St. Louis Mortgage Rate Update; What income is required for a mortgage?

What income is required to qualify for a mortgage? That largely depends on your monthly debt payments and the current interest rate. This calculator collects these important variables and determines your required income to qualify for your desired mortgage amount.(click here)


Mortgage interest rates have fallen this year to historical lows and with them so have the costs of home ownership. Regardless of a borrower’s loan amount, bargain-basement interest rates have brought a home buyer’s monthly mortgage payment down to levels never seen in history.


For any home buyer considering the purchase of a home, mortgage financing is the largest part of their “total cost of home ownership.”


Typically, when I start a conversation with a prospective borrower, I ask the point blank question: “What size mortgage payment do you think you can (or want) to afford? “  I have found out over the years, it’ is one thing to qualify a buyer on paper and it is another thing to qualify the buyer according to their lifestyle and budget.    A good starting point is to test drive the link to the mortgage calculator.


 St. Louis MORTGAGE INTEREST RATES for January 18, 2012:


  • Conventional 30-Year Fixed 4.00%/ 4.190% APR
  • Conventional 15-Year Fixed 3.375%/ 3.565% APR
  • Conventional 5/1 ARM 2.500%/ 3.159% APR
  • FHA/VA 30 Year Fixed 3.875%/ 4.085% APR
  • Jumbo 5/1 ARM 2.75%/ 3.01% APR
  • Jumbo 15 yr Fixed 3.625%/ 3.875% APR
  • Jumbo 30 yr Fixed 4.875%/ 5.125% APR
<h5><a href=””><img class=”size-thumbnail wp-image-448 alignright” title=”Paramount Mortgage Company – St Louis” src=”×119.jpg” alt=”Paramount Mortgage Company – St Louis” width=”139″ height=”113″ /></a></h5><p>First-time home buyers comprised an unprecedented 47 percent of the market last year according to a recently published report by the National Association of Realtors (NAR). <br /> <br />NAR’s report, 2009 Profile of Home Buyers and Sellers, points to the federal tax credit and the historic affordability of housing as the most likely reasons first-time buyers scored so high in sales.<br /> <br />According to NAR, housing economists predict that “2010 will be an even bigger year for first-timers.” Who are these people, and what do they want?<br /> <br /><strong>Most are married</strong> – Forty-nine percent are a married couple. Single females comprise a quarter of first-time buyers. Single males account for just 12 percent.<br /> <br /><strong>They’re young</strong> – More than half (53 percent), are between the ages of 24 and 34. Twelve percent are younger than 24.<br /> <br /><strong>They’re diverse</strong> – Twenty-two percent are part of a minority group, compared with 13 percent of repeat buyers. Six percent speak a language other than English. Twelve percent were not born in the United States.<br /> <br /><strong>They like the suburbs</strong> – Even though 22 percent purchase in an urban area, the suburbs continue to be the most popular locale, with 52 percent buying there. The third most popular spot is a small town. <br /> <br /><strong>They make their own time</strong> – First-time buyers take an average of 12 weeks to find their home, compared with 10 weeks for repeat buyers.<br /> <br /><strong>They’re not afraid of foreclosures</strong> – Eleven percent of first-timers bought a home in foreclosure and 56 percent considered it. Only 9 percent of repeat buyers bought a foreclosure, and just 41 percent considered it.<br /> <br /><strong>They’re most likely to use a referral</strong> – Fifty-three percent found their agent through a referral, compared with 36 percent of repeat buyers, many of whom sought the services of their previous agent. <br /> <br />More than 9,000 consumers who recently completed a home buying transaction were surveyed by the National Association of Realtors last year to compile the 2009 Profile of Home Buyers and Sellers report.</p><p><strong>St. Louis Mortgage Interest Rates – April 14, 2010</strong> *</p><ul><li><strong>30-year fixed-rate mortgage 5.125% no points </strong></li><li><strong>15-year fixed-rate mortgage 4.375% no points </strong></li><li><strong>5/1 adjustable rate mortgage 3.750% no points </strong></li><li><strong>FHA/VA 30-year fixed rate mortgage 5.25% </strong></li><li><strong>Jumbo 5/1 ARM 4.25% no points</strong></li><li><strong>Jumbo 15 year fixed rate mortgage 4.875%</strong></li></ul><p><strong></strong>For more information or if you have questions on mortgage rates in <strong>St. Louis</strong> you may contact me by <span style=”COLOR: #000000″>phone at my direct line, (314) 372-4319, email at <a href=””></a> or you can visit our company website at <a href=””></a>.</span></p><p><hr /><p><sub>*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.</sub></p><p><sub>This information is provided by this author and this site for informative purposes only and is not warranted or guarteed in any way.</sub></p></p>

*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:

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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