Applying for loans and mortgages can be a confusing process, especially for first-time St. Louis home buyers. A knowledgeable real estate professional is a useful resource for streamlining the process.
Most people cannot afford to pay for a new home out of pocket. This means that finding the right mortgage is essential, and according to U.S. News and World Report, it is generally a good idea for home buyers to locate financing before they set out to choose their dream homes. Buyers may find themselves facing a daunting array of lenders. Selecting the best option requires shopping around and comparing rates, which can be tricky given that the numbers may change on a daily or even an hourly basis. Furthermore, the paperwork involved in the process can be complicated and confusing.
A mortgage broker can help home buyers pin down the best rates, but real estate agents also are valuable contacts when it comes to learning more about the process of apply for financing. In addition, realtors may be able to point their clients in the direction of a trustworthy mortgage broker.
The real estate agent can do more than provide contacts, however. According to Real Estate Insider, realtors are often knowledgeable about matters such as credit repair and alternative lending options. This may be helpful for buyers with a problematic credit history who are having difficulties qualifying for loans or have been declined by their banks. Real estate agents also can provide advice on applying and qualifying for loans from Fannie Mae, the Federal Housing Administration or the military.