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St. Louis Real Estate Search

 

What borrowers need to know about mortgage bankers;  St Louis mortgage rate update

Recently I was contacted by a prospect that was referred to me from a past client.   This prospect was interested in a VA loan and had some general questions about the loan process and VA loans.  He had mentioned he was currently working with the VA on some credit issues, but the process was taking a long time.  It turned out, the prospect was “working” with a mortgage company that had “VA” in their name and there was no affiliation with the VA.  I’ve seen this happen numerous times with both VA and FHA where a prospective homebuyer contacts or is contacted by a lender that implies they are who they are not.  Know  who you are dealing with.

There have been many changes in the mortgage banking industry in the last couple of years.  New regulations and laws now stipulate exact procedures, timetables and specific lending requirements to obtain a home mortgage.

Mortgage bankers must obtain a federal license and state licenses for every state in which they originate loans.

These changes in lending policies are designed to protect and aid borrowers when making mortgage decisions to purchase or refinance a new home.

Mortgage loan officers today, who have fully complied with all licensing and regulatory requirements (such as myself, and those officers at my firm) are:

·         Licensed under the S.A.F.E. Act (Secure and Fair Enforcement for Mortgage Licensing Act of 2008);

·         Approved and passed a comprehensive federal and state criminal background check;

·         Passed extensive federal and state mortgage licensing exams;

·         Passed an extensive credit check to ensure they are financially responsible and possess an upstanding character;

·         Completed and passed licensing education requirements: Pre-licensing includes 20 hours of professional development and continuing education with 3 hours of federal law, 3 hours of ethics, 2 hours of nontraditional mortgage lending plus 12 or more hours of specific electives. Each year thereafter, Paramount Mortgage Bankers must complete a yearly minimum continuing education requirement of 9 hours.

St. Louis MORTGAGE INTEREST RATES for August 1, 2012:

·      Conventional 30-Year Fixed 3.375%/ 3.428% APR

·      Conventional 15-Year Fixed 2.75%/ 2.844% APR

·      Conventional 5/1 ARM 2.500%/ 3.335% APR

·      FHA/VA 30 Year Fixed 3.250%/ 3.332% APR

·      Jumbo 5/1 ARM 2.750%/ 2.427% APR

·      Jumbo 15 yr Fixed 3.375%/ 3.630% APR

·      Jumbo 30 yr Fixed 4.750%/ 5.010% 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 celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com

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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