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USA Mortgage Review: #1 Mortgage Lender in Missouri?

Posted on November 17th, 2020

If you live in the USA and need a mortgage, perhaps you’ve thought about applying at “USA Mortgage.” Makes sense, right?

It just so happens that USA Mortgage is located right smack in the middle of our fine country, in St. Louis, Missouri to be exact. Well, that’s pretty darn close to the midpoint…

Anyway, geography aside, they’ve been around for about 20 years now and actually operate under the name DAS Acquisition Company, LLC, which purchased the lender when it was a distressed company.

Today, it’s the largest privately held mortgage banker in the state of Missouri and employs more than 750 licensed loan officers and operations personnel.

Technically, USA Mortgage is a full-service mortgage broker, meaning they can offer loan programs from various lender partners at wholesale prices.

USA Mortgage Fast Facts

  • Employee-owned direct-to-consumer mortgage lender located in St. Louis, MO
  • Founded in 2001 by current president and CEO Doug Schukar
  • Originally acquired as a distressed asset by DAS Acquisition Company, LLC
  • Has been #1 mortgage lender in metro St. Louis since 2012
  • Funded nearly $2.5 billion in home loans during 2019
  • More than half of total loan volume came from their home state of Missouri
  • Currently licensed to do business in 41 states and D.C.

If you live in Missouri, there’s a good chance you’ve heard of USA Mortgage. They did more than half their business in The Show-Me State last year.

They also funded hundreds of millions in mortgages in the states of Texas, Washington, and Ohio.

At the moment, they’re licensed in 41 states and the District of Columbia.

They don’t appear to be available in Delaware, Hawaii, Montana, Nevada, New York, North Dakota, South Dakota, Vermont, or Wyoming.

How to Apply for a Home Loan with USA Mortgage

  • You can apply for a home loan directly on their website in minutes without human interaction
  • Or get in contact with a loan officer at one of their many branches nationwide
  • Their digital mortgage application is powered by fintech company Ellie Mae
  • They also offer a free smartphone app that lets you complete most tasks remotely

It’s super easy to apply for a home loan with USA Mortgage. Simply surf on over to their website and click on “Apply.”

From there, you’ll need to fill in a digital mortgage application powered by Ellie Mae.

You can complete much of the process online, including the ordering of a credit report and the eSigning of disclosures.

If you are currently working with a loan officer, there is a box you can check, at which point you’ll be able to select that individual.

If not, simply click the “no” box and someone will be assigned to you automatically.

Once your mortgage application is submitted, you’ll receive status updates about loan progress and a to-do list for remaining conditions.

It’s also possible to download the free USA Mortgage smartphone app, which allows you to run calculations, scan and upload docs, contact your loan officer, and check loan status.

All in all, USA Mortgage provides a digital process from start to finish that is both convenient and easy to follow.

Loan Types Offered by USA Mortgage

  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Government-backed loans: FHA, USDA, and VA loans
  • Jumbo home loans
  • Home renovation loans (203k, VA renovation, and Fannie Mae HomeStyle)
  • New construction loans
  • Bank statement programs (stated income)
  • Reverse mortgages
  • Doctor mortgages
  • Bridge loans
  • State bond programs, down payment assistance
  • Non-warrantable condos are OK

In terms of loan programs, USA Mortgage offers the whole gamut from conventional loans to government-backed loans and even bank statement programs (a newer version of a stated income mortgage).

You can get financing on a primary residence, second home, or an investment property.

It’s possible to take out a home renovation loan, such as a FHA 203k, or a new construction loan if you’ve got the lot but have yet to build the property.

Seniors who are 62 years of age and older can also take out a reverse mortgage in order to tap equity without monthly payments.

They also got a lock and shop program that allows you to lock in a mortgage rate up to 120 days in advance with no upfront lock fees.

You can choose between all the popular fixed-rate and adjustable-rate mortgage options available on the market today, such as 30-year or 15-year fixed, or a 5/1 and 7/1 ARM.

USA Mortgage Rates

USA Mortgage does not advertise its mortgage rates on its website or elsewhere to our knowledge.

In order to get pricing, you’ll need to contact a loan officer directly and/or begin the loan application process.

If on the USA Mortgage website, simply click on “branches” to find a loan officer near you, then you’ll find their contact info to inquire about pricing.

The same goes for lender fees – once you reach out to someone, ask them what fees they charge when comparing mortgage rates, such as a loan origination fee if applicable.

You should know both the interest rate and lender fees, which collectively make up the mortgage APR, an important figure to use when shopping lenders.

USA Mortgage Reviews

USA Mortgage has a pretty amazing 4.98-star rating out of 5 on Zillow based on more than 2,500 customer reviews.

Clearly that’s quite impressive given the number of reviews and the near-perfect rating.

Similarly, they have a 4.90-star rating out of 5 on SocialSurvey from over 30,000 reviews. Again, pretty close to perfection here.

They are Better Business Bureau accredited, and have been since 2010, with a current ‘A+’ rating based on complaints history.

All in all, they appear to offer stellar customer service to their clients, which would explain the almost-perfect scores they enjoy on several ratings websites.

Another plus is the wide range of loan programs offered, along with their access to wholesale mortgage rates.

USA Mortgage Pros and Cons

The Pros

  • Can apply for a home loan directly from their website without a loan officer
  • Offer a digital mortgage loan process
  • Tons of different loan programs to choose from
  • Excellent reviews from past customers
  • A+ BBB rating (and an accredited company)
  • Free mortgage calculators
  • Free smartphone app

The Cons

  • Not licensed in all states
  • Do not publicize mortgage rates or fees
  • Do not service their own loans
Don't let today's rates get away.

Source: thetruthaboutmortgage.com

How to Set a Home Renovation Budget

Before you start picking out tile and paint chips, be sure you know how much it will cost to remodel your house.

Have you just moved into a new place and want to spruce it up? Or maybe you’ve been in your home for a while and feel ready for a change. The easy part is knowing your goal for home remodeling — whether you’re trying to keep up with your growing family, add office space, modernize dated features or generally increase your home’s value.

Even if you’re ready for a kitchen renovation or anxious for a bathroom remodel, figuring out how to plan a home renovation that doesn’t break the bank can be tricky.

Here are five key steps in planning your home remodeling project.

1. Estimate home renovation costs

As a general rule of thumb, you should spend no more on each room than the value of that room as a percentage of your overall house value. (Get an approximate value of your home to start with.)

For example, a kitchen generally accounts for 10 to 15 percent of the property value, so spend no more than this on kitchen renovation costs. If your home is worth $200,000, for example, you’ll want to spend $30,000 or less.

Something else to keep in mind: Contrary to popular belief, kitchen renovations offer among the lowest return on investment. Every dollar you spend on a kitchen remodel increases the value of your home by approximately 50 cents.

The highest return on investment? A mid-range bathroom remodel.

2. Consider home remodeling loan options

If you plan on borrowing money to fund your home renovations, there are a number of loans out there to help with just that.

  • Refinancing. Depending on your current interest rate, you might be able to refinance your mortgage at a lower rate and/or for a longer loan term, which could lower your monthly payments and help you save up for your renovations.
  • Cash-out refinance. If you have enough equity, you could also consider a cash-out refinance, which means refinancing your existing loan for an amount that’s higher than what you owe. Going this route, you pay off your original mortgage and have cash left over. Use a refinance calculator to see if refinancing makes sense for you.
  • HELOC. If refinancing sounds like too big of a leap, a home equity line of credit (HELOC) might work better. A HELOC works a lot like a credit card in the sense that it has a set limit that you can borrow against.
  • Home equity loan. Although it sounds similar to a HELOC, a home equity loan is a bit different. This loan requires you to take out all the cash at one time. They’re often referred to as “second mortgages” because homeowners get them in addition to their first mortgage.

Refinancing, getting a HELOC or taking out a home equity loan are all big decisions, and it can be tough to know which one makes the most sense for you. As with any new loan, consult with a lender to see which option is best for your situation.

3. Get home renovation quotes from contractors

Some contractors will give you an estimate based on what they think you want done, and work completed under these circumstances is almost guaranteed to cost more. You have to be very specific about what you want done, and spell it out in the contract — right down to the materials you’d like used.

Get quotes from several contractors, but don’t necessarily go for the the lowest estimate. A bid that comes in much lower than the others could be a sign of a contractor who cuts corners — which can lead to extra costs in the long run.

4. Stick to the home remodeling plan

As the renovation moves along, you might be tempted to add on another “small” project or incorporate the newest design trend at the last minute. But know that every time you change your mind, there’s a change order, and even minor changes can be costly. Strive to stick to the original agreement, if possible.

5. Account for hidden home renovation costs

Your home may look perfect on the outside, but there could be issues lurking beneath the surface. In fact, hidden imperfections are one of the reasons renovation projects often end up costing more than anticipated.

Rather than scramble to come up with extra money after the fact, give yourself a cushion upfront. Factor in 10 to 20 percent (or more) of your contracted budget for unforeseen expenses, as they can — and do — occur. In fact, it’s rare that any project goes completely smoothly.

Related:

Note: The views and opinions expressed in this article are those of the author and do not necessarily reflect the opinion or position of Zillow.

Originally published June 2015.

Source: zillow.com

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An Eye-Opening Timeline of Tarek El Moussa’s Own Homes, From His First to Where He Lives Today

Tarek El Moussa is known for his impressive home renovations on his HGTV shows “Flip or Flop” and “Flipping 101 With Tarek El Moussa.” But what are his own homes like?

That depends, since this 39-year-old reality TV star has purchased, and rented, quite a few properties for his personal use over the years.

Each reflected where he was in life at the time, whether he was single (when his home had a shark tank), married to Christina Anstead (time to upgrade to a massive family mansion), divorced (hello, “dadchelor” pad!), or starting fresh with his fiancée, Heather Rae Young.

For a good look at how life changes can affect the home you have, check out this timeline of El Moussa’s many homes through the years, and how much his tastes have evolved.

Early 2000s: Tarek El Moussa’s first home

Even El Moussa had to start somewhere! Back when this HGTV star was just 21, he bought his first home—and spent way more than he expected. He set out to find a house for around $400,000, but ended up falling in love with a home that was listed for over $800,000.

“It was the perfect bachelor pad—1,400 square feet, massive master bedroom, man cave all to myself, and coolest of all, a 300-gallon shark tank—may I remind you I was 21 at that time?” he wrote for realtor.com®.

Let’s just say that El Moussa’s first home was a huge life lesson for him that you should never bite off more than you can chew—financially or otherwise.

“I was very, very broke,” he admitted. “With no money for furniture, I ended up living in an empty house for nearly nine months.”

2013–18: El Moussa’s first family home with Christina Anstead

This Yorba Linda, CA, mansion was Tarek El Moussa and Christina Anstead's family home when they were married.
This Yorba Linda, CA, mansion was Tarek El Moussa and Christina Anstead’s family home when they were married.

realtor.com

By 2013, El Moussa was married to Christina Anstead, and they had their daughter, Taylor, so they needed a bigger family house. The couple’s hit TV show, “Flip or Flop,” had completed its first season, so they had the cash to upgrade.

El Moussa and Anstead did a lot of work on their backyard.
El Moussa and Anstead did a lot of work on their backyard.

realtor.com

And upgrade they did: El Moussa and Anstead’s home in Yorba Linda, CA, was purchased for an even $2 million at the end of 2013.

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Watch: Kate Gosselin Vacates Her ‘Kate Plus 8’ Pad

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With six bedrooms and 6.5 bathrooms, this property was already impressive, but the couple ended up spending an additional $1.5 million to improve the property, turning the backyard into an oasis, with a gorgeous dining area, swanky pool, and fire features.

El Moussa and Anstead lounge at home in a Season 4 episode of "Flip or Flop."
El Moussa and Anstead lounge at home in a Season 4 episode of “Flip or Flop.”

HGTV

Despite all that renovation equity sweat, when the pair split in 2018, they sold the house at a loss, accepting an offer for just $2,995,000—proving that renovations don’t always pay off.

2017: El Moussa’s Bad Decisions houseboat

Originally, El Moussa and Anstead bought this yacht together, naming it Flip or Flop. But soon after they separated, El Moussa pointedly renamed it Bad Decisions.

The boat, which cost almost $1 million, has two bedrooms and two bathrooms—making it virtually as spacious as some of his flips.

With teak flooring and cedar-lined closets, the boat is stylish, and it has a kitchen and a washer and dryer. It is also convertible and can either be left open to the ocean breezes, or closed up so that the heater or air conditioning can make the ride more comfortable.

As it turns out, this boat played an important part in El Moussa’s meeting his fiancée in Newport Beach, CA.

“His boat was parked next to the boat I was on,” Young explained on Netflix’s “Selling Sunset.” “And my girlfriend happened to be on his boat.”

She jumped aboard, she recounted, and El Moussa turned around.

“And he was, like, ‘Hi, I’m Tarek,’” she said. “Then we were just, like, texting and kept in touch.”

2018–20: El Moussa’s postdivorce ‘dadchelor’ pad

El Moussa's "dadchelor" pad
El Moussa’s “dadchelor” pad

realtor.com

After El Moussa and Anstead split, El Moussa moved into a four-bedroom “dadchelor” pad”  in Costa Mesa, CA. A good mix of family-friendly and all-El Moussa—without Anstead’s feminine touches—it was only a couple of blocks from his ex-wife’s place, making shared custody of their kids much simpler.

The home had a pool, spa, and outdoor dining space. The interior was styled in bold colors, making it homey but masculine. With a modern fireplace and high ceilings, the space was perfect for El Moussa.

April 2020: El Moussa and Young’s first rental together

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By April this year, El Moussa and Young were ready to move in together. They rented a snazzy Newport Beach home, just a block from the ocean. El Moussa and Young’s home had fun swivel chairs, a dining table perfect for a family of four, and lots of family photos.

This rental was temporary, but these two certainly looked comfortable!

September 2020: El Moussa’s beachside fixer-upper

Of course, Young and El Moussa didn’t plan to rent forever, and in September, they bought a home in Newport Beach. Originally, El Moussa bought this house to flip, but after he proposed in July, they decided it would make a great home for both of them.

Unfortunately, it looks as if it will be a while before these lovebirds can move in to their new abode.

In November, El Moussa reported that his new house had flooded. “Ugh, when it rains it pours! We are now way behind schedule and way over budget lol,” he said.

It may take some work to get this place ready, but if El Moussa has proved anything, it’s that he can roll with the punches and is always up for a challenge—with his homes or otherwise.

Source: realtor.com

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