Part I: Should I Refinance My Home?

To start off this 3 part series about Home Mortgage Refinancing, we want to first point out that everyone has a different financial picture, unique goals and specific reasons why a refinance may or may not be the right course of action. Always seek out a mortgage professional to discuss your scenario so that you can make the best decision for you and your family.

Thinking of refinancing? Grab our free worksheet to quickly calculate your LTV and assess all of your options here »

How is a Credit Bureau Score Calculated?

Whether you are looking to open a credit card, finance a car or buy a home...you've probably noticed that your credit score is important. A credit score is essentially used to assess how likely it is that a borrower will repay a loan. The score measures the relative degree of risk that a potential person represents to a lender or investor and is based on several areas of information (however, because of several laws against discrimination - it is not based on gender, race age or zip code.)

Credit Bureaus & Score Range

Fair, Isaac Credit Bureau scores range between 300 to 850 points - the higher the score, the less risk associated with the borrower. Below are the three national credit data repositories that contribute to your score:

• Equifax - 800-685-1111
• Trans Union - 800-888-4213
• Experian - 800-397-3742

Each of these bureaus may offer you a slightly different credit score depending on the data within their own credit profile. Keep in mind that a score is based on all credit-related data - not just negative data. 

Spotlight on the St. Louis Office

The Midwest Equity Mortgage - St Louis office serves St. Louis, St Charles, and Jefferson Counties as well as other areas across the state of Missouri. We are available for appointments in office, over the telephone, or in your home or place of business.

Scott Carpenter, Branch Manager

Scott Carpenter

Scott graduated from Hannibal-LaGrange University in Hannibal Missouri in 1994, where he was a student athlete and played on the basketball team.  After graduating with a BS degree in Business, he pursued a career in consumer finance, and in 1997 transitioned his career into Mortgage Banking.  Scott has been a leader in the St. Louis mortgage industry for over seventeen years. He and his wife Nicole have one son: Haden, and reside in Wildwood, MO.

Common Title Insurance Questions...& Answers!

If you've ever purchased a home, it's possible you've heard title insurance discussed however there is often some confusion about this vital part of the home buying process.

What Does a Title Company Do?

When you make an offer to purchase a home - how can you be sure that there are no issues or problems with the home's title? How do you know that the seller actually owns the property? A title company will run a title search on the property to answer these questions. 

Lenders require a title search to prevent fraudulent sales. A title search will ensure that the seller is the owner of the home and attempts to uncover an "encumbrances" that may be on title. Encumbrances include any liens (legal claims) against the property filed by either creditors in an attempt to collect unpaid bills or by the IRS for unpaid taxes. Contractors liens, unpaid homeowner dues and unpaid child support are all examples of other possible issues. These encumbrances must be resolved (paid) either before or at closing. 

The title professional will search the public records which involves reviewing land records that go back many years. More than one third of all title searches reveal a title problem that title professionals will need to fix before you can close. This should not only be important to lenders but also to buyers, as in many cases, encumbrances follow the property - not the owner.