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St. Louis Real Estate Search

 

Slash Your Long-Term Home Interest Costs

As mortgage rates have dropped this year, so have the costs of homeownership. At every given loan size, bargain-basement interest rates have brought monthly mortgage payments to levels never seen in history.

It’s a great time to buy a home. It’s an even better time to refinance.

This isn’t cheerleading. This is fact. As a homeowner, your “total cost of homeownership” is tied to your mortgage. The higher your mortgage rate, the more interest you pay over time. And regardless of your mortgage interest tax-deductibility, over 30 years, mortgage interest accrues into something fierce.

Lately, though, with mortgage rates down, those long-term interest costs have plunged.

  • April 2011 : Over 30 years, a new $300,000 mortgage accrues $276,000 in interest
  • August 2011 : Over 30 years, a new $300,000 mortgage accrues $227,000 in interest

Today’s mortgagors will pay 18% less mortgage interest as compared to those from April.

The interest cost savings are even larger as compared to loans from 2009 and 2010. This is why everyone with a mortgage should call a lender regarding refinance. There’s a huge potential for savings. And you can’t know until you ask.

St. Louis MORTGAGE INTEREST RATES for August 31, 2011:

  • Conventional 30-Year Fixed 4.125%/ 4.375% APR
  • Conventional 15-Year Fixed 3.375%/ 3.520% APR
  • Conventional 5/1 ARM 2.750%/ 1.625% APR
  • FHA/VA 30 Year Fixed 4.00%/ 4.564% APR
  • Jumbo 5/1 ARM 3.125%/ 3.000% APR
  • Jumbo 15 yr Fixed 3.625%/ 3.875% APR
  • Jumbo 30 yr Fixed 4.875%/ 5.125% 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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