Advice for consumers looking to purchase a home or refinance their mortgage; St. Louis mortgage interest rate update

Thinking of purchasing a home or refinancing a mortgage?  Here are some tips to help make the process smooth:

Know your current situation. Be aware of your credit history; your credit report may contain out of date, or inaccurate items. Carefully review your credit report and make a note of items that should be fixed. It takes time, but you can correct mistakes successfully with a written request to the individual credit bureaus. It is also a good idea to examine your monthly housing expenses to determine how comfortable you are with your budget without sacrificing important necessities.

Be sure to work with professionals and build a team (realtors, builders, mortgage bankers). This is an important exercise because professionals will work with your requirements and correlate that information to a proper sales price, loan amount and monthly payment. You may be surprised that you qualify for MORE on paper than what you thought about previously.   Communication is essential to any successful transaction

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

  • Conventional 30-Year Fixed 4.750%/ 5.125% APR
  • Conventional 15-Year Fixed 4.00%/ 4.10% APR
  • Conventional 5/1 ARM 3.500%/ 3.277% APR
  • FHA/VA 30 Year Fixed 4.750%/ 5.23% APR
  • Jumbo 5/1 ARM 3.375%/ 3.252% APR
  • Jumbo 15 yr Fixed 4.00%/ 4.29% APR
  • Jumbo 30 yr Fixed 5.125%/ 5.425% 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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