Reducing Barriers: How Stifel Bank & Trust is Making Homeownership Easier

By Daulton Hillemann, Vice President/Mortgage Banker, Stifel Bank & Trust

Homeownership remains a central part of the American dream, representing stability, community investment, and the potential for generational wealth. Yet, the path to homeownership can seem daunting, especially for first-time buyers or those who are navigating the complex landscape of loans, interest rates, and down payments. At Stifel Bank & Trust, we believe that homeownership should be within reach. By working with the right lender, understanding financial terms, and leveraging available affordability programs, we are working to reduce the barriers to homeownership in the St. Louis community. 

The Importance of Choosing the Right Lender

One of the most critical steps in the homebuying process is selecting a mortgage lender. It is a decision that can significantly impact the financial ease and long-term success of homeownership. Working with the right lender does not cost you more, but working with the wrong lender can cost you plenty. Whether through hidden fees, poor customer service, or missed opportunities for affordability programs, the wrong lender can increase both the upfront and long-term costs of buying a home.

At Stifel Bank & Trust, we pride ourselves on offering competitive rates, transparency in costs, and a service level that sets us apart. Our mortgage team understands the needs of the Greater St. Louis community and works tirelessly to ensure that homebuyers have all the information they need to make informed financial decisions.

Not All Lenders Are the Same

It’s easy to assume that all lenders operate similarly, but that couldn’t be further from the truth. Beyond just comparing rates, it is essential to look at the service level, fees, and overall support offered by the lender. While many banks and mortgage companies may advertise low rates, they may tack on additional fees or provide minimal support throughout the lending process. 

At Stifel Bank & Trust, our team of mortgage loan officers are committed to offering personalized service. We know that every homebuyer has unique needs, and we tailor our approach accordingly. From guiding first-time buyers through the complexities of the lending process to helping seasoned homeowners refinance, we are dedicated to building lasting relationships and delivering exceptional customer service.

Understanding the Differences: Rate vs. APY vs. Closing Costs

One common source of confusion for homebuyers is understanding the difference between an interest rate, the annual percentage rate (APR), and closing costs. These terms can seem interchangeable, but they have distinct implications for homebuyers.

Interest Rate: This is the cost of borrowing money, expressed as a percentage of the loan. It directly impacts your monthly mortgage payment.

APR (Annual Percentage Rate): APR reflects the total cost of borrowing, including both the interest rate and applicable fees or costs. This is often a more accurate reflection of what you will pay over the life of the loan.

Closing Costs: These are the fees and expenses paid when finalizing a mortgage. They typically include loan origination fees, title insurance, taxes, and other administrative costs.

Stifel Bank & Trust ensures transparency in all these areas. We work with our clients to provide a clear picture of what each cost means for them, helping buyers avoid surprises at the closing table.

Affordability Programs: Making Homeownership Accessible

Income and geographical restrictions apply. One of the most significant ways we make homeownership easier is through our Affordable Mortgage Program (AMP). AMP helps qualified homebuyers by alleviating some of the upfront financial burden, specifically closing costs and prepaid items. By contributing up to $7,500 towards these expenses, we reduce the total cash outlay for homebuyers, making it easier for them to secure their dream home. And most importantly, these funds do not need to be repaid.₁

We also partner with the MHDC First Place Program, which is designed for first-time homebuyers.₂ This program offers affordable interest rates and provides a Cash Assistance Payment (CAP) of up to 4% of the loan amount, which can be used for down payments or closing costs. This combination of affordability programs ensures that a broader range of buyers can access homeownership, regardless of their financial background.

Building Equity for Generational Wealth

Homeownership is more than just a personal milestone; it is an opportunity to build equity and create generational wealth. Owning a home allows individuals and families to establish a foundation for long-term financial security. As mortgage payments are made and the home’s value appreciates, homeowners accumulate equity. This equity can be passed down to future generations, providing a financial legacy that extends far beyond the initial purchase.

At Stifel Bank & Trust, we see homeownership as a vital part of building strong, stable communities. By helping individuals and families in St. Louis purchase homes, we contribute to the long-term growth and prosperity of our region. Homeownership not only strengthens individual financial health but also creates vibrant neighborhoods, fostering a sense of pride and belonging.

Stifel has called St. Louis home since 1890

As a lender deeply rooted in the St. Louis community, Stifel Bank & Trust is committed to making homeownership accessible and affordable. Our knowledge of the local market, combined with our dedication to customer service, and affordability programs, positions us as a leader in the mortgage lending space.

We believe that homeownership should be a reality for everyone in St. Louis, regardless of income level or financial background. By offering affordable, transparent mortgage solutions, we are making a meaningful impact on the lives of our clients and the community.

The path to homeownership doesn’t have to be overwhelming. By working with the right lender and taking advantage of affordability programs, potential buyers can reduce the barriers to purchasing a home. At Stifel Bank & Trust, we are dedicated to helping the St. Louis community achieve the dream of homeownership. Whether you’re a first-time buyer or a seasoned homeowner, our team is here to provide guidance, support, and financial solutions that make owning a home easier.

Start your journey to homeownership today by visiting www.StifelMortgage.com or call
(314) 317-6926 to speak with one of our mortgage loan officers. Let Stifel Bank & Trust help you unlock the door to your dream home. Stifel Bank & Trust, NLMS #375103.

₁Maximum lender contribution of $7,500 is subject to limitations of selected loan type – FHA, Conventional or VA. Additional eligibility requirements apply. FHA – closing cost contribution limited to the lesser of actual costs incurred or 6% of the sale price. Conventional – closing cost contribution limited to the lesser of the actual costs incurred or 3% (< 10% down), 6% (10 – 24.99%), or 9% (25% or more) of sale price. VA – closing cost contribution limited to the lesser of actual costs incurred or 4% of the sale price. Borrower may be required to participate in homeownership education program.

₂First-time homebuyers are defined as those persons who have not owned a home or had an ownership interest in a primary residence for the past three years. The amounts indicated for MHDC price and income limits are based on 1-2 occupants 18+. Limits may increase if additional occupants are 18+.

Please contact your Stifel Bank & Trust Lender for loan program details. This information is provided for informational purposes only and is not intended to extend consumer credit as defined by section 1026.2 of Regulation “Z.” Interest rate, program terms, and conditions are subject to change without notice.