Are you considering buying a home in St. Louis? As a local mortgage broker at Carlson Mortgage, I’m here to help you navigate the current market and secure the best possible mortgage rate. While interest rates have risen from historic lows, there are still steps you can take to save money on your home loan.

Top 10 Tips for Saving on Your St. Louis Mortgage:

1. Shop Around: Don’t settle for the first rate you’re offered. Compare rates from one additional lender to ensure that you’re getting the best deal. Studies show comparing just two quotes can save you thousands!
2. Boost Your Credit Score: Higher credit scores qualify you for lower interest rates. Aim for a score of 780 or above for the most competitive rates.
3. Increase Your Down Payment: A larger down payment reduces your loan amount and lowers your LTV ratio, which typically translates to a lower interest rate. Aim for at least 20% down payment to avoid private mortgage insurance (PMI).
4. Consider Discount Points: Paying points upfront can lower your interest rate over the life of the loan. However, ensure it makes financial sense based on your plans to stay in the home.
5. Explore Different Loan Options: Don’t limit yourself to the 30-year fixed-rate mortgage. Consider options like 15-year fixed or ARMs (adjustable-rate mortgages) that may offer lower initial rates.
6. Negotiate: Don’t be afraid to negotiate your interest rate and closing costs with lenders and especially with mortgage brokers, who can leverage their network for better deals.
7. Adjust Your Purchase Price: If necessary, consider lowering your maximum purchase price to reduce your loan amount and monthly payment. Negotiate on both the home price and mortgage rate.
8. Explore Second Mortgages: Strategically using a second mortgage like a HELOC (home equity line of credit) can help you access lower rates compared to traditional first mortgages.
9. Pay It Down Faster: If you have a higher interest rate, prioritize paying off your mortgage faster to minimize total interest paid. Consider making extra monthly payments.
10. Time Your Application: While unpredictable, some data suggests mortgage rates may fall later in the year, particularly in December. Consider waiting if you have the flexibility.

Bonus Tip: Look for lenders offering competitive rates in the St. Louis area. As a local mortgage broker, Carlson Mortgage is committed to helping St. Louis residents achieve homeownership dreams with affordable financing options.

Remember, the best mortgage rate for you depends on your individual circumstances. Contact Carlson Mortgage today for a free consultation and personalized quote. We’ll help you navigate the St. Louis mortgage market and find the right loan for your needs.

Ready to find your dream home? Contact Carlson Mortgage, your trusted St. Louis mortgage broker, for a free consultation. Call or text us at (314) 329-7314 or fill out our loan application at www.carlsonstl.com/apply.