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St Louis Real Estate Search

St. Louis Mortgage Rate Update; Jumping through hoops to get a mortgage

A common complaint that consumers have regarding today’s mortgage loan origination process has to do with all of the hoops they have to jump through in order to get a loan.

Personally, as a loan officer, I try to be as thorough as possible going into the application to avoid “the last minute chase” for additional documentation. I will be the first to admit, I am not perfect. Best intentions. After each deal is closed, I review the loan and how the process went; did I prepare and ask my clients for all that the documentation needed. Did I take a good loan application?

Keep in mind, the lender is not only concerned with your Debt to Income ratio, Loan to Value, employment history for the last 2 years, etc., but also: How are you paid; are you self employed? Are there recent inquiries on your credit report, have you taken on new debt before or during the application process. Do you have any lates, are you disputing any accounts? Where is the money for down payment/closing costs coming from…are there any large deposits in your checking/savings account? Every borrower is different and we may ask for additional documentation during the application process specific to the mortgage program.

In a recent press release, the chairman and chief executive of a major lender commented, “Since mortgage lending is such a highly-regulated industry, lenders are tightly boxed-in with ‘yes’ or ‘no’ decisions for funding a mortgage.”

My best advice to my clients for a smooth transaction is being prepared and responsive.

St. Louis MORTGAGE INTEREST RATES for June 6, 2012:

  • Conventional 30-Year Fixed 3.875%/ 4.050% APR
  • Conventional 15-Year Fixed 3.00%/ 3.182% APR
  • Conventional 5/1 ARM 2.375%/ 2.644% APR
  • FHA/VA 30 Year Fixed 3.750%/ 3.991% APR
  • Jumbo 5/1 ARM 2.875%/ 3.66% APR
  • Jumbo 15 yr Fixed 3.375%/ 3.630% APR
  • Jumbo 30 yr Fixed 4.750%/ 5.010% 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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