Should you get pre-qualified for a mortgage before buying a home?

Should you talk to you mortgage professional before house hunting?


Even if you haven’t so much as selected a Realtor®, it’s important to talk with your mortgage professional first. Why?

Given your unique credit and employment history, income and debt, and goals your mortgage banker will help you determine how much of a mortgage payment you can afford, how much you qualify for and determine if there are any obstacles that would prevent the potential borrower from completing a purchase.

The key question, especially for the first time homebuyer is “how much of a monthly payment can you afford or want to afford?”   In other words, understand your monthly budget and know what you are comfortable with.  In many cases, your mortgage professional will bring reality to the table.

Successful homeownership is a result of a well informed buyer.

St. Louis MORTGAGE INTEREST RATES for May 25, 2011:

  • Conventional 30-Year Fixed 4.750%/ 5.125% APR
  • Conventional 15-Year Fixed 4.000%/ 4.100% APR
  • Conventional 5/1 ARM 3.500%/ 3.277% APR
  • FHA/VA 30 Year Fixed 4.750%/ 5.319% APR
  • Jumbo 5/1 ARM 3.250%/ 3.232% APR
  • Jumbo 15 yr Fixed 3.875%/ 4.139% APR
  • Jumbo 30 yr Fixed 5.250%/ 5.625% APR

*The above mortgage rates are based upon an 80% LTV, o/o single family with FICO scores of 720.  Rates and Terms are subject to change.

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 or you can visit our company website at

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