Co-Signing for your childs loan; St. Louis Mortgage Rate Update

Paramount Mortgage Company - St Louis

As your kids grow up, you support them through their bumps and bruises, pay for their braces, school and much, much more.

Over the past few years, I have run into the issue of young adults not being able to qualify for a mortgage without a parent’s help.  So, the big question is:  should you offer to co-sign on your child’s loan?   Your kid may need something more than your money…

Consider the following when making your decision to co-sign on your kid’s mortgage…

Pretend you’re the lender

Ask the same question the lender will: Can your child afford this obligation?

Understand the risks

Creditors will come after you if your child fails to pay the bills.  The Credit Bureaus treat loan co-borrowers no differently than primary account holders; if the loan becomes delinquent or defaults,  your credit scores reflect the derogatory trade.

A co-signed loan is reported as outstanding debt on your credit, which could limit your ability to borrow if you are planning  to apply for credit soon or buy a new home.

St. Louis Mortgage Interest Rates – December 30,  2010

  • 30-year fixed-rate  4.875% no points
  • 15-year fixed-rate  4.250% no points
  • 5/1 adjustable rate 3.625% no points
  • FHA/VA 30-year fixed rate  4.875% no points
  • Jumbo 5/1 ARM 3.875% no points
  • Jumbo 15 year fixed-rate  4.625%  no points
  • Jumbo 30 year fixed-rate  5.875 % no points


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 or you can visit our company website at


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