Time needed to close a mortgage loan up by almost 25 percent; St Louis Mortgage Rate Update

“The time needed to close a mortgage loan has increased by almost 25 percent over the last year, from an average of 40 days to 49,” reports Mortgage News Daily, “and it was refinances that drove the change.”

While interest rates remain at all time lows, lenders are busy filling up their pipelines with refinances.  Realtors with purchase transactions could get squeezed trying to “break in line” with a lender to get their clients’ deals done. “That’s why it is important to select a lender who can close within a time-critical deadline,” offers Amber Schwartz, Processing Manager with Paramount Mortgage headquartered in St. Louis, Missouri.  

“Depending upon the type of loan, our average time to close a loan is much better than the reported national averages, as much as a week or more in some cases.  She attributes faster average closing times to having the ability to make credit decisions internally and having a processing, underwriting, and quality control workflow integrated “under one roof.”   Schwartz says this can make a big difference for Realtors’ clients with a scheduled moving day or other critical activity dependent upon meeting a closing date deadline.

St. Louis MORTGAGE INTEREST RATES for October 12, 2012:

  • Conventional 30-Year Fixed 3.250%/ 3.302% APR
  • Conventional 15-Year Fixed 2.625%/ 2.718% APR
  • Conventional 7/1 ARM 2.625%/ 3.332% APR
  • FHA/VA 30 Year Fixed 3.25%/ 3.302% APR
  • Jumbo 5/1 ARM  2.625%/ 2.426% APR
  • Jumbo 15 yr Fixed 3.000%/ 3.094% APR
  • Jumbo 30 yr Fixed 4.750%/ 4.844% 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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