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Mortgage Tips From a Pro; St. Louis Mortgage Watch

By , on August 4th, 2010

Paramount Mortgage Company - St Louis

A home mortgage is the largest debt of most consumers and is nothing to take lightly or approach without diligence and care.

Here are some tips to help guide you and help you avoid the pitfalls that are out there:

  1. If you already have a mortgage – know what you have.
  2. If there are any potential payment changes – know when and what they could be.
  3. You are the best judge of what you can afford – even when you qualify for more.
    1. Be aware of tax reassessments and how they affect escrow accounts
    2. As a homeowner you are required to maintain your property. Maintenance, repair and replacement must be part of your budget along with utilities.
  4. Call your lender if you are going to be late – BEFORE you are late – this is the number one reason for foreclosure.
  5. Deal with people you can trust. Here are some hints:
    1. Get referrals from family/friends.
    2. Make sure there is a place of business (bricks and mortar) you can visit.
    3. Ask if the person you are dealing with will be funding your loan and making the credit decision.
    4. Check the internet or better business bureau for references and track record of the company.
    5. NEVER pay cash to anyone for their “services.”
    6. Require all terms and conditions of your loan in writing up front.
    7. Ask questions if you do not understand; be informed before making a decision.

St. Louis Mortgage Interest Rates – August 4, 2010 *

  • 30-year fixed-rate  4.375% no points
  • 15-year fixed-rate  3.875% no points
  • 5/1 adjustable rate  3.50% no points
  • FHA/VA 30-year fixed rate  4.50% no points
  • Jumbo 5/1 ARM 4.125% no points
  • Jumbo 15 year fixed-rate  4.625%

For more information or if you have questions on mortgage rates in St. Louis 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.

 

*Note- The above rates are based upon a typical sale price of $187,500 with a 20% percent down payment leaving a loan amount of $150,000 to a borrower with a 720 credit score for a loan with no discount points charged. Rates and terms will vary depending upon loan amount, home value, credit and income of borrower.

This information is provided by this author and this site for informative purposes only and is not warranted or guarteed in any way.

 

 

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