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It’s just the biggest financial decision of most people’s lives. No pressure!

How to Navigate Home Buying

If you have your heart set on becoming a homeowner, you should be able to answer these questions before you start making offers.

What Down Payment Can I Afford?

If your current savings can cover 20% of the total price of a home, that's great. If not, you should know that you have plenty of options. There are programs that make it possible to put as little as 0% down, including one offered by local St. Louis lender Mortgage Solutions, LLC.

How Much Should I Borrow?

If you put down 20%, you’ll have 80% of the total price left to pay, plus interest of course. You can work with a lender like Mortgage Solutions, LLC to see if you can get preapproved for a specific loan amount. This not only helps you understand what you could realistically afford; you’ll give the sellers and their agent confidence in the financing behind your offer. Just in case you don’t have enough to put 20% down, Mortgage Solutions, LLC offers a 2% gift toward your down payment,* providing that extra boost you might need. Keep in mind, they offer many other programs to fit your unique situation, with some allowing for as little as 0% down.

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What Costs Come with a Home?

Here’s a scenario. You find the perfect place. The seller accepts your offer and your financing is approved! What happens next?

Aside from the principal and interest on your home loan, you may also need to cover agent fees (assuming you used one), along with closing costs, like:

Property appraisals
Title search
Title insurance
Origination fee

How Does Homeownership Compare to Renting?

Are you trying to make the jump from a lease to a mortgage? As a renter, you won’t pay property taxes or renovation costs. You’re also able to relocate with relative ease. With a mortgage, you can build equity, make updates to the home and potentially profit if the value increases. Ultimately, the right decision takes timing, finances and lifestyle into account.

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Your Local Lender

Mortgage Solutions is based in metro St. Louis, and their team is ready to assist you with any questions on your home buying journey.

Mortgage Solutions, LLC—NMLS #277481 is a wholly owned subsidiary of Members Resource LLC, a Credit Union Service Organization, a wholly owned subsidiary of Vantage Credit Union. Not all loan products are available in all states. Equal Housing Lender.

^*Subject to approval and credit worthiness of applicant(s). This is assuming a purchase transaction, single-unit primary residence only, 97% LTV, and a 640 minimum FICO credit score. You cannot qualify if you make higher than 80% of the median income in the area in which you are looking to buy. For example, if you live in an area where the median income is $99,596, you can’t use more than $79,676.80 to qualify for this program ($99,596 x 0.8 = $79,676.80). There’s a $766,550 upper loan limit on this conventional option. The content presented here is provided for high-level information purposes only and not an offer to lend or extend credit. Not all loan products or terms and conditions apply. Products, rates and terms subject to change without notice.