As the mortgage industry continues to adjust to new financial regulations, it is more important than ever to ensure that the financing of your new home goes smoothly. Your loan approval is subject to the financial information you provide at the time of your loan approval. Any subsequent changes in your financial situation before the actual date of closing could jeopardize your loan approval and delay your closing.
As part of Paramount Mortgage Company’s loan quality control, we undertake credit, income and employment verification checks immediately prior to your closing date. The entire Paramount Mortgage team wants your home purchase to be an enjoyable experience. By following the simple guidelines below, you are assured a smooth and error-free closing.
The Do’s
√ Do provide any documentation to your mortgage banker when requested in a timely manner.
√ Do keep making all financial obligations on-time (credit cards, car loans, etc.)
√ Do provide proof that your earnest money deposit has cleared your bank (cancelled check, bank statement).
√ Do set up your homeowner’s insurance and provide your mortgage banker with your insurance agent’s contact information.
√ Do notify your mortgage banker if there are any changes to your sales price and please notify him or her when you receive a closing date from the builder/seller.
√ Do ask questions and be informed.
√ Do be up front with your mortgage banker.
The Don’ts
√ Don’t apply, open or co-sign for any new credit lines or have your credit pulled unless you consult with your mortgage banker first.
√ Don’t make any large non-payroll deposits into your bank accounts unless you consult with your mortgage banker first.
√ Don’t quit or change jobs unless you consult with your mortgage banker first.
√ Don’t make any large cash advances/charges on your credit cards unless you consult with your mortgage banker first.
√ Don’t take it personally if you’re requested to provide additional information about your income or deposits. All information will be kept completely confidential.
√ Don’t bounce any checks or allow your checking/savings balance to have a negative balance.
St. Louis MORTGAGE INTEREST RATES for November 9, 2011:
- Conventional 30-Year Fixed 4.00%/ 4.190% APR
- Conventional 15-Year Fixed 3.375%/ 3.565% APR
- Conventional 5/1 ARM 2.750%/ 3.159% APR
- FHA/VA 30 Year Fixed 3.75%/ 3.960% APR
- Jumbo 5/1 ARM 2.875%/ 3.016% APR
- Jumbo 15 yr Fixed 3.625%/ 3.875% APR
- Jumbo 30 yr Fixed 4.875%/ 5.125% 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; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.
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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