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FHA-great for borrowers with limited resources or credit issues; St Louis Mortgage Interest Rate Update

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.

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Revisiting Credit Scores; St Louis Mortgage Interest Rate Update

WHAT IS A CREDIT SCORE?

Simply stated, credit scores are a statistically-based tool to assess the future performance of a borrower. Scores are derived from the history of a borrower as it is reported to the credit repositories from any creditor. Credit scores are a proven indicator of the likelihood to repay a […]

11 Reasons to Own a Home; St Louis Mortgage Interest Rate Update

Why rent when you can own?

Over the past couple of years there has been much talk about home ownership losing it’s luster and asking the question if it is better to rent than own a home at this point. Today, I want to share with you 11 reasons to own a home:

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Do you know who you are dealing with? St Louis Mortgage Interest Rate Update

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 […]

What are Seller Concessions?; St Louis Mortage Interest Rate Update

Seller concessions can be any negotiation where the seller, builder, developer or any interested party gives something up to the buyer…The concession can help lower or eliminate the amount a borrower is required to bring to the closing table. In some cases, a seller-paid concession can mean the difference between closing a home sale […]

FHA Increases monthly mortgage insurance premiums; St Louis Mortage Interest Rate Update

New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs. Assistant Secretary of Housing & Federal Housing Commissioner, David H. Stevens, has authorized an increase to help build back FHA’s capital reserves to their statutory level. There will be […]

St Louis Mortage Interest Rate Update

St. Louis MORTGAGE RATES for February 16, 2011:

Conventional 30-Year Fixed 5.125% Conventional 15-Year Fixed 4.25% Conventional 5/1 ARM 3.750% FHA/VA 30 Year Fixed 5.00% Jumbo 5/1 ARM 3.875% Jumbo 15 yr Fixed 4.625% Jumbo 30 yr Fixed 5.750% […]

First Time Homebuyer Monies are still available… Why rent when you can own?; St Louis Mortage Interest Rate Update

Missouri Housing Development Commission offers first-time home buyers a forgivable 3% Cash Assistance Loan (CAL) for down payment and closing costs. Terms of this program include:

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St Louis Mortage Interest Rate Update

St. Louis MORTGAGE RATES for February 2, 2011:

Conventional 30-Year Fixed 4.875% Conventional 15-Year Fixed 4.250% Conventional 5/1 ARM 3.250% FHA/VA 30 Year Fixed 4.750% Jumbo 5/1 ARM 3.500% Jumbo 15 yr Fixed 4.250% Jumbo 30 yr Fixed 5.375% […]

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

Even though over the past few years, ARM’s (adjustable rate mortgages) have received somewhat of a “bad name”, there are truly benefits to them including:

ARM rates are now more attractive than ever before. Rates have fallen to 3.50% for a 5/1 ARM. ARMs are predictable. Rates are capped so there are no surprises for […]

Private Mortage Insurance helps you get the loan; St Louis Mortgage Rate Update

Private Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of […]

Buy and Rehab Using an FHA Loan; St. Louis Mortgage Rate Update

The FHA 203K rehab program is intended to promote and facilitate the restoration and preservation of existing homes. It enables borrowers to finance the acquisition and rehab of a property in one step; the loan value is based on the projected value of the home at the completion of the rehab.

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Mortgage Interest Tax Deductibilty Extended Through 2011; St. Louis Mortgage Rate Update

The President has signed the bill extending Mortgage Insurance tax deductibility through December 31, 2011. Borrowers can use Mortgage Insurance (MI) to buy a home sooner and enjoy predictable payments, while benefiting by deducting the premiums from their income taxes. And MI can be canceled once the home buyer builds enough equity. MI […]

MHDC’s Cash Assistance Loan; St. Louis Mortgage Rate Update

First-time home buyers receive a forgivable 3% cash assistance loan for down payment and closing costs.

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. […]

Online Mortgage Qualifier; St. Louis Mortgage Rate Update

The first step in buying a house is determining your budget.

This calculator steps you through the process of finding out how much you can borrow. Fill in the entry fields and click on the “View Report” button to see a complete amortization schedule of your mortgage payments:

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Cash-In Refis; St. Louis Mortgage Rate Update

CASH-IN REFIS…

Over the past years, many of Americans pulled money out their homes through “cash-out” refis. Today, many of my clients are bringing cash into their refinance transactions. Money is flowing in the opposite direction.

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Freddie Mac Suspends Evictions Over Holidays; St. Louis Mortgage Rate Update

Freddie Mac announced today it has ordered all evictions involving foreclosed occupied single family and 2-4 unit properties that had Freddie Mac mortgages to be suspended from December 20, 2010 to January 3, 2011.

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Additional payment paydown calculator and St. Louis Mortgage Rate Update

How much interest can you save by increasing your mortgage payment? Check out the link below and the financial calculator will help you determine your savings. Click the “View Report” button to see a complete amortization payment schedule, and how much you can save on your mortgage!

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Mortgage Loans 101 and St. Louis Mortgage Rate Update

Obtaining a mortgage to buy a home, or to refinance an existing mortgage, can sometimes be a little intimidating to borrowers, but it needn’t be. Granted, this is something the typical person only does every few years at most and regulations continually change the process, but that’s where lenders such as myself come in […]

Understanding the Types of Home Loans Available; St Louis Mortgage Watch

Conventional Loan Programs

Conventional loans are traditional home mortgages, not backed by any government program of insurance or guarantee. There are standard underwriting guidelines for conventional conforming loans up to $417,000. These loans can carry fixed or variable (ARM) rates and a variety of repayment terms can be tailored to your individual needs. Buyers […]

How to Reduce your Mortgage; St Louis Mortgage Watch

One Additional Mortgage Payment a Year

There’s a simple trick to significantly reduce the length of your mortgage and save you thousands of dollars. The trick is to make one extra mortgage payment a year and apply that payment toward your loan’s principal.

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Private Mortgage Insurance helps you get the loan; St Louis Mortgage Watch

Mortgage Insurance, also known as PMI, is a supplemental insurance policy you may be required to obtain in order to get a mortgage loan. PMI is provided by private (non-government) companies and is usually required when your loan-to-value ratio — the amount of your mortgage loan divided by the value of your home — is […]

The home loan process; St Louis Mortgage Watch

A critical step in the mortgage loan application process is to verify the sources for your down payment, closing costs and assets, as well as documenting income and debts. The lender uses this step to determine your qualifications as a borrower.

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What is the difference between the interest rate and the A.P.R.?; St Louis Mortgage Watch

You’ll see an interest rate and an Annual Percentage Rate (A.P.R.) for each mortgage loan you see advertised. The easy answer to “why” is that federal law requires the lender to tell you both.

The A.P.R. is a tool for comparing different loans, which will include different interest rates but also different points and other […]

Home Loan Application Checklist; St Louis Mortgage Watch

If you have bought a house and are getting ready to apply for your home mortgage, or perhaps you are about to refinance your existing mortgage to take advantage of the dirt-cheap interest rates, this handy loan application checklist will help you be prepared and make the process smoother and quicker:

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A Condensed Guide to Closing Costs; St Louis Mortgage Watch

There are so many different charges involved in buying a home, it is important to know what to expect at the settlement. Your lender is required to give you a Good Faith Estimate (GFE) of your settlement costs within three business days of your loan application. Once you get it, review the charges below to […]

No Money Down Home Loans for Members of the Armed Forces; St Louis Mortgage Watch

A Special Program for Members of the Armed Forces: VA LOANS

No Down Payment 100% Loan Financing No Mortgage Insurance Required 30-Year Fixed Rate or 3-Year Arms No Pre-Payment Penalty […]

FHA Changes Mortgage Insurance Rates-less up front cost but higher payments; St Louis Mortgage Watch

New regulations signed into law by the President allow HUD to increase the amount of premiums charged for FHA single family housing mortgage insurance programs, however lower that actual up-front cost paid by borrowers.

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Costly Mistakes of First-Time Homebuyers; St Louis Mortgage Watch

The following are the four common first-time home-buyers mistakes:

Spending the maximum on housing:

First-time buyers can be overly optimistic and excited about buying a home, so they tend to borrow the absolute maximum they qualify for (on paper), not necessarily worrying about a budget or other expenses. Lenders qualify buyers based on their incomes […]

The Do’s and Don’ts When Financing Your Home; St. Louis Mortgage Watch

As the mortgage industry adjusts to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. 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 […]