St. Louis, considered one of Missouri’s gems, is a city boasting of numerous attractive characteristics. From its glorious natural wonders to its cost of living more affordable than the national average (around 10% lower) to its overall impressive livability rating, one should no longer wonder why the city continues to garner the interest of property buyers.
You may think that this considerable demand for homes would up the mortgage rates here in St. Louis, but worry not, as you will still find reliable lenders who you can form a partnership with as you make your way down this investment road.
And as long as you keep in mind the following considerations, you can make the transition from being a renter to a homeowner as painless as possible.
What you can afford vs. what you want to spend
Before you start shopping around, you should first establish a budget and tell yourself to stick to it. You may give yourself some leeway, but make sure you can afford this extension. The difference between what you can afford and what you want to spend can create problems in the long run.
As such, it is best that you think about the future and what non-payment of your mortgage can do to you, so that you can avoid falling into the temptation of buying beyond your means.
Rate comparison: One thing you should never forget to do
Many mortgage borrowers, especially first time buyers, think that comparing just a few mortgage rate offers is enough for them to find the right deal. This is not necessarily the case.
You need to expend sufficient time carrying out rate comparison since this is one of the best ways to discover lenders offering lower rates.
Always remember that even the slightest difference in the interest can already mean potential huge savings so do not miss out on this opportunity.