Cornerstone Mortgage approved as a Proloan Lender

Proloan is a financing program that provides free extended protection against rising interest rates to buyers who are purchasing new homes built by skilled union craftsmen. Cornerstone Mortgage is one of only FIVE lenders in the St. Louis Region with the ability to offer this program. For more details, please contact a member of Your Residential Lending Team and visit:

http://www.proloan.com/index.html

Have a great weekend!
Chris

Cornerstone Mortgage recognized by MHDC

Cornerstone Mortgage has been announced as a 2012 Missouri Housing Development Commission (MHDC) Top-Producing Lender with over 100 MHDC loans closed last year! Additional congratulations to Sherry Cross of Cornerstone Mortgage for making the MHDC Top-Producing Loan Officers list.

MHDC provides first time home buyers with down payment assistance as part of their mission to strengthen communities and the lives of Missourians through the financing, development and preservation of affordable housing. As an MHDC Certified Lender, Cornerstone Mortgage and Your Residential Lending Team are proud to assist in this mission.

If you or someone you know could benefit from this program, please feel free to contact our Team for more information.



St. Louis County Residents: 2013 is a Reassessment Year

2013 is a Reassessment Year for St. Louis County. What this means is by law the county is required to update property values for all real estate in St. Louis County. Homeowners will receive a postcard in mid-March when preliminary values are posted online, but formal notices will not be sent until May. Most importantly: You will not get a change of assessment notice in the mail unless your property value has INCREASED.

So don't wait for a formal letter: take a look at your 2013 home value online beginning in mid-March:
http://revenue.stlouisco.com/ias. If something doesn't look quite right with your reassessed value, call (314) 615-4595 to schedule a conference with the Assessor's office.

FHA Mortgage Insurance Rates are going UP

An FHA loan can often be an attractive option, especially for first time home buyers. However, there are some changes coming in April and June 2013 that will have a huge effect on the affordability of this program. These changes include (but are not limited to):

· An INCREASE in the annual mortgage insurance premium (MIP)

· Revisions to the annual assessment periods for MIP

· Removing certain exemptions from the annual MIP

 

What does this mean for potential home buyers and those thinking about a refinance? If you are looking at an FHA loan the best thing to do is to get your loan application completed AS SOON AS POSSIBLE to avoid paying a higher amount for MIP.

THIS IS HUGE! If you have any questions, please let me know – I am here to help!

Chris

See FHA Mortgagee Letter 2013-04 for more information.

Mardi Gras in St. Louis

It has been said the St. Louis hosts the second largest Mardi Gras celebration in the entire country. With events for the party crowd, families, and even pets, the STL Mardi Gras line up has something for everyone. Here are the events for this coming weekend:

Sat. Feb 2 – 9 a.m.– Run for Your Beads 5K – STREET CLOSURES - race beginning and ending at Lynch & 13^th Streets. For details, contact Mardi Gras Inc. 771-5110 or www.stlmardigras.org

Sat. Feb 2 – 6-10 p.m.– 14^th Annual Taste of New Orleans – Elegant Dinner and Silent Auction in French Soulard, at Trinity Great Hall, 1809 S. 8^th Street . Live music by Park Avenue Jazz – One seating ONLY! 6 pm cocktails, 6:45 dinner, 6-9 silent auction. Dinner includes appetizers, Etouffee, red beans& rice, jambalaya, shrimp creole, salad, wine, tea, coffee, punch and dessert. $35 in advance, $40 at the door, Limited seating. Call Barb at 314-231-4092 or email trinitysecretary@sbcglobal.netfor questions or to reserve your seats.

Sat. Feb 2 & Sun Feb 3 – 11 a.m.– 5 p.m. – Taste of Soulard– at several of Soulard’s fine establishments offering signature dishes. For details, contact Mardi Gras Inc. 771-5110 or www.stlmardigras.org

Sun Feb 3 – 1:30pm-5pm – Pooches Unleashed Party – at the Frenchtown Dog Park located at the end of Emmett just west of 10^th. $10 donation for entry per person includes 2 drink tickets (more available for purchase). (Children under 8 - $5) Nominate your dog for King, Queen or Jester contest with coronation at 4 pm. Raffle for cooler of booze and other prizes, door prizes, tent, music and private portable toilets. Beer, soda and water available for purchase. Dogs (social and vaccinated) can run off leash in park (on leash in small park). Event benefiting the Frenchtown Dog Park Association. For details go to http://frenchtowndogpark.com/events.html.

Sun Feb 3 – Pet Parade & Wiener Dog Derby – STREET CLOSURES - For details, contact Mardi Gras Inc. 771-5110 or www.stlmardigras.org

 

Bundle up and head down to Soulard and Laissez les bons temps rouler (Let the good times roll)!

 

-Chris

Neighborhood Shopping Tips & Tricks

Happy Friday! If your weekend plans involve shopping for a home, you will benefit from reading this article: bit.ly/10SvIkY

Remember that the neighborhood is just as much a part of your home as the house that you live in. A great way to get details on different neighborhoods is through the Home Buyer's Scouting Report. This tool allows you to search all properties that are active on the MLS AND you can customize your search based on neighborhood features. Please contact me for more information on how to make the Scouting Report work for you.

Have a fantastic weekend,
Chris

Closed in 2.5 Weeks!

Thanks to great communication from Jessica Rider and the Cornerstone Mortgage team, we were able to close the purchase of Travis & Kelly Peters' new home in just two and a half weeks. We facilitate every transaction from pre-approval to closing to make sure we surpass our clients' expectations. Let us do the same for you!