If you're a first-time homebuyer or simply worry about being able to afford a down payment on a home, you're not alone. Reaching the suggested 20% down payment mark can be a tall task, and seem like an insurmountable obstacle to some. If you live in the St. Louis or St. Charles area, you no longer have to worry about finding enough money in your budget to put down a healthy down payment for a house you're interested in buying.

Buying a home doesn't have to be confusing!

Buying a home for the first time is intimidating. It's unfamiliar territory. The financial implications for one of the largest purchase of your life is massive. It sounds daunting, we know. But it doesn't have to be. In fact, securing a home loan is faster and easier than ever before! With the variety of mortgage options on the market, you could find a loan customized to fit your specific needs. 

Have you ever wondered how much you need to budget for a down payment on a house? Like any other large purchase, lenders usually want a down payment to secure a mortgage. The amount may vary depending on your situation, but most financial advisors recommend paying at least 20% of the value of the home as a down payment. First of all, this reduces the total amount you have to borrow. It also covers Private Mortgage Insurance (PMI) fees that lenders would include if you don't reach the 20% down-payment threshold.

Mortgage Brokers/Bankers

There are three major credit reporting agencies.

Lender Evaluates Mortgage Loan Application:

There’s a common misconception out there that buying a home with cash is always a faster and easier option than financing. If you have the funds to buy a home in cash (congrats on that saving, by the way), financing might actually be a better option. Financing your purchase with a qualified lender offers homebuyers a host of unique advantages that cash buyers just can’t enjoy. If you’re weighing your cash vs. financing options, consider the following:

In a competitive market where homes can fly off the market in a week or less, it’s essential that buyers come to the table prepared. Here’s a list of steps every home buyer should consider in their search.