by Emily Hechler 
Are you ready to buy a home in the St. Louis area? Before you dive in, it’s essential to ask yourself some critical questions: Do you have enough saved for a down payment? How much debt are you currently managing? What neighborhoods in St. Louis fit your lifestyle? And, most importantly, how much house can you truly afford?
These questions play a pivotal role in shaping your home-buying journey. Your current financial health will influence many of your choices, but the goal is to find a home that not only meets your needs but checks off a few of your wants too.
Buying a home in St. Louis—whether it’s near the iconic Gateway Arch, the vibrant streets of the Central West End, or a family-friendly suburb like Webster Groves or Wentzville—takes careful planning. This guide is tailored to help you navigate the basics of home buying, from budgeting to finding the perfect property, and even what to do if your financial circumstances change post-purchase. Let’s get started on making your dream of homeownership in St. Louis a reality!
First-Time Home Buying Questions
As a first-time home buyer, you likely have a lot of questions about how to start the process. Before you start browsing on Zillow or apply for mortgage preapproval, it’s important to get answers to some of these key questions. Your answers to these questions may determine whether you could or should buy a house in the near future.
Check out this list of questions for first-time home buyers.
Can I afford the up-front costs of buying a house? When you buy a house, a significant amount of money will be due up front. The more money you have saved for a down payment, the less you’ll pay toward your mortgage and overall interest. In addition, closing costs, realtor fees, inspection fees, and more are due at the time you close but don’t go toward the equity of your home. Make sure you have enough money set aside to cover these expenses so you don’t have to reduce what you put toward your down payment.
What is my budget? We will dive into the details of creating a home buying budget later. Before we get to the details, know that a more expensive house means more expensive upfront costs and ongoing maintenance costs. As you start to look at houses, you’ll hear these words come up a lot. Keep these in mind so you don’t misunderstand details later.
- Loan term – this is the length of time you commit to paying back your mortgage. This is usually 15 or 30 years.
- Principal – this is the original amount of your loan before interest. Another way to calculate this is the sale price of the home minus the downpayment at the time of the sale.
- Down payment – this is the amount of money due at closing that goes toward the equity of your home. A typical down payment is 20% but certain lenders approve mortgages for first-time home buyers with as little of a 3% down payment.
- Interest rate – this is the percentage of your loan amount that you’ll pay as interest, typically calculated annually and expressed as the APR (Annual Percentage Rate). It represents the cost of borrowing and is factored into your monthly loan payments.
- Closing costs – these are additional fees due when you close on a home that don’t go toward your home equity. This includes property taxes, realtor fees, and more.
- Insurance – homeowners’ insurance is required to purchase a home. This will need to be arranged before you close on the home.
Where do I want to live? When deciding where to live in the St. Louis area, consider both the home’s features and its location. You might already have a vision for your dream home—whether it’s a charming ranch in Kirkwood, a modern condo in the Central West End, or a spacious two-story home in Chesterfield. Think about the essentials, such as the number of bedrooms and bathrooms, kitchen layout, and living spaces. Create a list to separate your must-haves from your nice-to-haves, as the competitive St. Louis real estate market may require you to prioritize.
Location is just as important as the home itself. Evaluate nearby amenities like parks, shopping centers, and restaurants. Research schools if you have children or plan to start a family. Consider your daily commute—whether you’re traveling to downtown St. Louis or nearby suburbs—and the proximity to family and friends. Each neighborhood in the St. Louis metro area offers its own unique charm, so explore your options to find the perfect fit for your lifestyle.
How do I purchase a house? If you are serious about buying a home soon, get preapproved at Alltru. This will give you a leg up when you go to tour houses. If you have preapproval ready to go, you can tour a house and make an offer on the same day. If a house is listed at a great price, other potential buyers will be doing the same thing and you don’t want to miss out on your dream home because you didn’t get preapproved.
How do I close on a house? When your offer is accepted, you’ll lock in your interest rate with your lender and get officially approved for your mortgage. The home will also be inspected and get an appraisal while we finalize your documents. A few days before closing, you’ll get a Closing Disclosure. On closing day, you’ll sign your name on a lot of documents that state that you are the new owner of the house. You’ll pay your down payment and closing costs, and the home is officially yours!
These are just the basics of the questions many first-time homebuyers have, but the home-buying process involves much more detail and preparation. In the sections that follow, we’ll dive deeper into each topic, offering practical tips to help you confidently navigate your journey to owning a home. Keep reading! Your dream home is closer than you think!
How to Prepare for a Mortgage
If you are ready to move forward with buying a home, there are a few more questions you need to answer about your ability to pay for a mortgage. Mortgages are often offered with 15- and 30-year loan terms. Applying for a mortgage is simple at Alltru. But before you do, consider these questions first.
Do I have a good credit score? When you apply for a mortgage, the lender will examine your credit history and credit score through a hard credit check. The higher your credit score, the easier it will be to get approval for a mortgage with a lower interest rate. A high credit score shows that you have a history of making your minimum payments on time and can be trusted with a large loan like a mortgage.
Do I have a steady job? Lenders will consider you length of employment and income when they review your mortgage application. A steady job can increase the likelihood of getting approved for a mortgage. In their eyes, you’ll continue to receive a steady income to pay for your monthly mortgage bills. Gaps in job history and declining wages make you appear to be riskier to the lender, and your chances of getting approved are lower.
Is now a good time personally to buy a house? Even if your finances are ready, your personal life might not be. A mortgage is a large commitment that should be taken seriously. Starting a business, growing a family, or potentially relocating soon can make the home buying process more difficult. While it’s not impossible, these situations can make it harder to pay your mortgage each month.
Keeping these questions in mind will help set you up for a great homebuying experience. Having your finances and personal life in check will help eliminate the stress that may come with making a large purchase.
What is PMI?
As a future homebuyer with less than 20% of a down payment saved, you will be required to have PMI added to your loan. Private Mortgage Insurance, or PMI, is insurance that protects the lender in case you don’t make your payments on time. By making a small down payment, you are seen as riskier in the eyes of your lender. PMI is the loophole that allows you to get away with a small down payment and still purchase a house.
Even though PMI is required, your lender will arrange it for you. Each month, your PMI cost will be escrowed into your mortgage bill. PMI costs are pretty low, but the added cost is something to keep in mind. Typically, PMI costs 0.5%-2.0% of the loan amount each year.
Once you pay back enough of your mortgage and have 20% equity in your home, you can work with your lender to get rid of the PMI. At this point, you’ve gained trust in the eyes of your lender.
MPI is different from PMI. MPI stands for Mortgage Protection Insurance. This is an optional insurance that prevents the beneficiaries of a property from losing ownership if they are unable to make mortgage payments in the situation where the homeowner passes away.
Closing on a House
Closing day is the day you pay your closings costs and down payment and become the new owner of your house. From the time between making an offer on the house and closing day, there are some essential steps you’ll need to take to make closing as smooth as possible.
It typically takes 40-60 days to complete this process. This gives you enough time to complete the necessary steps, but you’ll want to start right away.
First, make an offer on the house. When you make an offer on a house, your real estate agent proposed a closing day in the offer. You must be present and ready to spend a few hours of your day with your real estate agent on closing day. This is also the day that your down payment and other closing costs are due, so you must have sufficient funds in hand by closing day. We’ll go into more detail about how to pay closing costs soon.
Pay earnest money to the seller. Paying earnest money was likely part of your offer. This lets the seller know that you are serious about your offer. This is due within a few days of your offer being accepted. Earnest money is usually 1-3% of the sale price of the home.
Conduct a house inspection. Your contract probably includes the option to do a home inspection. While you can complete a home inspection yourself, we recommend hiring a professional. The inspector will give you a detailed report about their findings, whether good or bad. Depending on the extent of the issues found in the inspection, you can use this as leverage to get the seller to reduce the sale price, give you credit to make the repairs yourself, or complete the repairs before closing day.
Arrange for home insurance. Proof of homeowners insurance is required for you to close on your house. If you have renters’ insurance, that agent is a great place to start. Shop around with different agents to find the best coverage for your home. At Alltru, we partner with TruStage Insurance to offer members competitive rates and reliable coverage. If you secure your mortgage through Alltru, you automatically become a member and can take advantage of this partnership. Be sure to request a quote from TruStage to see how much you can save!
Get an appraisal. Your lender will arrange for an appraisal of the home. The appraiser evaluates the property’s features, condition, and location, as well as comparable homes in the area. This step ensures your lender doesn’t approve a mortgage for more than the home’s actual market value, protecting both you and the lender.
Collect the necessary documents. If you applied for preapproval, you will likely have your ID, pay stubs, asset statements, and history of residence handy already. As you approach closing day, you’ll get your loan application, closing disclosure, and certificate of occupancy too.
Complete your final walkthrough. The final walkthrough is the last time you will be in the house before you officially purchase it. If the seller was supposed to make repairs based on the home inspection, make sure those have been completed appropriately during your final walkthrough.
Talk to your current financial institution. On closing day, you’ll pay a significant amount of money to the seller. Transactions of this amount can be mistaken for fraud if not done appropriately. Contact the financial institution you will be pulling your money from and arrange a wire transfer or purchase a cashier’s check.
Buy your house. On closing day, be sure to bring all the necessary documents we mentioned earlier. You’ll have quite a bit of paperwork to sign, but in short, these documents confirm that you are now the official owner of the home and outline your agreement to repay the mortgage. You’ll also pay your closing costs and down payment with the method you arranged with your financial institution. After the transaction is processed, you’ll get the keys to your new home.
Home Buying Mistakes to Avoid
As a first-time home buyer, mistakes may happen along the way. These mistakes likely occur simply because you haven’t gone through the process of buying a house before. To set yourself up for a great home buying – and paying for your mortgage – experience, check out these common mistakes.
Avoid having outstanding debt. When a lender examines your application for a mortgage, they will conduct a hard credit inquiry. This examines your past and present debt history, credit score, and your debt-to-income ratio. Your debt-to-income ratio, or DTI ratio, examines your monthly gross income versus your minimum required loan payments. The higher your DTI, the riskier you are to the lender. A high DTI ratio can result in a higher interest rate or even not getting approved for a mortgage. Pay down or eliminate some of your debt before applying for a mortgage.
Don’t neglect your upfront financing. When you apply for a mortgage, your future lender may give you different options depending on how large of a down payment you can make toward your house. You need to know how much money you can spend upfront for your down payment and other closing costs. If you overestimate how much you can afford to spend, you may run into challenges with your lender when trying to secure a mortgage for the amount you actually need, and you could miss out on getting the best rate. Other closing costs such as realtor fees and property taxes are not part of your downpayment but will be due on closing day. Make sure you budget these items separately.
Avoid using your emergency fund. Chances are, buying a home is likely not an emergency. When you apply for a mortgage, you’ll have to report the money you have saved in an emergency fund as part of your assets, but you don’t want to use this money toward purchasing your house. If a family or home emergency arises while you are under contract or shortly after you buy your home, you need to have this safety net to cover the funds and not risk jeopardizing your ability to purchase the home or make your mortgage payments on time.
Don’t overestimate how much you can afford. If you are still a few months away from buying a home, create a budget for your current lifestyle now. By starting now, you can more easily adjust to the costs that come with owning a home. A good rule of thumb is to not spend more than 28% of your gross income on housing expenses. This includes your mortgage, utilities, taxes, insurance, and maintenance. A mortgage is a commitment you must follow for years. Following a budget can help you keep your finances in check, so you can continue to afford your new lifestyle.
If you don’t know how to create a budget, check out these four budgeting methods. No two people have the exact same budget. These methods can help you create a budget that you can realistically follow with practice.
Buying a New, Prebuilt Home
Whether you’re buying your first home or your fifth, finding the perfect one takes time and effort. While some may choose to build their dream home from the ground up, this option isn’t always the best option for everyone. A great alternative is purchasing a move-in ready home. This option is not only faster but can also be less stressful, offering an attractive and practical solution for many buyers.
Quick-move homes are typically model homes or newly constructed properties built by a company like that wanted to get a house on the market quickly. These homes offer the advantages of being brand-new without the time-consuming process of building one from scratch. Here are some key benefits to buying a prebuilt home.
You can move in sooner. Building a custom home can take several months or years to complete. When you buy a quick move home, the house is move-in ready. You can typically close within the normal time for closing on a home from an individual seller. This means you can live in your brand-new home in around two months.
You can get a lower price. The price of building a custom home can easily increase during the process. When you look at prebuilt houses, many builders, like McBride Homes, simply want to sell the property and move on to a new area and can result in decreased prices on the homes. You can even make an offer below asking price.
You will have less decisions to make during the process. If you build a home with a company, you will have a lot of design decisions to make. While the opportunities are exciting, they can become overwhelming. When you buy a prebuilt house, a design professional already made all the decisions. You can enjoy peace of mind knowing that the home’s aesthetics are well-coordinated, and you won’t have to worry about missed details or delays caused by decision-making
You can quickly build equity. Homes in newer neighborhoods can increase in value in just a few years. The up-and-coming area creates a higher demand for the property, thus increasing its value. Even though the value of the home is rising, your mortgage will not. This will help you build equity on your home faster. Since quick move homes are often the last homes sold in the neighborhood, like with Fischer & Frichtel, you likely won’t have to hear daily construction noise either.
You can get a mortgage from Alltru. When you are ready to buy a prebuilt home, you can apply for preapproval at Alltru. While we don’t offer construction loans, you can get a fixed-rate mortgage for a quick move home and enjoy the benefits of your new build without the hassle and waiting process that comes with building a home.
How to Create a Home Buying Budget
Determining your home buying budget before you start looking at houses will help you quickly figure out what kinds of homes you can afford later. Creating a home buying budget is simple. Here are the steps to take.
Determine your monthly gross income. This is the amount of money you make before any deductions, such as taxes, health insurance, or retirement contributions. This is likely decently more than your take-home pay. Lenders evaluate your monthly gross income, not your take-home pay. Plus, this number will help you too.
Calculate your down payment. When you talk to your lender, they will create different mortgage options based on how much of a down payment you can make. A down payment of 20% on a $250,000 home is significantly less than a down payment of 20% on a $300,000 home. Keep in mind that the larger your down payment, the smaller your mortgage. While a larger down payment will cost you more up front, it will cost you less in interest and monthly mortgage payments in the future.
Create your budget. Now that you know how much you have to spend on a down payment, set that number aside and craft a budget for your everyday life. Evaluate how much you currently spend on your housing needs. See if this aligns with the 28% rule. As a homeowner, you will have additional costs that you didn’t pay as a renter including, property tax, PMI, HOA fees, and homeowners insurance. These amounts need to be included in the 28%.
Consider other upfront costs. In addition to your down payment, you may have to pay closing costs, which typically range from 2-5% of the home’s sale price. In addition, you might have some repairs to make it you are buying an older home.
Scout the neighborhood. Some subdivisions cost more to live in than others, even though they are close to the same location. You might have to pay more for the same amenities in a similar neighborhood. Or, you could get more square footage for the same price by moving to a nearby area. Keep this in mind as you look for a home in your desired location.
Repeat. Now that you have a general idea of how much you can spend monthly on a house and how much houses cost in the area, it’s time to put these steps together. Websites like Realtor.com have built in tools to help you calculate your monthly mortgage payment based on how much of a down payment you make, your interest rate, and loan term. Plug in your numbers to a tool like this to see how much your mortgage payment will be. Keep in mind that this does not include the other costs we previously mentioned. Repeat this process for homes that you like to see if they fall within your budget.
Expensive Housing Market Help
As you begin to look at the features of houses and how much they cost, you’ll quickly realize that the market is expensive. You might question if it’s even worth buying a house right now. If you currently own a home, now could be a great time to sell. However, if you’re renting, buying a home now can be a smart move. Even though prices are expensive, you can start building equity that you wouldn’t otherwise have when you buy a house. To help you manage your finances, here are some tips for maintaining a healthy budget for buying a home.
Follow your budget. The best way to maintain your budget while the market is expensive is to stick with it. Once you buy a house, your monthly home expenses will be relatively stable. The other areas in your budget might not be as stable, such as car payments, grocery bills, and school tuition. By keeping your monthly home expenses under the 28% threshold, you can help the other areas of your budget stay on track too, and not have to try to pull funds from other areas to pay your bills.
Reduce your expenses. By cutting costs in other areas of your life, you can save this money to use for a down payment instead. Cancel unused subscriptions, meal prep instead of dining out, and postpone major purchases if necessary to help you save. The less debt you take on before you get a mortgage, the easier the mortgage will be to manage if money gets tight.
Pay off your debt. Applying for a mortgage if you already have other debt can make it more difficult to get approved. Plus, a mortgage is more debt you must pay off. Consider using the snowball method to pay off debt quickly if you want to buy a house soon. If you have a little time to wait until you buy a house, use the avalanche method to pay off your debt. Carrying more debt means you have a higher DTI ratio, so you’ll likely have a higher interest rate as a result.
Get financial counseling. If you are concerned about the longevity of your expenses and how you can best manage your budget, contact Alltru. Our financial counselors can assess your situation and suggest action steps to get you on track for short-term and long-term financial success.
Affordable Homes in St. Louis
Even though the market fluctuates, there are certain locations in the St. Louis area that tend to keep the prices of houses low. These are great options for those looking to live closer to the city, downsize, or start building equity. These locations are listed in no particular order.
Benton Park homes are deceptively large due to their shotgun style, which means they are only about one room length wide but several rooms deep and a few stories high. The smaller lots offer quaint backyards perfect for cozy gatherings. This historic neighborhood is about 10 minutes from downtown St. Louis with I-55 on its eastern border.
Boulevard Heights is a slower neighborhood great for families. Located near Soulard and Dutchtown, it’s conveniently close to parks and Soulard attractions. The homes in this area are often bungalow style and feature one story of living space and low-pitched roofs.
Franz Park homes are more affordable due to their need for renovations. These homes are fun projects for those who can make other living arrangements while improving their historic home. Franz Park is within walking distance of Forest Park and also one of the neighborhoods that make up Dogtown.
North Hampton homes are great for young families. Rigorous schools and its low crime rate make it appealing for those with kids. The variety of single- and multi-family homes give future residents many stylistic options to choose from. Located about 20 minutes from downtown St. Louis, this neighborhood straddles I-44 just west of the Missouri Botanical Garden.
O’Fallon, located in St. Louis County, is bordered by O’Fallon Park to the north and Fairground Park to the south, offering residents glimpses of green space amidst the urban landscape. The neighborhood’s single-family homes, situated conveniently near I-70, make it an ideal location for commuters traveling both to and from downtown St. Louis. With its blend of natural beauty and urban access, O’Fallon offers a unique living experience in the heart of the city.
Princeton Heights is a quieter neighborhood with American foursquare and bungalow style homes. This area is an excellent pick for young families. Known for its low crime rate and fun nightlife, the area offers amenities ideal for young professionals with kids. Christy Park at located at northern end of the area.
Soulard is a lively, historic neighborhood known for its French-inspired architecture, vibrant Mardi Gras celebration, and the popular Soulard Farmers Market. With a rich dining scene and easy access to downtown St. Louis, it’s a great place to live for those seeking culture, community, and convenience.
Low Interest Rate Action Steps
As previously mentioned, you will lock in your interest rate for your mortgage with your lender while you are under contract for a house. This is great if rates rise. However, if rates drop, it is possible to lower your interest rate later if the average rate drops. Here are ways you can take advantage of low mortgage rates.
Refinance your mortgage. We’ll go into more detail on how to do this soon. Refinancing a mortgage means you replace your current mortgage with a new one. This is a great idea if interest rates have dropped since when you first got your mortgage. There might be an upfront cost to refinance, but usually that amount of money can be made up since you pay less in interest each month.
Pay off your mortgage sooner. If you’re comfortably managing your current mortgage payments, refinancing can help you pay off your loan sooner. By adjusting your payments, your lender can keep your monthly amount the same but allocate more toward the principal and less toward interest. Depending on when you refinance, this strategy could save you months or even years of payments, helping you achieve homeownership freedom faster.
Lower your mortgage payments. Your financial situation is likely different from when you first took out your mortgage. When you refinance, you can pay the same toward the principal but less in interest. This can be a couple extra hundred dollars every month that you can allocate somewhere else.
Eliminate PMI. When you refinance your mortgage, you can make a large payment again like your down payment. If you pay a large enough amount, you can reach 20% equity of your home and get rid of PMI. This amount is different for every home, as it depends on the price of the house. If you refinance to eliminate PMI, make sure you pay the right amount to reach 20% equity.
Cash out equity. A cash-out refinance allows homeowners to get access to the equity of the home. In this scenario, your current mortgage is replaced with a larger mortgage. We only recommend doing this if interest rates have significantly dropped. That way, your monthly payments can still be around the same even though you are paying for a larger mortgage now. The funds you cashed out can be used for anything, whether home-related or not.
Refinancing a Mortgage
When you apply to refinance a mortgage, your new mortgage is used to pay off your previous mortgage, and you make payments toward the new mortgage instead. While this sounds complicated, the process is relatively simple. Essentially, you are closing on your house again, like when you first bought it. Follow these steps to make the most out of refinancing.
Evaluate your financial situation. Just like the first time you applied for a mortgage, your lender will perform a hard credit check during the refinancing process. Assuming you’ve been making you minimum mortgage payments and other loan payments on time, your credit score should be stable or higher. If your credit score is lower, refinancing your mortgage may be risky. A lower credit score can result in a higher interest rate and despite overall rate drops, you might not qualify for a lower rate. Before refinancing, consider using a tool like CreditKarma to check your credit score and get a better idea of where you stand.
Improve your home. Since you’re going through the closing process again, your home will need to be appraised again too. If you have money you can use toward improving your home, make these updates before you apply to refinance your mortgage. These improvements can improve the value of your home. This increased value will go toward the equity of your home, and you won’t have to pay more toward your mortgage because of the increase.
Consider lenders. Evaluate different lenders to see who can give you the lowest rate. You can use your original lender or choose a new lender. Keep in mind that your lender will require you to pay closing costs again. This typically ranges from 2-5% of the sale price. As you examine your lending options, come to Alltru for a great rate.
Get under contract. Once you decide which lender to use for your new refinanced mortgage, lock in your interest rate. At this point, the appraisal will be completed, and your lender will complete the underwriting process, just like the first time. This takes 30-60 days to complete, leading up to closing day.
Close on your refinanced mortgage. A few days before closing, you’ll receive the Closing Disclosure to sign. Make sure you contact the financial institution with the account you are using to pay for closing costs to arrange for a wire transfer or cashier’s check. After you sign the necessary documents on closing day, your home is officially refinanced! When you get your next mortgage bill, ensure that the amount is what you agreed upon during the refinancing process.
If you aren’t sure whether refinancing a mortgage is the right step for you, check out our refinancing calculator. This tool can help you clearly visualize how much you can save in interest or principal each month, depending on your current situation.
Buying and Selling at the Same Time
According to Consumer Affairs, the average homeowner stays in their home for 11.9 years. While we may think we found our forever home when we first bought the house, new jobs, a growing family, or personal taste can result in the need to find a new home. As you know, buying a house is expensive. What happens when you need to buy a new house, but you still own your current home?
It is possible to buy and sell houses simultaneously. While you shouldn’t close on both on the same day, you can strategically time these dates to be close together. Depending on your situation, you can close on your current home first or close on your new home first. If you close on your current home first, you can use the money from the sale of the house toward your new home. This is likely the preferred situation. Keep in mind that you will need other living arrangements for the few days between closing dates. Here’s how to buy and close on houses at the same time.
Complete home updates. Investing a few thousand dollars into updating your home can result in selling your home for several thousand dollars more. Since you will be using the money from the sale of your home to buy a new one, you’ll want to sell your home for as high as realistically possible.
Get your house on the market. Work with a real estate agent to list your house for sale. They can help you coordinate the timing of your closing dates so you sell your house before buying a new one.
Search for your new house. We suggest using the same real estate agent that is selling your house to help you find your new one. They’ll have a great understanding of your situation. Plus, you eliminate the need to communicate with another person during this process. Find a few home options that work for you but don’t make an offer yet.
Get under contract for your current home. Pay close attention to the proposed closing date. This is the date when you will have the money from the sale of your home. If the potential buyer asked below selling price, work with your real estate agent to make an acceptable counter offer.
Make a contingent offer for your new home. Now that your current home is under contract, you can make a contingent offer on your new home. A contingent offer allows you to pull out of the deal if the person buying your current home falls through. This way, you won’t be stuck paying for a home you can’t afford yet.
Close the sale of your current home. Assuming the sale continues to progress, your home should sell in 30-60 days from when the buyer made the offer. All your possessions must be out of the house by this day, even though you don’t have access to your new home yet.
Buy your new house. Using the money from the sale of your old house, you can now buy your new house. Make sure you contact your financial institution to arrange to make a large payment. All that’s left is for you to move in and build your life in your new home.
Conclusion
Buying a home is a significant and time-consuming commitment. Once you’re approved for a mortgage, you’re taking on years of payments, but you’re also gaining a space to grow in for years to come. The key to buying a house wisely starts with creating a solid budget and saving for a down payment. Once you’re ready, finding the perfect home in St. Louis, whether it’s an older home with charm or a quick move home, is the fun part.
Even though you may face high monthly mortgage payments, you can decrease your payments or pay off your loan faster when you refinance to a lower interest rate. And if your home isn’t your forever fit, don’t worry—buying and selling a home at the same time is entirely possible with the help of a trusted real estate agent and an accessible credit union like Alltru. We’re here to guide and support you throughout your home buying journey and beyond.
