by Kerby Claney
Vice President – Stifel Bank & Trust
314-317-6873
email
Interest rates have been at historically low rates for the last few months. In contrast to what is sometimes reported in the news, people with good or excellent credit and some equity in their homes have no problems refinancing their mortgage.
Buyers wanting to purchase a home will need a minimum of 3.5% of the purchase price for a down payment unless they qualify for a VA loan (100% financing).
The mortgage industry is currently not doing ARM loans, so they are keeping interest rates high to make these loans so unattractive that fixed rate loans are much more attractive. I’m able to offer lower rates on the 3 and 5 year ARM loans through in house Stifel portfolio loans. But, with 30 year fixed loan rates so much lower than ARMs, there is no reason to take on the higher risk that comes with ARM rates readjusting in the future.
Basically, everyone getting loans now are doing fixed rate loans. Nothing else makes any sense.
The interest rate you receive will vary depending on a number of items including the down payment amount, credit scores and the length of time between rate lock-in and closing. To discuss fees and what your interest rate would be for you, feel free to email or call me to discuss your individual situation.
All rates are based on zero point loans.
If you are in St. Louis, I’m happy to meet you wherever it is most convenient for you to discuss your financing needs.
Want to lower your closing fees? I’ll attend your loan closing and save you the title company loan processing fee.
I also serve clients needing mortgages and refinancing throughout the United States. Give me a call and we can talk about which mortgage product would be best for your individual situation.
Not sure if you should refinance? I’m happy to offer a free no-obligation consultation to help you decide if it makes sense for you to refinance.
*** This information is not intended to extend consumer credit as defined Section 226.2 of Regulation Z. Interest rates, program terms and conditions are subject to change without notice.
10936 Manchester Road St. Louis, MO, 63122 USA
admin@archcityhomes.com • 314-677-6538
Possibly Related Posts:
- Will Mortgage Rates Go Down?
- Mortgage Interest Rates at Historically Low Levels
- Refinancing Your Mortgage at Today’s Low Rates Can Save You Money
- Housing Market Opportunity for Buyers that Act Now
{ 4 comments… read them below or add one }
Does anyone know a good portfolio, or private money lender working with investors due to the 4 loan limit fannie guideline???
Wayne – I just put a message on a mailing list for investors. I’m guessing that we’ll get a few responses for you soon.
Karen, I can provide sources that handle greater than 4 Loans for Fannie Mae Guidelines.
I wanted to let you know that I am back from my serious Illness and Slippery Fall that kept me sidelined for over four months. I also wanted to let you know that I have set up a TEAM of people who can handle your Hard Money Needs if my Illness returns.
I learned you can’t be a One Man show and that you can’t rely on a few Money Sources.
Our TEAM provides Hard Money for Residential & Commercial Investor Projects PLUS Conventional Loans. We also have the REFI/Take Out Loans available at Good Rates/Terms.
We don’t rely on only ONE Source; therefore we have Multiple Private Lenders Locally as well as over a Dozen Residential & Commercial Lenders available Nationally. Our TEAM can send Scenarios & Final Projects to Multiple Sources and then the First or BEST Program is ready within 24-72 Hours (1 to 3 Business Days) for your choice.
We are Collateral Based as the first criteria with 65-70 LTV as our maximum After Repair Value. Our programs allows for the Better the Credit the Better the Rate and the Better your Investment (550 Min Credit Score to evaluate). Assets and Income Verification gives Better Rates than Stated Income which is available but it is your choice.
The TEAM will Response within 24 Hour to any Inquiries and our TEAM of R E Experts is ready to assist and build a Long-Term relationship for YOUR Success.
BILL KIEFER — 314/395-6462 Office — 314/363-8707 Cell — 866/627-6498 Fax
BillKieferHardMoney@yahoo.com — St. Louis, MO. MetroEast, IL & Nationally
Karen.
I invest in st louis city…north…i buy cheap but good properties.and rent them out,,,i was up to 14 buildings….
looking for short term invetors…
Floyd