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

A common complaint that consumers have regarding today’s mortgage loan origination process has to do with all of the hoops they have to jump through in order to get a loan.

Personally, as a loan officer, I try to be as thorough as possible going into the application as possible to avoid the last minute chase. After each deal closed, I review the process and question whether I prepared my clients for all that they needed to have or do in order to get the loan approved and closed. I will be the first to admit, I am not perfect.

Not only is the lender concerned with your Debt to Income ratio, Loan to Value, employment history for the last 2 years, but also: How are you paid; are you self employed? Have you reviewed your credit recently? Are you disputing any accounts? Do you have any recent credit inquiries? Have you taken on new debt before or during the home loan process? Where is the money for down payment/closing costs coming from…are there any large deposits in your checking/savings account?

In a recent press release, the chairman and chief executive of a major lender commented, “Since mortgage lending is such a highly-regulated industry, lenders are tightly boxed-in with ‘yes’ or ‘no’ decisions for funding a mortgage.”

My best advice to a smooth transaction is being prepared and responsive.

St. Louis MORTGAGE INTEREST RATES for OCTOBER 28, 2011:

  • Conventional 30-Year Fixed 4.25%/ 4.324% APR
  • Conventional 15-Year Fixed 3.625%/ 3.824% APR
  • Conventional 5/1 ARM 2.750%/ 1.625% APR
  • FHA/VA 30 Year Fixed 4.25%/ 4.675% APR
  • Jumbo 5/1 ARM 2.875%/ 3.035% 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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