>

St Louis Real Estate Search

Recent Articles

Six Important Steps on How to Buy a Home; St Louis Mortgage Watch

Paramount Mortgage Company - St Louis

STEP 1 Get pre-qualified for a loan:  talk with your mortgage banker.

Determine your “mortgage goals.”  Review your credit history and sources of income.  Do you have money set aside for a down payment?  Do you have an “ideal payment range” you would be comfortable with?   What are your expectations.

STEP 2 Select a Real Estate Agent

An experienced Realtor can greatly reduce home buying frustration, but how do you find one? Referrals from friends and family, neighbors, mortgage bankers, and other trusted sources can help you start a short list of prospects.  Ask questions; make sure the agent understands your wants and needs in a home.

STEP 3 House hunting

Get familiar with the areas in which you would like to purchase. Make a list of the home amenities you want, the price range you can afford, and the schools, churches, shopping, and recreation areas that are important to you. Be open to suggestions. Your realtor will have plenty of good ideas on where to look.

STEP 4 Negotiate your offer

Once you’ve found your dream home, your next step is to prepare a realistic offer. Your mortgage banker will help provide a pre-approval letter. Your Realtor will help you analyze comparable properties or “comps”

and decide on an appropriate offer to make.  Make sure you’ve prepared to receive a counter offer and how you might handle that request.

STEP 5 Prepare for the closing

Your Mortgage Banker will help finalize the loan documents and secure a property appraisal. You’ll need all of the appropriate home inspections including building inspection, Laclede Gas, termite and others. Contact your insurance agent for hazard insurance and finalize any paperwork for a homebuyer’s warranty if appropriate.

STEP 6 Closing

You’ll want to do a final walk through of the home before closing. The next steps include purchase of  title insurance, transference of the deed, closing the loan, and ultimately completing your home purchase.

St. Louis Mortgage Interest Rates – August 25, 2010

  • 30-year fixed-rate  4.250% no points
  • 15-year fixed-rate  3.750% no points
  • 5/1 adjustable rate 3.50% no points
  • FHA/VA 30-year fixed rate  4.375% no points
  • Jumbo 5/1 ARM 3.875% no points
  • Jumbo 15 year fixed-rate  4.375%

 

For more information or if you have questions on mortgage rates in St. Louis 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.

 

 


*Note- The above rates are based upon a typical sale price of $187,500 with a 20% percent down payment leaving a loan amount of $150,000 to a borrower with a 720 credit score for a loan with no discount points charged. Rates and terms will vary depending upon loan amount, home value, credit and income of borrower.

This information is provided by this author and this site for informative purposes only and is not warranted or guarteed in any way.

 

 

Print Friendly, PDF & Email

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>