Get pre-qualified for a loan: talk with your mortgage banker.
- Determine your “mortgage goals.” What are your expectations? If everything falls into place, what mortgage payment “range” you would be comfortable with? Review your credit history and sources of income. How much money are you willing to commit to buying a home; do you have money set aside for a down payment? Will you get a gift from a family member?
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 and make sure that you only entrust your home purchase to a professional St Louis REALTOR.
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.
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-qualification 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.
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.
Closing
- Typically, you will to do a final walk through of the home before closing. The next steps include purchase of title insurance, transferring the deed, closing the loan, and ultimately completing your home purchase.
St. Louis MORTGAGE INTEREST RATES for November 14, 2012:
- · Conventional 30-Year Fixed 3.500%/ 3.777% APR
- · Conventional 15-Year Fixed 3.000%/ 3.097% APR
- · Conventional 7/1 ARM 2.625%/ 3.332% APR
- · FHA/VA 30 Year Fixed 3.25%/4.160% APR
- · Jumbo 5/1 ARM 2.625%/ 2.426% APR
- · Jumbo 15 yr Fixed 3.000%/ 3.094% APR
- · Jumbo 30 yr Fixed 4.625%/ 4.719% 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 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: www.paramountmortgage.com
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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