St. Louis Mortgage Interest Rates Update;   Buying a home with less-than-perfect credit

With the challenging economy we’ve faced over the past few years, not everyone has perfect credit. People have been putting more of their debt on credit cards, which in turn affects your credit rating. If you have less than perfect credit, you can make it better with a little effort on paying down your cards.

Credit Scores and Risk

Risk is a very important factor when it comes to deciding whether or not to lend money.

Lenders look at your credit history and credit scores to see how you’ve handled prior and current credit accounts. Basically, it comes down to whether the borrower can be trusted to pay your mortgage.

If lenders see a history of missed/late payments or default/collection accounts on your credit report, your credit scores will be lower as a result and the borrower will be judged to be a higher risk. The more recent the derogatory trade, the more impact it has on the credit score. Be sure to pay your obligations on time.

Pay Down Line Credit Balances

One common issue that many people face today is carrying high credit card balances. More and more people have relied on credit cards to help pay for the basics. Credit card balances can climb over time and as a result, carrying high credit card balances relative to the credit card limits will make a negative impact on your score. Pay down your high credit balances.

For example, if you have a credit card that has a limit of $1000, and you are currently carrying an $800 balance, your credit scores will be negatively affected due to the high debt to limit ratio. Paying down your credit card balances will have a positive impact on your scores.

Are you a good risk? Will you repay your home loan? Your credit history is a major indicator for the lender when making a lending decision.

St. Louis MORTGAGE INTEREST RATES for November 2,2011:

  • Conventional 30-Year Fixed 4.00%/ 4.199% APR
  • Conventional 15-Year Fixed 3.50%/ 3.699% APR
  • Conventional 5/1 ARM 2.750%/ 3.159% APR
  • FHA/VA 30 Year Fixed 4.0%/ 4.425% APR
  • Jumbo 5/1 ARM 2.875%/ 3.10% APR
  • Jumbo 15 yr Fixed 3.5%/ 3.75% 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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