St. Louis Mortgage Company

St. Louis Mortgage Lending and Refinancing Company offers residential and commercial financing including adjustable and fixed rate mortgages and multi-family financing.

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About us
We are your one stop home buying, lending, and mortgage team.

Jemma and Scott are very competent and smart. They helped us close in 7 days, because the lender that was supposed to close us never funded. They were great!

Joel and Kristy Mitchell

Refinancing your home – How you can do it without checking your credit

When you are applying for a mortgage loan, most of the lenders will take into account your credit report so that they can understand whether or not you are eligible to get the loan. At the same time, the lenders also want to be sure if you will be able to pay off the mortgage loan amount on time. This will help the mortgage lender understand if you will make any default on your loan payments. However, you may opt for refinance mortgage in case you find it difficult to repay your present mortgage loan.

What are the different reasons of bad credit rating?

You will find different reasons due to which an individual’s credit rating may fall down. These reasons can be making late payments on your credit card dues, being delinquent on your present loans, not paying off your loan amount on time and even a foreclosure. It is your credit history that keeps the record of all your financial transactions and the lenders usually make it a point to check your credit rating before approving your loan request. In case your credit score is not good, the lenders may not approve your loan request. In this situation, refinance mortgage loan can be of great help for the debtor where the credit score need not to be checked.

Which mortgage loans do not need credit checking?

There are some mortgage loans that do not need credit checking. Such loans are home equity loans or home equity lines of credit. In this type of loan, the equity is kept within the house and so, the house acts as a security against the loan amount that you’ve taken out. So, the credit rating does not hold much importance since the lender has every right to take away the property in case the borrower makes default in paying off the loan amount. The credit rating and FICO score plays a very important part in deciding the amount of loan you can afford to take out and the credit facility with no credit check has been made particularly for those people who will be able to make regular monthly payments but do not have good credit rating.

How can you find no credit check mortgage loans?

It is very important that you find out the most suitable mortgage loan which does not require any credit check. With the help of Internet, you will be able to find out different mortgage lenders who would be able to offer you the required credit facilities as per your requirement. It is advisable that you compare between different mortgage lenders and also compare the interest rate provided by these lenders and credit institutions and also fill out an application form in order to get a free quote from the lenders.

How can you refinance a home without checking your credit?

Reduce interest rate and mortgage payment – You need to Refinancing your home – How you can do it without checking your credit

When you are applying for a mortgage loan, most of the lenders will take into account your credit report so that they can understand whether or not you are eligible to get the loan. At the same time, the lenders also want to be sure if you will be able to pay off the mortgage loan amount on time. This will help the mortgage lender understand if you will make any default on your loan payments. However, you may opt for refinance mortgage in case you find it difficult to repay your present mortgage loan.

What are the different reasons of bad credit rating?

You will find different reasons due to which an individual’s credit rating may fall down. These reasons can be making late payments on your credit card dues, being delinquent on your present loans, not paying off your loan amount on time and even a foreclosure. It is your credit history that keeps the record of all your financial transactions and the lenders usually make it a point to check your credit rating before approving your loan request. In case your credit score is not good, the lenders may not approve your loan request. In this situation, refinance mortgage loan can be of great help for the debtor where the credit score need not to be checked.

Which mortgage loans do not need credit checking?

There are some mortgage loans that do not need credit checking. Such loans are home equity loans or home equity lines of credit. In this type of loan, the equity is kept within the house and so, the house acts as a security against the loan amount that you’ve taken out. So, the credit rating does not hold much importance since the lender has every right to take away the property in case the borrower makes default in paying off the loan amount. The credit rating and FICO score plays a very important part in deciding the amount of loan you can afford to take out and the credit facility with no credit check has been made particularly for those people who will be able to make regular monthly payments but do not have good credit rating.

How can you find no credit check mortgage loans?

It is very important that you find out the most suitable mortgage loan which does not require any credit check. With the help of Internet, you will be able o keep in mind that the only reason you want to refinance is to avail low interest rate and mortgage payment on your loan amount. This program is offered by FHA to the customers in order to diminish their monthly payments. However, credit consolidation, cash out and term reduction are not permitted in streamlines.

Find out if you are eligible for streamline – You should find out whether or not you’re eligible for streamline. If you want to qualify in streamline, you need to keep in mind that you should be delinquent in making your mortgage payments. You should also keep in mind that you need to owe your house for at least more than six months in order to qualify for streamline.

Find out if your mortgage is FHA insured – It is very important on your part to find out whether or not your present mortgage loan is FHA insured. In case your mortgage loan is not FHA insured, then you will not be eligible for refinance mortgage. You may ask your mortgage lender who had financed your loan for FHA insignia.

Apart from this, you may either approach your present lender or look for another FHA approved lender. If you can fulfill the minimum qualifications and your current loan rate is low as compared to your existing loan rate, then you’ll be granted for the streamline. However, you do not need to have credit check for these refinances and, as such, these loans can be locked in a very few days.