St Louis Mortgage Rate Update; Don’t be afraid of new home loan rules

After the problems we have seen over the past few of years in the real estate, mortgage and banking industries, it is not surprising we have seen significant changes brought about which makes it more challenging for a home-buyer to obtain a mortgage. Some of the changes borrowers 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 about 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. A couple of examples would include sourcing “large” deposits and identifying any and all credit inquires for the 120 days.
  • “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. Just before closing, the lender will update and review your credit to make sure no new accounts were opened or significant changes were made since application; the lender will also contact your employer to make sure your employment situation and compensation have not changed since the verification was complete.
  • 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. Lenders are required not only to obtain a copy of your tax returns for the past two years (in some cases 3 years) directly from the IRS.
  • 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 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….

St. Louis MORTGAGE INTEREST RATES for November 30, 2011:

  • Conventional 30-Year Fixed 4.125%/ 4.320% APR
  • Conventional 15-Year Fixed 3.375%/ 3.565% APR
  • Conventional 5/1 ARM 2.750%/ 3.159% APR
  • FHA/VA 30 Year Fixed 3.875%/ 4.090% APR
  • Jumbo 5/1 ARM 2.875%/ 3.016% APR
  • Jumbo 15 yr Fixed 3.500%/ 3.760% APR
  • Jumbo 30 yr Fixed 4.750%/ 5.020% 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 celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website: www.paramountmortgage.com

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.

Print Friendly, PDF & Email

57 comments to St Louis Mortgage Rate Update; Don’t be afraid of new home loan rules

  • Thanks for every other informative blog. The place else may I am getting that type of information written in such a perfect method? I’ve a project that I’m just now running on, and I’ve been on the look out for such info.

  • With havin so much written content do you ever run into any problems of plagorism or copyright violation? My website has a lot of unique content I’ve either authored myself or outsourced but it appears a lot of it is popping it up all over the web without my agreement. Do you know any ways to help reduce content from being ripped off? I’d certainly appreciate it.|

  • Very good blog! Do you have any recommendations for aspiring writers? I’m hoping to start my own site soon but I’m a little lost on everything. Would you advise starting with a free platform like WordPress or go for a paid option? There are so many options out there that I’m completely overwhelmed .. Any suggestions? Appreciate it!|

  • You could definitely see your skills in the article you write. The arena hopes for more passionate writers such as you who are not afraid to say how they believe. Always go after your heart.|

  • Hi there to all, it’s genuinely a pleasant for me to go to see this web site, it includes valuable Information.|

  • Excellent post. I was checking constantly this weblog and I’m impressed! Extremely helpful info specifically the ultimate part :) I deal with such information a lot. I was looking for this particular info for a very lengthy time. Thanks and good luck. |

  • Howdy I am so delighted I found your webpage, I really found you by mistake, while I was researching on Aol for something else, Anyways I am here now and would just like to say kudos for a marvelous post and a all round entertaining blog (I also love the theme/design), I don’t have time to read through it all at the minute but I have book-marked it and also added in your RSS feeds, so when I have time I will be back to read a great deal more, Please do keep up the great jo.|

  • Hi there would you mind stating which blog platform you’re using? I’m going to start my own blog soon but I’m having a hard time selecting between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design and style seems different then most blogs and I’m looking for something completely unique. P.S Apologies for being off-topic but I had to ask!|

  • Actually when someone doesn’t understand after that its up to other users that they will assist, so here it takes place.|

  • Its like you learn my thoughts! You appear to understand a lot approximately this, like you wrote the e book in it or something. I feel that you can do with a few to power the message house a bit, however other than that, this is wonderful blog. A great read. I will definitely be back.|

  • I’m curious to find out what blog platform you are utilizing? I’m having some small security problems with my latest site and I would like to find something more risk-free. Do you have any suggestions?|

  • Thanks for the auspicious writeup. It in truth was a enjoyment account it. Glance complicated to far brought agreeable from you! However, how could we keep in touch?|

  • Thank you for the auspicious writeup. It in fact was a amusement account it. Look advanced to more added agreeable from you! By the way, how can we communicate?

  • I don’t know if it’s just me or if everybody else experiencing problems with your website. It appears like some of the written text within your content are running off the screen. Can somebody else please comment and let me know if this is happening to them as well? This could be a issue with my internet browser because I’ve had this happen before. Thanks|

  • Does your website have a contact page? I’m having a tough time locating it but, I’d like to shoot you an e-mail. I’ve got some ideas for your blog you might be interested in hearing. Either way, great blog and I look forward to seeing it grow over time.|

  • It is actually a great and helpful piece of information. I’m glad that you shared this useful info with us. Please stay us informed like this. Thanks for sharing.|

  • I read this paragraph fully on the topic of the difference of most recent and previous technologies, it’s amazing article.|

  • Have you ever thought about creating an ebook or guest authoring on other websites? I have a blog centered on the same ideas you discuss and would really like to have you share some stories/information. I know my visitors would value your work. If you are even remotely interested, feel free to send me an e-mail.|

  • You made some decent points there. I looked on the web for additional information about the issue and found most individuals will go along with your views on this web site.|

  • Woh I like your posts, saved to favorites! .

  • My brother recommended I might like this website. He was entirely right. This post truly made my day. You cann’t imagine simply how much time I had spent for this info! Thanks!|

  • Hi there! This is my first visit to your blog! We are a collection of volunteers and starting a new project in a community in the same niche. Your blog provided us useful information to work on. You have done a outstanding job!|

  • Hi! Do you know if they make any plugins to protect against hackers? I’m kinda paranoid about losing everything I’ve worked hard on. Any suggestions?|

  • My brother recommended I might like this web site. He was entirely right. This post truly made my day. You can not imagine simply how much time I had spent for this information! Thanks!|

  • Hiya, I am really glad I’ve found this information. Today bloggers publish only about gossips and web and this is really irritating. A good web site with interesting content, this is what I need. Thank you for keeping this web site, I’ll be visiting it. Do you do newsletters? Cant find it.

  • Magnificent beat ! I would like to apprentice while you amend your website, how can i subscribe for a blog web site? The account aided me a acceptable deal. I had been tiny bit acquainted of this your broadcast provided bright clear concept|

  • Hi, i think that i noticed you visited my web site so i came to go back the choose?.I am trying to find issues to improve my web site!I guess its ok to use some of your ideas!!|

  • I very like this blog. Everything is cleared.

  • Woh I love your content, saved to fav! .

  • I’m really loving the theme/design of your website. Do you ever run into any web browser compatibility issues? A number of my blog visitors have complained about my website not operating correctly in Explorer but looks great in Safari. Do you have any suggestions to help fix this problem?|

  • … [Trackback]

    […] Find More Information here to that Topic: stlouisrealestatenews.com/interest-rates-financing/st-louis-interest-rates/st-louis-mortgage-rate-updatedont-be-afraid-of-new-home-loan-rules/ […]

  • I like the helpful information you provide in your articles. I’ll bookmark your blog and check again here frequently. I am quite certain I’ll learn many new stuff right here! Best of luck for the next!|

  • Having read this I thought it was really enlightening. I appreciate you spending some time and energy to put this informative article together. I once again find myself personally spending a significant amount of time both reading and posting comments. But so what, it was still worthwhile!|

  • Hi there superb website! Does running a blog similar to this require a massive amount work? I have virtually no understanding of programming however I had been hoping to start my own blog in the near future. Anyway, if you have any recommendations or tips for new blog owners please share. I know this is off subject but I just had to ask. Appreciate it!|

  • Excellent post. I’m going through some of these issues as well..|

  • You made some nice points there. I looked on the internet for the subject matter and found most persons will approve with your blog.

  • Hello would you mind sharing which blog platform you’re using? I’m going to start my own blog soon but I’m having a tough time making a decision between BlogEngine/Wordpress/B2evolution and Drupal. The reason I ask is because your design seems different then most blogs and I’m looking for something completely unique. P.S Sorry for being off-topic but I had to ask!

  • Nice post. I learn something new and challenging on websites I stumbleupon everyday. It’s always exciting to read through articles from other writers and practice something from their websites.

  • It’s truly a great and useful piece of information. I am happy that you shared this helpful info with us. Please stay us up to date like this. Thank you for sharing.|

  • Nice blog here! Also your web site so much up very fast! What host are you the usage of? Can I am getting your associate hyperlink on your host? I wish my website loaded up as quickly as yours lol|

  • Hello there! I simply wish to give you a huge thumbs up for your great information you have got right here on this post. I am coming back to your blog for more soon.|

  • I blog quite often and I really thank you for your content. This article has really peaked my interest. I will bookmark your website and keep checking for new details about once a week. I subscribed to your RSS feed as well.|

  • Hi to every body, it’s my first visit of this blog; this website includes awesome and really good information designed for visitors.|

  • Good day! I know this is kinda off topic nevertheless I’d figured I’d ask. Would you be interested in exchanging links or maybe guest authoring a blog article or vice-versa? My site addresses a lot of the same subjects as yours and I believe we could greatly benefit from each other. If you might be interested feel free to shoot me an email. I look forward to hearing from you! Great blog by the way!|

  • Have you ever thought about adding a little bit more than just your articles? I mean, what you say is fundamental and everything. Nevertheless imagine if you added some great images or videos to give your posts more, “pop”! Your content is excellent but with images and video clips, this blog could certainly be one of the very best in its field. Amazing blog!|

  • There are some fascinating cut-off dates in this article however I don’t know if I see all of them heart to heart. There may be some validity but I will take hold opinion till I look into it further. Good article , thanks and we wish more! Added to FeedBurner as well

  • excellent issues altogether, you simply won a new reader. What may you suggest in regards to your put up that you made a few days in the past? Any sure?

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>