Yes, but there are some considerations..
First of all, ask yourself how long do you plan on remaining in your current home? There are fees to consider that are incurred by refinancing. So if you only plan on being in your home a short time, you may not recoup the fees. To ensure you can make that decision properly, request information in writing that includes all costs and fees incurred in the buying, selling and refinance process. Ask questions if you don’t understand any item.
As for mortgages, insist on a formal LOCK IN letter to outline the deal – BEFORE YOU GET TO THE CLOSING. Know what you are paying for by reviewing the fees listed on the written material with your mortgage banker.
St. Louis MORTGAGE INTEREST RATES for June 15, 2011:
- Conventional 30-Year Fixed 4.625%/ 4.688% APR
- Conventional 15-Year Fixed 4.00%/ 4.10% APR
- Conventional 5/1 ARM 3.500%/ 3.182% APR
- FHA/VA 30 Year Fixed 4.750%/ 5.23% APR
- Jumbo 5/1 ARM 3.125%/ 3.051% APR
- Jumbo 15 yr Fixed 3.750%/3.788% APR
- Jumbo 30 yr Fixed 5.125%/ 5.146% APR
*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.
Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.
For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.
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