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St. Louis Real Estate Search

 

New QM Rules Going To Put Home Loans Out of Reach For Some Buyers Come January

January 10, 2014 new QM rules (qualified mortgage) will go into effect and will most likely negatively impact the ability of some home buyers to obtain a mortgage. In terms of how many borrowers the new rules will affect, it is hard to say. There have been several analysis’ done of the percentage of home […]

REALTORS Warn That Debt Ceiling Impasse May Run Interest Rates Up and Home Sales Down

Lawrence Yun, chief economist for the National Association of REALTORS (NAR), cautioned today that, given the fact the U.S. Government spends one dollar for every 75 -80 cents it takes in, if the debt ceiling isn’t raised, the government will have to decide where to cut its spending. Should the government choose not to pay […]

St Louis Mortgage Interest Rates On The Rise But Still Historically Low

St Louis mortgage interest rates are on the rise and hitting levels we have not seen in the past year and a half and the 3.x percent rates we have become somewhat accustomed to are gone. However, before you panic or think the housing market is headed toward another crash as a result, you […]

The Mortgage Interest Deduction…Truth vs Fiction

The truth on the Mortgage Interest Deduction

Currently, lawmakers in Washington D.C., while looking for ways to “close loopholes” and cut spending, are looking hard at something once considered “untouchable”, the mortgage interest deduction (MID). While there is probably little chance of totally eliminating the ability for homeowners to deduct the mortgage interest they […]

St Louis Mortgage Companies Seeing Fixed Rate Jumbo Mortgages Make Comeback

Tyler Frank,Paramount MortgageNMLS ID 942420

St Louis Mortgage companies were not making many 30-year, fixed-rate jumbo mortgages a year ago, but now many St Louis Mortgage companies are offering fixed jumbos – with very competitive rates, including my firm, Paramount Mortgage.

As interest rates start to rise, homeowners are thinking they may […]

Missouri Has 5th Lowest Average Down Payment In Nation

The average home buyer in Missouri makes a down payment of 13.2 percent and borrows an average amount of $172,998.59, according to the latest data from LendingTree.com. The state with the lowest average down payment is Mississippi at 11.9 percent and the highest, New Jersey at 20.5 percent.

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How Long Do You Have To Wait To Get A Home Loan After Foreclosure, Short Sale or Bankruptcy?

Tyler Frank,Paramount MortgageNMLS ID 942420

Since the real estate market crash, millions of homeowners have lost their homes in a foreclosure, been forced to do a short sale to get out from a home they were underwater on or file bankruptcy as a result of financial hardship as a result of the the market […]

Survey Shows One-Third Of Homebuyers Lack Info Needed To Get Mortgage

One-third of Homebuyers Surveyed Are Ill-prepared to Get a Mortgage

Tyler Frank,Paramount MortgageNMLS ID 942420

According to a survey recently conducted by Zillow, many homebuyers are really not armed with the information they should have before attempting to obtain a mortgage.  For example, over one-third (34 percent)  of the prospective homebuyers surveyed did not […]

Mortgage Interest Rates Hit Record Low

Mortgage interest rates keep falling and this week the interest rate on a 15 year fixed-rate mortgage hit a new record low of 2.8 percent, according to a weekly national survey conducted by Bankrate.com. […]

Free Credit Scores As A Result of New Act

Tyler Frank,Paramount MortgageNMLS ID 942420

Free Credit Scores are Not Part of the Free Annual Credit Report Consumers Currently Receive

Consumers currently have the right to request their free credit report once a year, but a credit report does not include free credit scores. These two items are often confused to be the […]

How to make getting a home loan easier; St Louis Mortgage Interest Rate Update

It is more important now than ever, as a result of increasing regulation and scrutiny of the mortgage industry, to plan ahead when you are planning on obtaining a mortgage loan to buy a house or refinance an existing loan to ensure that the process will go smoothly and as expected. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing. […]

Nobody ‘wants’ to pay PMI; St. Louis Mortgage Interest Rate Update

“Nobody ‘wants’ to pay PMI, it’s just that we have no choice, especially if you want to buy a house and don’t have say an extra $50k to $80k lying around for a down payment, which most first-time buyers don’t.” Chris Durst, a first-time homebuyer and commenter on Investopedia.com. […]

Interest Rate Change; St. Louis Mortgage Interest Rate Update

FHA Interest Rate Change: MHDC’s Cash Assistance Loan (CAL) is now 4%! (APR 4.93) MHDC is raising mortgage interest rates offered to first-time homebuyers. First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs. […]

FHA Increasing Cost of Mortgage Insurance And Requiring Payment For Life of Loan

Federal Housing Administration Commissioner Carol Galante recently announced a series of changes to be issued that will allow the agency to better manage risk and further strengthen the health of the Mutual Mortgage Insurance Fund (MMI).

FHA will increase its annual mortgage insurance premium for most new mortgages by 10 basis points, or 0.10%. The […]

Cancellation of Debt; St Louis Mortgage Interest Rate Update

As part of the fiscal cliff deal, Congress extended the cancellation of mortgage debt relief provision for 1 year, through the end of 2013. It seems there is little focus on the importance of this law, it is crucial to foreclosure mitigation efforts such as principal forgiveness and short sales. […]

FHA Loans May Become A Lot More Costly Soon

So…you are looking to buy a home in 2013 and are considering using a FHA mortgage for financing…don’t delay, because that FHA mortgage could end up costing more very soon. HR 4264 or The Fiscal Solvency Act of 2012 is a bill that has overwhelmingly passed the House and is on its way to the Senate. This bill among other things grants FHA the power to raise its mortgage insurance premiums to as high as 2.05% annually — nearly twice the 1.20% rate most FHA-Insured homeowners currently pay today. […]

Mortgage Interest is Tax Deductible Through 2013; St Louis Mortgage Interest Rate Update

Mortgage Interest Tax Deductibility passed as part of the American Taxpayer Relief Act of 2012. This allows MI to be tax deductible for 2012 and 2013. The provision extends the ability to deduct the cost of mortgage insurance on a qualified personal residence. The deduction is phased-out by 10% for each $1,000 by which the taxpayer’s AGI exceeds $100,000. Thus, the deduction is unavailable for a taxpayer with an AGI in excess of $110,000. The bill extends this provision for two additional years, through 2013. […]

Optimism in the Mortgage Markets for 2013; St Louis Mortgage Interest Rate Update

Fannie Mae has declared that housing is finally providing a tailwind to economic growth. The company’s December Economic and Strategic Report says that the market “has turned the corner and a sustained recovery is under way.” Looking into 2013, economists predict mortgage originations will increase by 15% while refinance volume is expected to fall 26%. […]

Things You Should Know Before You Repair Your Credit; St Louis Mortgage Interest Rate Update

“Every single thing about housing is flashing green,” stated James Dimon, chief executive of J.P. Morgan Chase, in an interview with CNBC last month. “Household formation is rising, inventory is falling, and affordability is near a record high.” This should mean many potential homebuyers will be assessing their finances in 2013 to get ready to buy a home. Checking your credit score is at the top of the list, and in turn credit myths and credit misconceptions are plentiful. […]

Saving interest…shorten your term; St Louis Mortgage Interest Rate Update

Freddie Mac says about 30% of borrowers this year have opted for shorter-term home loans when they refinance, with most picking a 15-year mortgage. Shorter-term loans are particularly attractive to people “who have been homeowners for a number of years…or who want the security of knowing they will own their home free and clear when they retire,” […]

Changes in the Mortgage Industry; St Louis Mortgage Interest Rate Update

After the problems we have seen over the past few years in the real estate, mortgage and banking industries, it is not surprising we have seen significant changes in the loan process making it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers see when they attempt to obtain a mortgage to buy or refinance a home include: […]

Home prices on the rise; St Louis Mortgage Interest Rate Update

According to Lawrence Yun, Chief Economist for the National Association of Realtors, home prices nationally are up 11.1% in October compared to this point last year. The number of homes available for sale nationally fell reducing the available supply to a level below that of one year ago. The result is tighter supply of homes […]

Streamline Your FHA Mortgage; St Louis Mortgage Interest Rate Update

The Federal Housing Administration (FHA) has lowered mortgage insurance premiums on Streamline Refinance transactions. It will now be it easier for borrowers to take advantage of record low interest rates and save money each month. Under this program, up-front mortgage insurance premiums will be reduced to 0.01 percent of the total loan amount for borrowers with FHA loans made before June 1, 2009. […]

Step by Step Process of Buying a Home; St Louis Mortgage Interest Rate Update

Determine your “mortgage goals.” What are your expectations? If everything falls into place, what mortgage payment “range” you would be comfortable with? Review your credit history and sources of income. How much money are you willing to commit to buying a home; do you have money set aside for a down payment? Will you get a gift from a family member? […]

First Time Homebuyer Interest Rates Fall

Qualified first-time home buyers can receive a forgivable 3% cash assistance loan for down payment and closing costs on a home. The Missouri Housing Development Commission (MHDC) provides a competitive interest rate on a safe 30-year fixed rate 1st mortgage. Your 3% advance loan is treated as a 2nd mortgage completely forgivable after five years of continuous occupancy. New, Constant Funding means MHDC will have the monies available for the borrowers regardless of bond issuance. […]

The Benefits of ARM’s; St Louis Mortgage Interest Rate Update

Over the past few years, ARM’s (adjustable rate mortgages) have received somewhat of a “bad name” however, there are truly benefits to utilizing an ARM, which include: […]

Give your mortgage an annual once over; St Louis Mortgage Interest Rate Update

If the last time you looked at your mortgage was when you closed on your loan, it’s time to take it out for an annual once over. New loan programs and opportunities to leverage your home equity can bring you lower mortgage payments and new investment opportunities. […]

New Law Improves VA Loan Benefits; St. Louis Mortgage Interest Rate Update

The new legislation is titled: Honoring America’s Veterans and Caring for Camp Lejeune Families Act (H.R. 1627) and has been signed into law on August 6, 2012. Congress expanded the scope of the legislation and specifically mandated improvements in VA home loan benefits through the VA Home Loan Guaranty Program. Realtors and lenders will now be able to help more veterans and their families become homeowners. A portion of the new law makes VA loans available to more surviving spouses, provides easier funding fee waivers for disabled vets and helps single and dual-duty parents with occupancy hurdles. […]

Government funds of up to $25,000 available to assist first-time home buyers

If you are considering buying your first home you may very well be asking yourself if now is the time, have prices bottomed out and trying to weigh the risks of buying a home versus the rewards. Well, if this is the case, allow me to give you some things to put on the “rewards” side of the equation…. For starters, with mortgage rates at historic lows, your monthly mortgage payment in most cases should be much lower than what you are currently paying in rent! Remember this…”Your Landlord says Hi…& Thanks You for Paying His Mortgage.” Also, we have seen flexibility from sellers on negotiations and most are helping in paying for the buyers closings costs…so that just leaves the down-payment! […]

Low Interest Rates and Tougher Underwriting Standards; St. Louis Mortgage Interest Rate Update

I continue to hear in the news about incredible low interest rates, but the catch is getting approved for a mortgage loan, either for a purchase or refinance. The process is getting harder and harder. In this tighter credit environment, FHA remains to be a great alternative for buyers with limited resources for a down payment and closing costs or past credit problems. Underwriting guidelines are more lenient than conventional guidelines. […]