Top Ways to Save Money on a Home Purchase

Liberty Lending Consultants Inc. offers multiple ways to save on home financing when it comes to first time buyers. They help with a process that might be difficult so here are their recommendations.

Find out how much you need. Liberty Lending St. Louis mortgage companies suggest saving money by knowing how much you need to borrow. Knowing income per month allows the buyer to understand how much they can afford to spend on a monthly payment. The next step is finding out how much money can be borrowed. Lenders cannot give money to anyone who wants it, so they look at work history, credit scores, and how much debt the applicant has.

Get pre-qualified. Find a financial advisor and have them clear all the relevant information. This gives you the status of being pre-qualified which tells lenders you are serious about purchasing a house.

Get an appraisal. Have the home that you want to purchase inspected and evaluated for value. Assessing the property is the best way to get an objective idea of what the home is worth so you don’t end up paying too much. Without an objective value, there is room to make poor decisions and lose money. An additional step is to have an escrow group handle the money and trust the advisors to keep all matters of the process in order.

Liberty Lending does not only offer advice for purchasing a home, they also lend money to their customers as well. They have many different types of loans to offer to their customers, including the Missouri USDA Rural Development home loan. Another popular loan type is the conventional fixed-rate mortgage loan, which includes lower interest rates and fewer hoops to jump through. The St. Louis VA home loan helps military or veterans get long-term financing for their primary home. Last, they offer FHA home loans, which are becoming more popular for first-time home buyers.