Today’s Interest Rates:
St. Louis mortgage rates for today, December 5, 2012 are:
FHA Mortgage Rate (Loan Maximum $281,250):
- 30 year Fixed Rate – 3.25% ($4.35 per $1000 borrowed, APR 4.03%)
Conventional Conforming (Loan Maximum $417,000):
- 30 year Fixed Rate – 3.25% ($4.35 per $1000 borrowed, APR 3.331%)
- 15 year Fixed Rate – 2.75% ($6.79 per $1000 borrowed, APR 2.81%)
Jumbo Conventional (Loans Above $417,000):
- 30 year Fixed Rate – 4.125% ($4.85 per $1000 borrowed, APR 4.144%)
- 15 year Fixed Rate – 3.5% ($7.15 per $1000 borrowed, APR 3.536%)
Check back each Wednesday for our weekly updated rates, or subscribe to have the rates delivered each week to your in-box!
Rates are supplied by Christine Menker-Wilson of Realty Mortgage Group. Your interest rate will vary depending on a number of items including the down payment amount, points, credit scores, type of property and the length of time between rate lock-in and closing. FHA loan maximums vary by county. The maximum of $281,250 applies to St. Louis City, St. Louis County and St. Charles County. Quoted rates do not include taxes, homeowner’s insurance or mortgage insurance. To find out what your interest rate would be, contact Christine at 314-229-7802.
How Much Will Your Monthly Payment Be?
Your monthly mortgage payment consists of principal and interest paid to your lender, real estate taxes and homeowner’s insurance. Your payment may also include PMI (private mortgage insurance) which is paid to the lender if your down payment is less than 20% of the purchase price. If you purchase a condo or a property in a building that shares walls with other units, you will normally pay a monthly fee to the association.
Use the figures listed in the rates section above to determine how much you will pay in principal and interest.
For example, if you get a 30 year fixed rate mortgage at 3.25%, you will be paying $4.35 for every $1,000 borrowed. If you have a $100,000 loan, then the principal and interest each month would be $435 ($4.35 x 100).
You can estimate the monthly real estate taxes by looking at the tax records to see how much was paid last year. While your property assessment and tax bill may go up or down each year, the prior year’s taxes is a good estimate for planning purposes. You can find the most accurate tax information for St. Louis on the local government websites:
When you purchase a home, there are fees that you pay at the closing table in addition to the price of the property. Closing costs may include fees paid to the lender and title company, recording costs, pre-paid interest and homeowner’s insurance, buyer inspections and surveys.
Many buyers find that coming up with the cash for the closing costs in addition to the down payment is challenging. One solution is to have the seller pay for the closing costs. Normally the seller will expect a higher purchase price to compensate for a closing cost credit. For example, most sellers will not care whether they get a sale price of $200,000 with no seller paid closings costs or if they get a sale price of $204,000 with $4,000 in seller paid closing costs. Either way, the seller ends up with the same amount of money.
Another solution is to get your loan through Realty Mortgage Group. They offer a special program which gives buyers a rebate which can cover a portion or all of the closing costs. By using Realty Mortgage Group, you can avoid having to ask the seller to pay for the closing costs…thus you can get your closing costs covered without having to increase the purchase price of the home.
Down Payment Requirements:
The minimum down payment for a home purchase mortgage varies depending on the type of loan, if the property is a primary residence or investment property, and the type of property (single family home, condo, multi-family, etc).
For single family homes and many condos, the minimum down payment is 3.5% for an FHA loan and 5% for a conventional loan. Other condos require 10% for the down payment. Investment properties usually require at least 25% down.
While the seller is allowed to cover the buyer’s closing costs, the seller MAY NOT pay for any portion of the down payment. These funds must come form the buyers personal savings, eligible relatives or one of the special programs designed to help buyers with down payment assistance.
Down payment assistance programs are available for many properties in the metro St. Louis area.
Arch City Homes offers a customized home search which will email you every available home for sale. Our search will let you know which down payment assistance programs can offer help for each property, or if a property is not eligible for any programs. We can customize your search using just about any criteria you can think of so you get just the homes that work for you!
Call or email today to start receiving Arch City Homes listings by email.
DISCLAIMER: Arch City Homes is NOT a lender and is providing this information for informational purposes only. Arch City Homes does not receive any compensation for referring clients to Realty Mortgage Group or publishing this post. This article 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.