, Lake Saint Louis MO home buyers, Dardenne MO home buyers....or home buyers anywhere else in the St Louis area.

Buyer Articles for home buyers in St. Charles County, including  home buyers in St Charles MO,  home buyers in St Peters MO,  home buyers in OFallon MO,  home buyers in Lake St Louis MO,  home buyers in Wentzville MO,  home buyers in Dardenne Prairie MO,  home buyers in Harvester MO,  home buyers in Cottleville MO,  home buyers in Saint Charles MO,  home buyers in Saint Peters MO,  home buyers in O'Fallon MO,  home buyers in Lake Saint Louis MO,  home buyers in Dardenne MO....or  home buyers in anywhere else in the St Louis area.

Any Coed Affiliates Pershing Rifles (CAPER) Alumni out there?  There is now a website just for you.

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