St Louis Mortgage Interest Rate Update; First-Time Homebuyer Mistakes

Not knowing what you can afford – What the lender says you can afford and what you know you can afford may not necessarily be the same. Looking at homes that are outside your price range can put you in the dangerous position of trying to stretch beyond your financial means. Be sure to consider all of your monthly expenses when budgeting for your anticipated mortgage payment.

Additional expenses – As a homeowner you’ll have additional expenses on top of your monthly payment. Property taxes and homeowners insurance are typically considered in your monthly mortgage payment, however asscoiation fees, maintenance and/or repairs should also be considered.

Neglecting to inspect – Keep your feelings in check until you have an inspection and get a full picture of the house’s physical condition and the soundness of your potential investment. This will help you avoid making a serious financial mistake.

Being too picky – Go ahead and put everything you can think of on your wish list, but don’t be inflexible if you don’t get everything. You may have to live on a busy street, accept outdated decor, make some repairs to the home or forgo that extra bedroom if your funds are limited.

St. Louis MORTGAGE INTEREST RATES for October 19, 2011:

  • Conventional 30-Year Fixed 4.25%/ 4.449% APR
  • Conventional 15-Year Fixed 3.50%/ 3.699% APR
  • Conventional 5/1 ARM 2.750%/ 3.159% APR
  • FHA/VA 30 Year Fixed 4.125%/ 4.525% APR
  • Jumbo 5/1 ARM 3.125%/ 3.266% APR
  • Jumbo 15 yr Fixed 3.625%/ 3.875% APR
  • Jumbo 30 yr Fixed 4.875%/ 5.125% APR

*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.

Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at rfishel@paramountmortgage.com or you can visit our company website at http://www.paramountmortgage.com.

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