By Robert Fishel, on August 26th, 2010 
STEP 1 Get pre-qualified for a loan: talk with your mortgage banker.
Determine your “mortgage goals.” Review your credit history and sources of income. Do you have money set aside for a down payment? Do you have an “ideal payment range” you would be comfortable with? What are your expectations. Continue reading “Six Important Steps on How to Buy a Home; St Louis Mortgage Watch“
By Robert Fishel, on August 18th, 2010
Every borrower’s situation is different. My goal is to provide various options/loan programs that are available to meet the borrower’s needs. When considering a refinance, the following are typical situations borrowers face: Continue reading “Which refinancing option is best for you?; St. Louis Mortgage Watch“
By Robert Fishel, on August 11th, 2010
In the next few days, look for FHA to implement further changes to strengthen its financial situation. An audit in late 2009 showed that the capital ratio of its Mutual Mortgage Insurance Fund (MMIF) had fallen below its statutorily mandated threshold. Over the past few months, FHA has raised premiums on its FHA insurance, prohibited seller-financed down payment assistance, stepped up enforcement of its regulations, tightened appraisal rules, banned several lenders from writing FHA guaranteed loans and brought suit against others. Continue reading “FHA Expected to Announce Further Policy Changes to Address Risk and Strengthen Finances; St. Louis Mortgage Watch“
By Robert Fishel, on August 4th, 2010
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:
- Continue reading “Mortgage Tips From a Pro; St. Louis Mortgage Watch“
By Robert Fishel, on July 28th, 2010
Fannie Mae Rolls out New Loan Quality Initiative (LQI) Program – Tightens underwriting requirements and aims to reduce borrower fraud.
These rules could derail some closings for buyers who rack up purchases or even take out new store credit cards before their home sales have closed. Continue reading “Fannie Mae Tightens Rules; St. Louis Mortgage Watch“
By Robert Fishel, on July 21st, 2010
WHAT IS A CREDIT SCORE?
Simply stated, credit scores area 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 loan or credit obligation. The lower the score; the more risk from a borrower to repay a loan, on time and in full. Scores range from 400 to 850. This process was started by Fair, Isaac and Co., which is why credit scores are also called FICO scores.
WHAT AFFECTS A CREDIT SCORE?
Keeping a manageable amount of debt and paying on time are ways to positively affect a credit score. Bankruptcy, judgments, collections and liens most negatively affect scores. Scoring factors are “blind” and do not consider anything about an individual other than their creditworthiness. Credit inquiries can ‘ding’, or lower your score. However, any inquiries from one industry within a 30-day period count only once. For example, if a consumer is car shopping and visits three dealers in two weeks who check the consumer’s credit, this only counts as one inquiry and has a minor affect on the credit score.
MORTGAGES AND CREDIT SCORES
Often, underwriters use credit scores as a factor in determining loan approval. This is not the only factor considered, but a credit score can weigh on the loan decision. Good credit pays off. Some loan programs have credit score requirements or offer lower rates for higher credit scores. For example, a credit score above 720 may merit a 1/8% rate decrease. Borrowers that are financially sound enough to buy a home should receive a “market rate” for their loan. Home buyers with scores below 620 may incur higher rates (1-2% above market) or additional fees. Mitigating circumstances can help your approval process if you have credit issues. Your Paramount mortgage banker can help.
To receive a free copy of your credit history you can log on to www.annualcreditreport.com or call 877-322-8228 toll free.
You may also contact the credit bureaus directly:
- Equifax (800) 685-1111
- Experian (888) 397-3742
- Trans Union (800) 916-8800
St. Louis Mortgage Interest Rates – July 21, 2010 *
- 30-year fixed-rate mortgage 4.50% no points
- 15-year fixed-rate mortgage 4.000% no points
- 5/1 adjustable rate mortgage 3.50% no points
- FHA/VA 30-year fixed rate mortgage 4.50%
- Jumbo 5/1 ARM 4.375% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on July 14th, 2010
The mortgage industry has underwent some dramatic changes in the past year as has the regulations and rules the industry must comply with. Lender’s are barely able to keep up with everything new so it’s not surprising home-buyers have many questions when it comes to obtaining a mortgage to buy a home. Therefore, I thought I would take this opportunity to provide a list of questions that a home-buyer should ask their lender that I think will be helpful. Oh, and since I am a loan officer in St. Louis, I did take the liberty of giving my answer to these questions :)
Q: Are you a Banker or a Broker?
A: Mortgage Bankers are companies that fund their own loans with their own money. Mortgage Brokers rely on a third party to make the transaction happen. Paramount is a Mortgage Banker – no delays for closing – we’ll be there with the check!
Q: How can I help the transaction along?
A: Your responsiveness can make a difference in meeting the closing date. Please return any requested paperwork to Paramount as soon as you can. Schedule inspections as quickly as possible to allow for any maintenance that may be required.
Q: Who makes the decision on my loan?
A: We have staff underwriters for FHA, VA and Conventional loans, so we are able to make credit decisions quickly and in-house. Paramount is a locally owned and operated independent mortgage company. Most of our employees are native to St. Louis so we understand the nuances of our town.
Q: Will I need Mortgage Insurance?
A: Mortgage Insurance is required on all loans with less than 20% down to cover the lender in case of default. Private Mortgage Insurance (PMI) for conventional loans can be paid monthly or financed through the term of the loan, while FHA loans have an up front fee as well as a monthly premium. Another option is a Combo Loan – a first and second mortgage – to avoid a PMI premium.
Q: How is my home value determined?
A: Paramount uses certified appraisers with decades of experience and a thorough knowledge of the industry and metropolitan area. To ensure the integrity of valuation we do not accept appraisals from non-certified or non-approved appraisers.
Q: When do I lock in an Interest Rate?
A: First you need a signed real estate contract and a firm closing date. You will lock in your rate once the loan program is determined and you are satisfied with the rate available. We recommend locking in quickly to avoid any potential upswing in the market.
Q: Will I get the best rate possible?
A: You will get the best loan program – including rate, APR and terms – for your needs. We evaluate your current financial situation and where you anticipate you will be down the road to determine what the best program will be for you and your unique needs; down payment assistance, limited documentation, lowest monthly payment, minimize PMI exposure, etc. More than rate determines the best loan for the buyer.
Q: Who will be at the closing?
A: Paramount will be there! Typically the borrower and anyone on the loan papers and your realtor attend closing. Paramount is at every closing delivering the closing documents and check which could save you on title company charges.
If you have more questions or would like additional information feel free to contact me using the contact information at the bottom of this post.
St. Louis Mortgage Interest Rates – July 14, 2010 *
- 30-year fixed-rate mortgage 4.50% no points
- 15-year fixed-rate mortgage 4.125% no points
- 5/1 adjustable rate mortgage 3.50% no points
- FHA/VA 30-year fixed rate mortgage 4.75%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on July 7th, 2010 After a close brush with a deadline that could have impacted tens of thousands of home buyers, Congress passed an extension of the Home buyer Tax Credit closing deadline.
The extension is included in the Home Buyer Assistance and Improvement Act and will prevent as many as 180,000 home buyers from losing their eligibility for the tax credit. These borrowers had home purchase contracts pending as of April 30 and had until June 30 to close on their purchases to claim the federal tax credit; with this extension, these households now have until September 30 to close and still claim the tax credit.
Separately, the U.S. Senate also passed the National Flood Insurance Program Extension Act of 2010, extending the National Flood Insurance Program until September 30. This will allow home purchases in the 100-year floodplain to move forward. The House passed the bill last week.
St. Louis Mortgage Interest Rates – July 7, 2010 *
- 30-year fixed-rate mortgage 4.375% no points
- 15-year fixed-rate mortgage 4.125% no points
- 5/1 adjustable rate mortgage 3.50% no points
- FHA/VA 30-year fixed rate mortgage 4.75%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on June 30th, 2010
The state of Missouri funded a $15 million tax credit incentive program in January of this year to help spur home sales, but few have taken advantage of the program.
Now, Missouri home buyers must complete the purchase of their home by August 31, 2010 to take advantage of the program. The Missouri Housing Development Commission (MHDC) must receive their HOPE application by September 30, 2010.
HOPE stands for Home Ownership Purchase Enhancement. Homes purchased after August 31, 2010 will not be eligible for the HOPE program.
The HOPE program was expected to pay the property taxes for 9,000 to 11,000 Missouri families.
As of last week less than 1,500 home purchasers are participating. There is approximately $12 million still available for income-qualified home buyers.
You do not have to be a first-time buyer to participate. All tax credit funds are available on a first-come, first-served basis.
In the face of a more austere budget for 2011, Governor Jay Nixon is “slowing down” MHDC’s process of awarding tax credits. His goal is to cut the state’s 2011 budget $350 million and gain legislative approval by the end of this fiscal year on June 30.
Under the HOPE program MHDC provides incentives up to $1,750. Up to $1250 is available to pay the first year property taxes for income-eligible Missourians who buy a new or existing Missouri home after Jan. 1, 2010.
An additional $500 is available for “green” homes or energy-efficient improvements. Homeowners who bought a qualified newly constructed energy efficient home or bought an existing home and remodeled or purchased items, such as Energy Star® appliances, to make the home more energy efficient can apply for the additional money.
In the St. Louis metro the one- to two-person maximum gross household income qualification for the St. Louis MSA counties of Franklin, Jefferson, Lincoln, St. Charles, St. Louis City, St. Louis County, and Warren is $67,900. For a 3+ person household the maximum gross income is $78,085. In MHDC’s designated targeted areas the maximums are $81,480 and $95,060 respectively. For further information, go to the MHDC website: www.mhdc.com
St. Louis Mortgage Interest Rates – June 30, 2010 *
- 30-year fixed-rate mortgage 4.50% no points
- 15-year fixed-rate mortgage 4.125% no points
- 5/1 adjustable rate mortgage 3.625% no points
- FHA/VA 30-year fixed rate mortgage 4.75%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on June 23rd, 2010 Fannie Mae and Freddie Mac have become two of the nation’s largest landlords. Both institutions took over a foreclosed home roughly every 90 seconds during the first three months of the year. As of the end of March, they owned over 160,000 houses.
The inventory of Fannie and Freddie continue to increase, but their inventory is only a portion of the total foreclosures. The worst loans were made outside of Fannie and Freddie by banks, thrifts or other private label institutions. Most foreclosures are heavily concentrated in a few key states: Florida, Arizona, Nevada, California and Michigan.
With unemployment hovering near 10%, the economic recovery so far is too fragile to expect mortgage rates to rise in the near future.
St. Louis Mortgage Interest Rates – June 23, 2010 *
- 30-year fixed-rate mortgage 4.65% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.875% no points
- FHA/VA 30-year fixed rate mortgage 4.75%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on June 16th, 2010 Fannie Mae and Freddie Mac notified the New York Stock Exchange (NYSE) of its intent to delist its common and preferred stock. The Federal Housing Finance Agency (FHFA), the conservator for Fannie and Freddie, has directed the companies to delist their common stock and their preferred stock from the NYSE. “FHFA’s determination to direct each company to delist does not constitute any reflection on either Enterprise’s current performance or future direction, nor does delisting imply any other findings or determination on the part of FHFA as regulator or conservator,” FHFA Acting Director Edward J. DeMarco said in a press release.
The mortgage market has benefited from the “flight to quality” mentality since the news of the uncertainty of debt defaults in Europe over the last few weeks. As the perception of these uncertainties diminish, mortgage rates should hold steady if not rise.
St. Louis Mortgage Interest Rates – June 16, 2010 *
- 30-year fixed-rate mortgage 4.75% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.85% no points
- FHA/VA 30-year fixed rate mortgage 4.75%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on June 9th, 2010
Bank of America has agreed to pay $108 million to about 200,000 homeowners who paid improper and inflated charges to the defunct subprime mortgage lender that became the poster child of the housing apocalypse, Countrywide Financial. The Federal Trade Commission said two mortgage-servicing units of Countrywide, which BofA acquired in 2008, “deceived homeowners who were behind on their mortgage payments into paying inflated fees — fees that could add up to hundreds or even thousands of dollars.”
With continuing worries about about Europe’s debt crisis and the stock market, “flight to quality” should keep dollar denominated assets in favor and keep rates at these low levels…once the market determines an end to the current crisis of confidence, one would expect to see rates on the rise.
St. Louis Mortgage Interest Rates – Jun 9, 2010 *
- 30-year fixed-rate mortgage 4.75% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.75% no points
- FHA/VA 30-year fixed rate mortgage 4.875%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on June 2nd, 2010
After the problems we have seen over the past couple of years in the real estate, mortgage and banking industries it is not surprising we have seen massive legislative changes brought about which make it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers will see when they attempt to obtain a mortgage to buy a home or refinance their existing mortgage include:
- Documentation – Did you like that “no-doc” loan you did last time around? Forget it! This time around you may be asked to provide, in addition to items that have been standard for years such as paycheck stubs and bank statements, additional documents to prove residency, income, financial soundness or even identity. Your employer will be impacted somewhat as well as in the past frequently a lender could get by with just a phone call to your employer to verify your employment and income. Today however, many more verifications have to be in writing and the lender must also do a much more in-depth inquiry about your employment including asking your employer questions about your job stability and detailed income information.
- “Fresh” Documentation – If it takes longer than 30 days to close your loan then your Lender will likely ask you to provide updated bank statements on a monthly basis, as well as update other documentation as necessary so that all documentation is up to date and current at the time of closing. The lender will also contact your employer a few days before closing to make sure your employment situation and compensation have not changed since the verification was complete.
- Whoa, Slow Down – Don’t wait until the last minute to apply for financing as the new legislation is slowing the process. For example, it is now mandatory that no less than eight days must lapse between the time of your loan application and the closing of the loan. Normally, this is not a problem as most loans take considerably longer, but it could be an issue if you are in a time crunch and waited too long to start the process. In addition, even minor changes to the terms of your home purchase and/or loan could delay closings by at least three days due to requirements of the lender to update disclosures and give you a mandatory period of time to review them prior to closing.
- Tax Returns Don’t Lie – In the past lenders typically did not request a copy of your tax return unless you were self employed or had “other” income outside of employment that was necessary to count to qualify for the loan. Today, for most loans, lenders are required not only to obtain a copy of your tax return for the past two years, but to get them directly from the IRS. If your income and expenses on your tax return don’t match up with the information you provided on your loan application this will either delay your loan closing or get you a denial.
- Appraisal Issues – New regulations prevent your loan officer from speaking with appraisers directly in order to assure that there is no influence put on the appraiser with respect to his or her opinion of value of the home. This has caused many lenders to turn to using national appraisal management companies (AMC’s) which sometimes hire non-local appraisers which may affect the accuracy of the appraisal.
- The silver lining – Sure, there are new regulations and it is more challenging, but interest rates are at near historic lows, so the extra effort you have to put forth will be handsomely rewarded for years to come!
If you are looking to buy a home or take advantage of the great rates and refinance you existing mortgage, you should not let the new rules scare you off. Instead I would just suggest you be careful and prudent about selecting your lender, selecting one that has the experience, knowledge and resources to get you through the process as painlessly as possible…. I happen to know one such lender…Me :)
St. Louis Mortgage Interest Rates – May 26, 2010 *
- 30-year fixed-rate mortgage 4.85% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.75% no points
- FHA/VA 30-year fixed rate mortgage 5.75%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on May 26th, 2010
The National Flood Insurance Program, known as the NFIP, lapsed March 28 this year and left many pending home sales in limbo.
Congress and President Barack Obama temporarily reinstated the program 18 days later on April 16 as part of a bill that also extended unemployment benefits and Medicare reimbursement for doctors. However, the temporary extension of the NFIP legislation will expire again on May 31.
The stage has now been set for another lapse in funding for the program just weeks before the mandatory June 30 closing deadline for buyers attempting to satisfy the requirements of the federal $8,000 first-time and $6,500 repeat homebuyer tax credits. The recent 18-day lapse in the NFIP is the third since December, with each one growing in duration. The December interruption lasted nine hours, the February pause lasted two days.
Without another legislative extension of the NFIP by the end of the month, some home buyers may not be able to close on their properties.
The National Association of Realtors estimates a one-day lapse adversely affects 1,400 closings nationwide.
St. Louis Mortgage Interest Rates – May 26, 2010 *
- 30-year fixed-rate mortgage 4.75% no points
- 15-year fixed-rate mortgage 4.250% no points
- 5/1 adjustable rate mortgage 3.500% no points
- FHA/VA 30-year fixed rate mortgage 4.8750%
- Jumbo 5/1 ARM 4.000% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on May 19th, 2010 It’s all about Europe debt crisis…
Trading action in the mortgage markets have been and continue to be influenced by the ongoing concern over Europe’s debt crisis. This uncertainty has overshadowed a growing amount of data flow from our own economy that is signaling or own recovery. This uncertainty continues to drive capital into dollar denominated assets.
The FHA To Reduce Allowable Seller Concessions this Summer/ Is the Housing Market Recovering for Real…
The percentage sellers can take from the sales price of a home to fund closing costs is being cut from 6% to 3%. According to an announcement in January, the current level of 6% exposes the FHA to excess risk by creating incentives for appraisers to increase the value of these homes. The change will take place in “early summer,” according to the FHA, but a spokesperson said no specific date has been set.
St. Louis Mortgage Interest Rates – May 19, 2010 *
- 30-year fixed-rate mortgage 4.875% no points
- 15-year fixed-rate mortgage 4.250% no points
- 5/1 adjustable rate mortgage 3.500% no points
- FHA/VA 30-year fixed rate mortgage 5.750%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on May 12th, 2010 A few months ago, it was widely believed that the Fed’s massive purchase of mortgage backed securities was keeping long-term interest rates artificially low in order to stimulate the economy. It’s been six weeks since the Fed stopped buying mortgage backed securities, and there is no sign that that the end of the purchase program has caused mortgage rates to rise by any meaningful amount.
Given the uncertainty of the monetary crisis in Europe and the mystery of a stock market crash and rebound, markets continue to be very volatile with large swings from day to day– this should continue to make dollar denominated assets, i.e. Treasuries, Mortgage Backed Securities etc. appealing.
St. Louis Mortgage Interest Rates – May 12, 2010 *
- 30-year fixed-rate mortgage 4.875% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.500% no points
- FHA/VA 30-year fixed rate mortgage 4.875%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on May 5th, 2010 Constantly changing headlines involving the European financial crisis (Greece, possibly Portugal) along with the uncertainty of the stock market should make dollar denominated assets, i.e. Treasuries, Mortgage Backed Securities etc. appealing.
These issues should be enough to limit or prevent mortgage rates from moving higher in the near future.
St. Louis Mortgage Interest Rates – May 5, 2010 *
- 30-year fixed-rate mortgage 4.875% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.625% no points
- FHA/VA 30-year fixed rate mortgage 5.125%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on April 28th, 2010
Realtors, home buyers and sellers are rushing to complete sales agreements before the tax credit for home purchases expires this week; home buyers must have a deal by April 30 and close by June 30 to qualify for a tax break up to $8,000 for first-time home buyers and $6,500 for those moving to a different residence. The Treasury Department and the real estate industry have termed the program a success, helping people buy homes. However, many tax experts say it has been singularly cost-ineffective: most of the $12.6 billion in credits through end of February was collected by people who would have bought homes anyway or who in some cases were not even eligible…
The unkowns are:
With the end of the Federal Reserve’s mortgage backed security purchase program March 31st and the tax credit set to expire on April 30th, what kind of housing market will we be facing in the second half of 2010? Are interest rates going to rise? What happens after the tax credit goes away?
Stay tuned.
St. Louis Mortgage Interest Rates – April 28, 2010 *
- 30-year fixed-rate mortgage 5.125% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.625% no points
- FHA/VA 30-year fixed rate mortgage 5.25%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 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.
By Robert Fishel, on April 21st, 2010
First-time homebuyers made up a record high share of sales in March, according to the latest Campbell Surveys poll of more than 1,500 real estate agents nationwide; First-time homebuyers accounted for 48.2% of all home purchases. The March uptick comes ahead of the extended tax credit deadline.
Who Qualifies-
- First Time Home Buyer $8,000 Tax Credit
- The primary home buyer and/or spouse may not have owned a home in the previous three (3) years to qualify.
- Buyers cannot be claimed as a dependent by another taxpayer or be under the age of 18.
- Repeat Home Buyer $6,500 Tax Credit
- Existing home buyers must have lived in and owned a primary residence five (5) consecutive years of the previous eight (8) years to qualify.
- Buyers cannot be claimed as a dependent by another taxpayer or be under the age of 18.
Contract – A signed, binding sales contract is required by April 30, 2010.
Closing – The purchase must close on or before June 30, 2010.
Extended deadline for some – Certain U.S. military, Foreign Service and intelligence service personnel have an extra year to claim the home buyer tax credit. (Contract by April 30, 2011 and close by June 30, 2011).
Income Restrictions: The full amount of the tax credit is available for individuals with a Modified Adjusted Gross Income (MAGI) of no more than $125,000 ($225,000 on a joint return). The credit phases out above these limits to an income cap of $145,000 ($245,000 for joint filers). A MAGI above $145,000 ($245,000 for joint filers) reduces the credit to zero.
Determining the Credit:
- First Time Home Buyer $8,000 Tax Credit
- Maximum tax credit is $8,000.
- The credit is determined by taking the lesser amount of either 10% of the sales price of the home or the tax credit limit of $8,000.
- Repeat Home Buyer $6,500 Tax Credit
- Maximum tax credit is $6,500.
- The credit is determined by taking the lesser amount of either 10% of the sales price of the home or the tax credit limit of $6,500.
Types of Homes: Any home that will be used as a principal residence will qualify for the credit. The purchase price must be less than or equal to $800,000. Home types include single-family detached homes, townhouses and condominiums. Homes cannot be purchased from family members or your spouse’s family members (including parents, grandparents, children, grandchildren, etc.)
Claiming Your Credit: The credit can be claimed on a homebuyer’s 2009 or 2010 tax return. The homeowner must submit IRS form 5405 and attach a copy of the HUD-1 Settlement Form (closing statement).
Payback: The tax credit does not have to be paid back. Taxpayers with incomes too low to owe tax will receive a refund check from the IRS for the credit amount.
Selling Your Home: If the home is sold within three years of the purchase date, the entire amount of the credit is recaptured on sale.
Be realistic – Buyers should be upfront with their Realtor about their must-haves and their wish list. Buyers who aren’t realistic risk running out of time searching for the “perfect” home.
Be sure to check with your tax adivisor or the IRS (www.irs.gov) for questions or concerns regarding your specific situation.
St. Louis Mortgage Interest Rates – April 21, 2010 *
- 30-year fixed-rate mortgage 5.125% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.25%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 4.75%
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.
By Robert Fishel, on April 14th, 2010
First-time home buyers comprised an unprecedented 47 percent of the market last year according to a recently published report by the National Association of Realtors (NAR).
NAR’s report, 2009 Profile of Home Buyers and Sellers, points to the federal tax credit and the historic affordability of housing as the most likely reasons first-time buyers scored so high in sales.
According to NAR, housing economists predict that “2010 will be an even bigger year for first-timers.” Who are these people, and what do they want?
Most are married – Forty-nine percent are a married couple. Single females comprise a quarter of first-time buyers. Single males account for just 12 percent.
They’re young – More than half (53 percent), are between the ages of 24 and 34. Twelve percent are younger than 24.
They’re diverse – Twenty-two percent are part of a minority group, compared with 13 percent of repeat buyers. Six percent speak a language other than English. Twelve percent were not born in the United States.
They like the suburbs – Even though 22 percent purchase in an urban area, the suburbs continue to be the most popular locale, with 52 percent buying there. The third most popular spot is a small town.
They make their own time – First-time buyers take an average of 12 weeks to find their home, compared with 10 weeks for repeat buyers.
They’re not afraid of foreclosures – Eleven percent of first-timers bought a home in foreclosure and 56 percent considered it. Only 9 percent of repeat buyers bought a foreclosure, and just 41 percent considered it.
They’re most likely to use a referral – Fifty-three percent found their agent through a referral, compared with 36 percent of repeat buyers, many of whom sought the services of their previous agent.
More than 9,000 consumers who recently completed a home buying transaction were surveyed by the National Association of Realtors last year to compile the 2009 Profile of Home Buyers and Sellers report.
St. Louis Mortgage Interest Rates – April 14, 2010 *
- 30-year fixed-rate mortgage 5.125% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.25%
- Jumbo 5/1 ARM 4.25% no points
- Jumbo 15 year fixed rate mortgage 4.875%
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.
By Robert Fishel, on April 7th, 2010
Interesting results from Fannie Mae National Housing Survey
Fannie Mae released results of the Fannie Mae National Housing Survey, a comprehensive research project that surveyed more than 3,000 consumers to assess their confidence in homeownership as an investment, the current state of their household finances, their views on the U.S. housing finance system, and their overall confidence in the economy.
It appears that Americans continue to value homeownership and think about their homes in ways that go much deeper than the financial investment. The survey also found that the public strongly believes in the importance of upholding the financial commitment involved in buying and owning a home, even during these challenging times when home values have fallen.
Other highlights of the survey:
- 8 in 10 respondents consider homeownership important to the economy
- 31% of the respondents think the economy is on the right track
- 66% of the respondents think it is a good time to buy a house
St. Louis Mortgage Interest Rates – April 6, 2010 *
- 30-year fixed-rate mortgage 5.225% no points
- 15-year fixed-rate mortgage 4.50% no points
- 5/1 adjustable rate mortgage 3.850% no points
- FHA/VA 30-year fixed rate mortgage 5.25%
- Jumbo 5/1 ARM 4.25% no points
- Jumbo 15 year fixed rate mortgage 4.875%
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.
By Robert Fishel, on March 31st, 2010 NEW FHA Policies Go Into Effect April 5th
Applications for FHA-guaranteed mortgages exceeded an annual rate of 3 million in October; nearly triple the level in 2007. In 2006, when subprime and other Wall Street programs were at full speed, the annual rate for applications was less than 600,000. As a result the Federal Housing Administration (FHA) Commissioner David Stevens recently announced a set of policy changes to strengthen the FHA’s capital reserves. The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery. The goal is to balance risk management and continue to provide affordable, responsible mortgage products.
On April 5, 2010, lenders must start collecting a 2.25% Up Front Mortgage Insurance (UFMIP). The .50% increase from 1.75% will help shore up the government agency’s reserve fund which dropped to .53% in November. This reserve fund covers losses on the mortgages the agency insures. Congress mandates the agency maintain a minimum 2% ratio. Since the fall of 2008, the reserve fund has dropped steadily from a high of 3% to its low in November.
Some 14.36% of FHA loans were past due in the third quarter, according to the Mortgage Bankers Association. This compares to 9.64% of all loans.
St. Louis Mortgage Interest Rates – March 31, 2010 *
- 30-year fixed-rate mortgage 5.125% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.25%
- Jumbo 5/1 ARM 4.125% no points
- Jumbo 15 year fixed rate mortgage 4.875%
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.
By Robert Fishel, on March 24th, 2010 PLASTIC TAKES PRIORITY.
Consumers are paying more attention to their credit card payments and making sure they are current according to a newly released report from TransUnion.
The credit information management company analyzed 27 million anonymous consumer records randomly sampled during the six quarters from 2008 to 2009. Their selection criteria included consumers with at least one credit card and a current mortgage.
Consumers who are delinquent on their credit cards and current on their mortgages decreased to 3.6% from 4.1% in the time period of the study.
However, during the first quarter of 2008 a “flip” occurred where the percentage of consumers with current credit card balances and delinquent mortgages rose. This trend continued during the study time period logging an increase to 6.6% from 4.3%.
“Conventional wisdom has always been that, when faced with a financial crises, consumers will pay their secured obligations first, specifically mortgages,” stated Sean Reardon, author of the study in the company’s analytics and decisioning business unit.
This flip was more pronounced in the Florida and California markets and also for the lowest-scoring segment of the consumer market.
Analysts predict that this flip would revert since the worst of the recession has passed, but apparently that has not been the case according to TransUnion .
St. Louis Mortgage Interest Rates – March 24, 2010 *
- 30-year fixed-rate mortgage 5.00% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.25%
- Jumbo 5/1 ARM 4.125% no points
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.
By Robert Fishel, on March 17th, 2010 LAST CALL FOR HOMEBUYER’S TAX CREDITS!
Prospects are scurrying to sell and/or buy homes before next month’s tax credit deadline.” “It’s been absolutely nuts, I have showings galore and contracts are coming in left and right,” commented one real estate agent. To qualify for the credit, buyers must have fully executed sales contracts in place by April 30 and the deal must close by June 30. First-time home buyers are eligible for up to $8,000. Buyers who have owned a home for five consecutive years within the past eight years can get a credit of up to $6,500.
Other Available Credits!
Real Estate Tax and Energy-Efficiency Incentives are available for Missouri Home Buyers!
Qualified Missouri families who purchase a home in 2010 are eligible for a HOPE incentive equaling the amount of the 2009 real estate tax bill associated with the property they purchased, up to a maximum of $1,250.
MAXIMUM HOPE ENERGY EFFICIENCY INCENTIVE AVAILABLE -$1,750
Homebuyers who are approved for the real estate property tax HOPE incentive may also be eligible to receive up to an additional $500 if they bought a qualified, newlyconstructed, energy-efficient home; bought an existing home and remodeled it; or purchased items for the home, such as Energy Star® appliances, to make the home more energy efficient. The maximum combined total of the HOPE property tax incentive and the HOPE energyefficiency incentive is $1,750.
Eligibility Requirements:
- Homeowner must purchase and occupy a one-to-four unit Missouri home as their primary residence after January 1, 2010.
- MHDC income limits apply to household.
- The applicant must be at least 18 years old.
- Property cannot be purchased from a relative, or spouse, if married.
Contact Missouri Housing Development Commission for further information: Phone: 800-246-7973 or check out their webswite: www.MHDC.com.
St. Louis Mortgage Interest Rates – March 17 , 2010 *
- 30-year fixed-rate mortgage 4.875% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.75% no points
- 3/1 adjustable rate mortgage 3.625% no points
- FHA/VA 30-year fixed rate mortgage 5.00%
- Jumbo 5/1 ARM 4.125% no points
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.
By Robert Fishel, on March 10th, 2010
Last Friday’s suprisingly strong payroll figures likely reinforced for many investors that the next time the Fed makes a change to their monetary policy strategy-it will likely to raise short-term interest rates. The actual date of such an event may be months away-but an increasing number of “stronger than expected” economic reports are making it difficult for mortgage interest rates to move lower. A growing number of business economists believe the U.S. central bank’s policy’s are too stimulative and expect the Federal Reserve to raise benchmark interest rates within six months.
The Fed has said continued high rates of unemployment and low inflation warrant holding rates exceptionally low for an extended period. Still, reports show the economy is recovering gradually, and some policy makers believe the Fed should begin to prepare markets for the beginning of the process of tightening financial conditions.
St. Louis Mortgage Rates – March 10 , 2010 *
- 30-year fixed-rate mortgage 5.00% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.75% no points
- 3/1 adjustable rate mortgage 3.625% no points
- FHA/VA 30-year fixed rate mortgage 5.250%
- Jumbo 5/1 ARM 4.125% no points
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.
By Robert Fishel, on March 3rd, 2010
Low foreclosures, stable home prices and affordability make eighth-ranked St. Louis a good bet for home buyers, according to a report released by Forbes.com last Friday.
Forbes gathered data from the National Association of Home Builders and Wells Fargo’s Housing Opportunity Index (HOI). The index measures median home prices against median incomes.
Additional data overlays included Moody’s one-year forecast for the Case-Shiller Home Price Index of home prices and RealtyTrac’s 2009 foreclosure report. Rankings from all of these data sources were considered in determining the overall score.
The top ten best housing metro areas:
Pittsburgh, PA
Louisville – Jefferson County, KY – IN
Houston – Sugar Land – Baytown, TX
Minneapolis – St. Paul, Bloomington, MN – WI
Indianapolis – Carmel, IN
Columbus, OH (Tie for 6th)
Memphis, TN – MS – AR (Tie for 6th)
St. Louis, MO – IL
Dallas – Ft. Worth, TX
Austin – Round Rock, TX
St. Louis families in the market for a house are shopping at the right time. Homes are near the most affordable they’ve been in 18 years.
At a national level in the fourth quarter of 2009, housing was 62.4% more affordable than the same time a year earlier, according to the HOI which is published quarterly.
The Midwestern cities of St. Louis, Indianapolis and Minneapolis made the list even though their housing price forecasts are essentially flat, but “housing in these places is eminently affordable” according to Forbes reporter Francesca Levy.
Just under 85 percent of all families in St. Louis who make the median income have access to affordable, decent housing.
“The recession has weighed down home prices, but mortgage rates are still at historic lows, giving families a chance to get in on the ground floor,” states Levy.
St. Louis Mortgage Rates – March 3 , 2010 *
- 30-year fixed-rate mortgage 5.00% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.75% no points
- 3/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.250%
- Jumbo 5/1 ARM 4.125% no points
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.
By Robert Fishel, on February 24th, 2010
When considering historically low interest rates, competitive home values along with the $8,000 First-Time Homebuyer and $6,500 Repeat Homebuyer Tax Credits, potential homebuyers still have a great opportunity.
THE TIME TO ACT IS NOW.
The Federal Reserve indicates it will stop buying mortgage-backed securities toward the end of the first quarter. Most mortgage experts believe that mortgage interest rates will rise when mortgages go off “Fed support” as private investors require higher rates to compensate for the risk.
The deadline for the First Time/Repeat Homebuyer Tax Credits is an executed contract by April 30, 2010 with a closing no later than
June 30, 2010.
Contact your lender to review your options and prospects.
St. Louis Mortgage Rates – February 24, 2009 *
- 30-year fixed-rate mortgage 5.00% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.75% no points
- 3/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.250%
- Jumbo 5/1 ARM 4.125% no points
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.
By Robert Fishel, on February 17th, 2010
More than 380 mortgage lending operations nationwide have ceased operation since 2006, according to the Mortgage Lender Implode-O-Meter website.
However in spite of a tough and demanding economic market, Paramount Mortgage this week celebrated it’s 40 year anniversary!
“Expect Excellence” has been our corporate motto and the driving force in our philosophy of providing exemplary customer service,” states H. John Frank, Jr., President of Paramount Mortgage Company. “We have never forgotten that this is a people business and we treat our clients with respect. We take the time to get to know their home purchasing goals and communicate with them throughout the entire mortgage process,” continued Frank. The company’s customer-first attitude is a main factor in Paramount’s sustained operation over the past 40 years since 1970.
Frank cites his company’s corporate approach as what generates the repeat business that has fueled their growth. Frank adds that “Paramount has continued to expand nationwide since 2008 from St. Louis to Seattle, adding offices in Seattle, Chicago and Northern Idaho.
St. Louis Mortgage Rates – February 17, 2009 *
- 30-year fixed-rate mortgage 5.00% no points
- 15-year fixed-rate mortgage 4.25% no points
- 5/1 adjustable rate mortgage 3.75% no points
- 3/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.250%
- Jumbo 5/1 ARM 4.125% no points
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.
By Robert Fishel, on February 10th, 2010
There is time left for qualified buyers to take advantage of the 2009 First-Time Home Buyer’s $8,000 Tax Credit & Repeat Home Buyer’s $6,500 Tax Credit. Binding sales contract must be executed by April 30, 2010, the closing can be extended until June 30, 2010.
The newly expanded first-time homebuyer and repeat homebuyer tax credit was signed into law a few months ago, but many married, unmarried, or soon to be married tax filers, are confused about claiming these credits. Understandably so. There are numerous scenarios that can come up, e.g. “I am a long-time principal homeowner but my spouse has lived there for only 3 years. Can we qualify for the long-time homeowner’s credit if we purchase a new principal residence?” Marcy Stolle, Sr. Mortgage Banker at Paramount Mortgage Company recommends to her clients and prospects to “make sure” and consult with their tax professional or check with the IRS if they are not clear about their eligibility.
The IRS website is very helpful and addresses these questions and various scenarios.
There’s not much time left. If you are seriously considering a home purchase, April 1st is coming fast.
St. Louis Mortgage Rates – February 2, 2009 *
- 30-year fixed-rate mortgage 5.00% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.875% no points
- 3/1 adjustable rate mortgage 3.750% no points
- FHA/VA 30-year fixed rate mortgage 5.250%
- Jumbo 5/1 ARM 4.125% no points
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.
By Robert Fishel, on February 3rd, 2010
FHA loans gained in popularity for borrowers as applications for FHA-guaranteed mortgages exceeded an annual rate of 3 million in October; nearly triple the level in 2007. In 2006, when subprime and other Wall Street programs were at full speed, the annual rate for applications was less than 600,000.
As a result the Federal Housing Administration (FHA) Commissioner David Stevens recently announced a set of policy changes to strengthen the FHA’s capital reserves. The changes announced are the latest in a series of changes Stevens has enacted in order to better position the FHA to manage its risk while continuing to support the nation’s housing market recovery. The goal is to balance risk management and continue to provide affordable, responsible mortgage products.
Announced FHA loan Policy Changes:
- Mortgage insurance premium (MIP) will be increased to build up capital reserves and bring back private lending
- Update the combination of FICO scores and down payments for new borrowers. (tougher standards)
- Reduce allowable seller concessions from 6% to 3%
- Increase enforcement on FHA lenders
St. Louis Mortgage Rates – February 2, 2009 *
- 30-year fixed-rate mortgage 5.00% no points
- 15-year fixed-rate mortgage 4.375% no points
- 5/1 adjustable rate mortgage 3.875% no points
- 3/1 adjustable rate mortgage 3.750% no points
- Jumbo 5/1 ARM 4.125% no points
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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