Equal Housing Lender

Home Purchase

 

Frontier Mortgage is committed to providing you with the best rates and the best service.

This web site is a testament to that commitment by providing tools and information to allow you to quickly and easily make decisions regarding financing the purchase of a new home or refinancing your existing home. You can:

  • Painlessly walk through the loan process without any pressure
  • Make an educated decision on your specific loan type with or without the assistance of a loan specialist
  • Discover ways to improve your credit standings and learn how to lower your monthly payments through mortgage insurance considerations
  • Access changing interest rate information
  • Pre-qualify for a loan, apply online or by mail
  • Calculate and customize your payment plan
  • And much more

Let's take a walk through the loan process and learn what credit is, the different loan types available and how to select the right type for you.

 

First Time Buyer

First time homebuyers are subject to many of the same rules and guidelines as any other homebuyer. The state of Missouri has a loan program available to first-time homebuyers called an MHDC(Missouri Housing Development Commission) loan. If you have not owned a home in the past 3 years, you may qualify for an MHDC loan.

MHDC loans provide down-payment assistance to first-time homebuyers.

Get Pre-Approved

Real estate experts tell all home buyers that it's critical to apply for a loan before shopping for a home, and it's true; this is an essential first step. But do you know that it's far better to be pre-approved for a loan than to be pre-qualified? There are more advantages to gaining preapproval than you would initially surmise. When the lender hands a borrower a pre-approval letter, it means the borrower can:

  • Save time by looking at homes in the correct price range
  • Increase your bargaining power
  • Write a contract on a home and have the ability to close on your home and move in quicker.


Use our affordability calculator

 

New Home Purchase

Frontier Mortgage is committed to not only providing you with the best rates, but also the best service.

The development of this web site is a testament to that commitment by providing tools and information to allow you to quickly and easily make decisions on financing the purchase of a new home or refinancing your existing one. You can:

  • painlessly walk through the loan process without any pressure
  • make an educated decision on your specific loan type with or without the assistance of a loan specialist
  • discover ways to improve your credit standings learn how to lower your monthly payments through mortgage insurance considerations
  • access changing interest rate information
  • pre-qualify for a loan apply online or by mail
  • calculate and customize your payment plan
  • and much more

Let's take a walk through the loan process and learn what credit is, the different loan types available and how to select the right type for you.
Things to Know Before Requesting a Home Loan
Lenders look at certain items before approving a loan.

1. Your current financial situation

  • Your gross monthly income - This is your monthly pay before taxes. Lenders will average your income over the last two years if you are self-employed or work off commissions.
  • Your New Monthly Payment - The payment that you would be making with your new home loan. This includes taxes and insurance
  • Other debt - All of your debt is added up. This will include loan for cars, credit card debt, and any other debt you may have. Most lenders require that no more than 28% of your gross income be used for housing expenses. First-time homebuyers are sometimes allowed a higher percentage that can reach up to 36%

2. Your Credit Standing or History
Lenders need to assess the risk of lending money to you. They do this by looking at your credit history. These can include histories on:

  • Apartment or Home Rental Payment
  • Credit Cards
  • Installment Payments
  • Current and Previous Mortgages
  • Payments on Revolving Accounts

Many lenders use a type of credit scoring based on FICO (Fair,Isaac, & Company) guidelines. This scoring method, although beginning in the early 1980's, has really grown in popularity since 1994. Your credit score is based on the following factors:

  • Payment History
  • - Late payments, bankruptcy,collections
  • Outstanding Debt
  • - Your current and the ratio of total balances to total credit limits
  • Credit History
  • - This is how long you have had credit
  • Pursuit of new credit
  • - How many times you have applied or established new credit accounts recently
  • Types of credit in use
  • - How many credit cards and other credit accounts or loans you have

Scores may be between 300 and 900 with 700 being the dividing line. A score of 700 or better means that you are most likely a good credit risk. This does not mean that you are not a good credit risk if your credit score is below 700.
What can I do to improve my score or standing?

  • Try to always pay your bills on time - Don't worry, the scoring system takes into account that people miss a payment from time to time
  • Also, negative effects on your credit rating are reduced over time
  • Fix your credit report - Get a copy of your credit report and check it for errors. Frontier Mortgage can help you with this
  • Keep your credit reasonable without too much cushion - As a rule, you should keep below 50% of your credit limit while not having too much cushion or available credit. Too much available credit makes you a higher risk
  • Keep your requests for credit to a minimum - An excessive number of requests can be seen as a desperate need for money

3. The CollateralIs the home you want to buy worth the money you are asking for? When you purchase a home, the home itself is used as collateral. It is important that the lender feel secure about the purchase. The value of your home is determined by an appraisal being performed. A licensed appraiser estimates the value of a home by comparing the home to similar homes that have sold recently in your area.

 

Search For A Home

Today's real estate market provides many opportunities for anyone in the market to purchase a home. The recent decline in home values has made many homes more affordable today than they were just a couple of years ago. Low mortgage rates also help make payments more affordable at any level. Whether you are a first-time homebuyer, a seasoned veteran or and investor, the opportunities are endless.