Getting the Best Mortgage Rates in Missouri (10-15-30-Year Fixed, 5/1, 7/1 ARM)

The median down payment on a new home is currently at its highest since 2014, according to World Property Journal.

Today, the median down payment for a single-family home or condo is $18,850, or 7.3 percent of the total median price of all homes purchased.

With rising down payment costs, finding an affordable and manageable mortgage rate is becoming even more important for new homeowners.

For those planning on refinance or buying a home in St. Louis, Kansas City, Springfield, Jefferson City, Saint Charles, Independence, Branson, Ozark, or any other city in Missouri, finding the best MO mortgage rates is crucial.

It’s no secret that a Missouri mortgage represents a long-term commitment, and having access to great Missouri mortgage rates can do wonders to set new homeowners up for financial success and stability down the road.

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Key Requirements for Buying a House in Missouri

Before you apply for a Missouri mortgage in St. Louis, Saint Charles, Ozark, Springfield, or Kansas City, you’ll want to ensure that you complete the below list of requirements.

  • Get your down payment ready (~20% of the loan amount)
  • Maintain good to excellent credit
  • Save some extra funds for your closing cost
  • Maintain a low debt balance
  • Demonstrate sufficient income
  • Gather your financial documents
  • Get a home appraisal on the home

You will also want to weigh your options between Missouri mortgages to make sure that you are getting the best Missouri mortgage product for you.

This means comparing current mortgage rates in Missouri for conventional mortgage loans (10, 15, 20, or 30-year increments) or an adjustable rate mortgage (5/1, 3/1, 7/1 ARM).

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Tips for Finding the Best Missouri Mortgage Rates

Finding the best mortgage rates in Missouri won’t happen immediately—it will take a little bit of time and research to get the best Missouri mortgage rate for you.

Consider using the tips below to find the best possible mortgage rates in Missouri.

Boost Your Credit Score

It’s a simple fact of any loan—better credit scores equal better interest rates. Finding the best Missouri mortgage rates will be influenced by your credit, so boosting your credit score is a great start.

According to myFICO, refinancing with a credit range of 760-850 can make borrowers eligible for rates of 3.5 percent.

Compare that to 5.1 percent rates for credit scores between 620-639, and borrowers could potentially be looking at savings of 1.5 percent or more.

Even if your credit score only jumps a few points, you’ll be in a much better position to get great MO mortgage rates when your credit score improves.

Save Up for a Down Payment

Putting aside extra cash for a large down payment certainly isn’t fun, but it’s a great way to boost your chances of getting a lower Missouri mortgage rate. According to Bankrate, most Missouri mortgages require a payment of at least 3 percent.

Aside from getting a better interest rate, the size of your down payment can also determine whether you will pay additional fees or purchase mortgage insurance.

Although Missouri mortgage lenders may have low minimums, the best way to save money over the long-term is to put 20 percent down.

Compare Prices

Shopping for Missouri mortgage rates can be tedious, but comparing your options from multiple lenders is the best way to ensure that you get the lowest possible MO mortgage rates.

If you’re working with a local real estate agent or bank, be sure to check MO mortgage rates online before making a commitment. This is especially true if you are a first-time home buyer, since many Missouri mortgages provide special rates and terms for new homeowners.

missouri mortgage rate

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Conclusion – Finding a Top Mortgage Loan for a Home in Missouri

When searching for the best Missouri mortgage rate for you, there are a few additional pieces of information to keep in mind.

If you have a good, great, or excellent credit history and you are seeking a Missouri mortgage rate for a loan totaling over $424,100, some Missouri mortgage lenders may be able to provide different terms.

For this reason, it’s important to confirm any Missouri mortgage rates and terms for specific amounts before making a commitment.

Additionally, it’s also important to keep in mind that APR and payment info does not include state-specific taxes or required insurance premiums.

As such, you should expect that your monthly Missouri mortgage payment will be greater when taxes and insurance products are added.

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