Sellers typically will not consider offers without a Pre-Approval Letter. So the first step in your home purchase is starting a Mortgage Application. Even if buying months from now, it's best to know your approval amount. Initially looking $20,000 over your limit will make it harder to find a home you'll be happy with. There may be credit issues you're not aware of. Your loan officer can provide suggestions to bring up your credit score. It can take 6 months or more to raise it to a level needed to obtain a mortgage.
Also consider this. I have taken buyers out to view five homes. We get to the second home and want to immediately submit an offer and cancel the other appointments. Other buyers also like the home and there are multiple offers. If your offer does not include a pre-approval, seller will be inclined to go with another offer. Sometimes seller accepts a lower offer simply because buyer had a better pre-approval letter.
If you have credit issues and need help, or simply want to build your credit score, I suggest contacting Mr John Boll at the Credit Care Company (Facebook page); Cell 314-363-9575, Office 314-485-9940, Fax 1-866-593-6234. 2705 Daugherty Ferry Rd, Suite 103. St Louis, MO 63122. Here is more information about the company on the owner's Linked-in page: John Boll. johnb@thecreditcarecompany.com
Even if you have a favorite bank, I suggest calling at least one of these loan officers to compare rates and fees. Avoid national lenders you've seen on TV stating you'll get the lowest rate. At least compare their rates with one local lender from below. I had a buyer working with a national website lender. This couple buying their first home took my advice to compare. My lender gave them a 1/8% lower interest rate, and get this... $1200 less fees. This was well worth making the extra phone call. NOTE: If you know your credit score is marginal, don't call too many lenders. Each time your credit report is checked, it lowers your score by several points.
I highly recommend each one of these loan officers. Each provides the professionalism you deserve and are diligent in meeting the closing date. Inform them I'm your Realtor. Applications can be done over the phone. You may get pre-appoved with just a 30 minute phone call.
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Lynne Schlereth - USA Mortgage
12140 Woodcrest Executive Dr #150 St Louis, MO 63141 314-504-8426 Cell 314-628-2027 Off lschlereth@usa-mortgage.com Website
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Wes Sutterer – USA Mortgage
1795 Clarkson Rd Suite 200
Chesterfield, MO 63017
314-262-6905
Cell / Direct
wsutterer@usa-mortgage.com Website
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Mark Heckman – Prime
Lending
12400 Olive
Blvd Suite 200
Creve Coeur, MO
63141
314-496-2572
Cell
314-529-3691
Office Website
Mark.heckman@primelending.com
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Harvey Sachs -
U.S. Bank Home Mortgage
8822 Ladue Road
Ladue, MO 63124
Office: 314-889-1733
Cell: 314-616-9781 Website
Harvey.sachs@usbank.com
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Steve Krazel – USA Mortgage
4142 Keaton Crossing Blvd Ste 106
O'Fallon, MO 63368
Cell: 314-348-7212
skrazl@usa-mortgage.com
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Sherry Cross -
Cornerstone Mortgage
Senior Loan Officer
10324 Ladue Rd
Creve Coeur, MO 63141
Off: 314-227-4300 Ext 15
Cell: 636-299-7474 Website
Sherry@CornerstoneMortgage.com
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Terry Pettigrew - Stifel Bank & Trust Vice President - VA Loan Specialist
12655 Olive Blvd, Suite 250
St Louis, MO 63141
Off: 314-317-6902
Cell: 314-550-2574 Website
Pettigrew@stifelbank.com
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