The Truth About Assumable Mortgages: The Down Payment Dilemma
When you’re buying a home in St. Louis, you may hear about assumable mortgages as a way to save money, especially with today’s rising interest rates. At first glance, they sound like a dream solution: take over a seller’s existing low-rate mortgage rather than securing a new loan at a higher rate.
But while assumab…
Considering Buying a Home in St. Louis? Here’s What You Should Know About Mortgage Points
If you’re thinking about purchasing a home in St. Louis, you’re probably aware that mortgage rates are much higher now compared to the historically low rates of the last decade. While today’s 7% rates are slightly better than last year’s peaks, they’re still far from the 3% or 4% mortgages…
As a St. Louis mortgage broker, I’ve seen mortgage rates continue to trend downward, despite recent fluctuations. Just a few weeks ago, we were on the verge of seeing rates dip below 6%, especially after the Federal Reserve announced a rate cut. However, a hotter-than-expected jobs report pushed the 30-year fixed rate mortgage back up to around 6.5%, and we’ve seen rates climb closer…