St. Joseph, Missouri, provides the perfect union of urban and community living. St. Joseph's friendly, small-town atmosphere provides a world-class quality of life. An abundance of recreational activities, low crime rate, state-of-the-art health care, and affordable cost of living are among the reasons to consider St. Joseph home. St. Joseph might just be the perfect place for you to call home, too.
If you’re someone who would like to make St. Joseph, Mo home or you’re interested in a refinance loan here, then there are several things you should think about. If you’re interested in using the equity in your home, but would like to avoid the hassle of a full refinance, you can talk with your lender about a home equity loan. If you’re interested in a new mortgage or refinancing your home in St. Joseph, then you should discuss the many options available with your lender. Here are some of the many types of home loan options.
Traditional Home Loans
A fixed rate loan comes with only one interest rate. Your loan may run for fifteen or thirty years, but your payment will never change. With an Adjustable RateLoan, however, the interest rate can change. Talk with the lender about adjustment intervals, which may come in one, three, or five year terms, as well as caps that are set to make sure that your payment amount doesn’t change too much during one period. The index is also important as it determines the interest rate on your loan. Once your adjustment interval is up, the loan changes according to current market rates, the lender’s index, and the caps set on the loan. The initial interest rate is much lower on an adjustable than a fixed rate loan, which means lower payments for you for the first few years, but this benefit doesn’t last for a long period of time.
Non-Traditional Home Loans
Interest Only Loans are a type of fixed rate loan in which you pay only interest, and not principal, for the first ten years of the life of the loan. These loans work for individuals who expect an increasing income over the next several years, or for those who want to take their principal payment amount and put it into a high return investment in order to help pay off the home sooner. Balloon Loans come with very low market interest rates. The problem with these loans, though, is that they come to term in only five years, so unless you are expecting a large input of cash, or you expect to sell the home, this loan isn’t one of the better ideas. Options ARMs have choices built into your payment system. You get to choose from a minimum payment, an interest only payment, a fifteen year amortized payment, or a thirty year amortized payment every month.
No matter which type of loan you decide on, the lender will need to see several documents before the bank can loan you the money you need for your home. Plan ahead and have copies of each of the following available.
Once you’ve established your work history, current employment, and assets required for a new mortgage, the lender will need a credit check. Even if you’ve had credit problems in the past, you may still qualify for at least one type of mortgage loan, so keep an open mind. You lender wants your loan to work for you.
No matter which type of loan you’re looking for, we can help. Take time to fill out the brief form below, and a lender will contact you soon regarding your St. Joseph mortgage, refinance, or home equity loan needs.
