The Business Bank of St. Louis has a full service Mortgage Group with access to virtually every product that is available in the mortgage industry. Our skilled mortgage lenders will help you navigate through the process, providing you with an elite level of service and insuring a smooth transaction every time.
We’ll find the right loan for you.
The mortgage industry changes constantly and having the experience to navigate through the process is essential. We have access to a full range of products at extremely competitive rates including fixed rate, several ARM products, interest only, home equity, and bridge loans.
So how do you develop an understanding of your best option?
You simply call one of our experienced, professional lending officers. With The Business Bank of St. Louis, we never apply a “one-size-fits-all” strategy. We interview you to develop a better understanding of your needs before walking you through a variety of lending options using easy to understand terms.
The Business Bank takes service personally.
Every bank talks about personal service. Why then do so few actually handle your banking personally? Our relationship banking is more than just returning your phone calls. We learn about your individual needs and analyze your personal goals. On those days you’re simply too busy, we will come to your office or home to finalize a loan or gather documentation. You won’t find that with many other banks, no matter how many branches they have spread across town. So while many banks claim personal service, The Business Bank of St. Louis delivers it every day.
“Most of our customers never step out of their normal routine during the loan process.
Our experienced, professional lending officers take applications, gather
documentation, and even close at locations convenient to our customers.”
Residential Mortgage Products
Whether you're buying your first home, building your dream home or refinancing your current home, we can secure the financing for you with your specific needs in mind.
Fixed Rate Mortgages
Available in a variety of terms. Your monthly payments remain the same for the term of the loan and are not affected by interest rate increases and decreases.
Adjustable Rate Mortgages (ARM)
Our adjustable rate mortgages provide the benefit of a lower interest rate and payment initially, followed by a rate that fluctuates in line with the interest rate market.
Interest Only Mortgages
Increase your monthly cash flow with our interest only loan options. To keep your payment low, we offer mortgage loans where your monthly payments include only your interest due.
Cash Out Refinance
People commonly think of mortgage loans to purchase a new home or improve the interest rate of their existing loan. However, when you use the equity in your home, the interest is generally tax deductible, often making it a more financially sound way to fund large purchases or expenses.
When selling a home and purchasing a new home, a bridge loan may help ease the transition. Generally short in duration, a bridge loan is a loan to help "bridge" the time gap between closings if needed.
Start Your Mortgage Process
Contact the Mortgage Team
To start your approval process, please fill out the below form and one of our mortgage loan specialists will contact you.
Important Security Disclosure:
Please DO NOT send any sensitive or confidential information including account numbers, passwords, social security numbers, etc. through this e-mail system. Please refer to your account, by TYPE of account (Checking, Savings, Money Market, Loan, etc.). To discuss sensitive or confidential information, please stop by our banking office or call us at 314-721-8003.
How do I know how much house I can afford?
Generally speaking, you can purchase a home with a value of two or three times your annual household income. However, the amount that you can borrow will also depend upon your employment history, credit history, current savings and debts, and the amount of down payment you are willing to make. You may also be able to take advantage of special loan programs for first time buyers to purchase a home with a higher value. Give us a call, and we can help you determine exactly how much you can afford.
What is the difference between a fixed-rate loan and an adjustable-rate loan?
With a fixed-rate mortgage, the interest rate stays the same during the life of the loan. With an adjustable-rate mortgage (ARM), the interest changes periodically, typically in relation to an index. While the monthly payments that you make with a fixed-rate mortgage are relatively stable, payments on an ARM loan will likely change. There are advantages and disadvantages to each type of mortgage, and the best way to select a loan product is by talking to us.
How is an index and margin used in an ARM?
An index is an economic indicator that lenders use to set the interest rate for an ARM. Generally the interest rate that you pay is a combination of the index rate and a pre-specified margin. Three commonly used indices are the One-Year Treasury Bill, the Cost of Funds of the 11th District Federal Home Loan Bank (COFI), and the London InterBank Offering Rate (LIBOR).
How do I know which type of mortgage is best for me?
There is no simple formula to determine the type of mortgage that is best for you. This choice depends on a number of factors, including your current financial picture and how long you intend to keep your house. The Business Bank of St Louis can help you evaluate your choices and help you make the most appropriate decision.
What does my mortgage payment include?
For most homeowners, the monthly mortgage payments include three separate parts:
How much cash will I need to purchase a home?
The amount of cash that is necessary depends on a number of items. Generally speaking, though, you will need to supply:
Mortgage Bankers Association of America Consumer Information
The Mortgage Bankers Association of America is the preeminent association representing the real estate finance industry. Their consumer information site contains several tools and guides to aid in purchasing or refinancing a home.
Consumer Financial Protection Bureau
The Consumer Financial Protection Bureau (CFPB) is a 21st century agency that helps consumer finance markets work by making rules more effective, by consistently and fairly enforcing those rules, and by empowering consumers to take more control over their economic lives.
Federal Reserve Board Consumer Information
The Federal Reserve Board maintains a web page with consumer information, including a section on home mortgages. The section covers topics such as finding the best mortgage and understanding ARMs.
Homebuyer Education by Freddie Mac
Freddie Mac is a publicly held corporation chartered by Congress to increase the supply of funds that mortgage lenders, such as commercial banks, mortgage bankers, savings institutions and credit unions, can make available to homebuyers and multifamily investors. This Freddie Mac site offers a step-by-step tutorial on the home buying decision process and the mortgage application process.
United States Postal Service Official Movers Guide
What happens after you complete the purchase process? This U.S. Postal Service site provides all kinds of tools and tips to help make the moving process easier.