Anyone thinking of getting a loan must read this article.  If you are borrowing money to buy a home or refinance your current home, you must read this article. when meeting for the first time with a loan officer or some other loan arranger, do the following:

  • First, come armed with a list of questions for the person who wants to arrange your loan BEFORE you agree to take out the loan.
  • Second, ask the loan arranger to answer each questions “Yes” or “No”, sign and date your list of questions and give the list back to you. 
  • Third, ask the loan arranger to explain each “Yes” answer and its effect on you.
  • Fourth, if the loan arranger is unwilling to answer the questions or if you are not satisfied with any of the explanations, consider looking elsewhere for a loan.

Important Reminder! There are many other questions that you can and should ask and get answers to before you agree to take out a loan to by or refinance a house. If you don’t know what they are, you have more homework to do before you are ready to take out a St. Louis bank loan.

  1. Know who you are dealing with.  Is it a mortgage broker who is going to sell the St. Louis bank loan after you sign?
  2. Is there a fee for arranging the loan, appraisal, credit report, document prep fee or broker fee?
  3. What are the terms of the loan St. Louis bank loan.  Is there a co-signer required? Is there mortgage insurance required? What is the interest rate and maturity date?
  4. What is the purpose of the St. Louis bank loan?  Is it to purchase a house or refinance an existing loan? Will the refinance cost more or less interest and will the monthly payment be more than before?
  5. Never sign forms that you do not understand.
  6. Never sign forms that are left blank or have spaces that have blanks.

St. Louis bank loan interest rates are low but crooks are even lower like pond scum.  So, ask the right questions to get the right result.

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