What Is a Mortgage Preapproval? | How Much Will My Monthly Payment Be? | How Much Will My Down Payment Be? | How Long Does a Mortgage Preapproval Last? | What Is the Difference Between a Standard Preapproval and an Underwritten Preapproval?
If you are ready to purchase a home in Missouri, you’ll want to ensure that you are receiving the best possible rate. Your final rate will depend on a wide variety of factors, including your credit score, your down payment, your debt-to-income ratio, and your current level of income.
Get the best rates in Missouri by checking your credit report for any errors, and by making sure that all of your documentation is in order to be submitted to a professional mortgage lender for preapproval.
Here’s a quick look at current Missouri mortgage rates:
|Loan Program||Mortgage Rate||APR*||1 Day Change|
|Conventional 30 year fixed||6.687%||6.769%||-0.12%|
|Conventional 20 year fixed||6.396%||6.498%||Unchanged|
|Conventional 15 year fixed||5.994%||6.131%||-0.15%|
|Conventional 7 year ARM||7.208%||7.823%||Unchanged|
|Conventional 5 year ARM||7.166%||7.96%||-0.05%|
|VA 30 year fixed||5.909%||6.118%||+0.07%|
|VA 15 year fixed||5.859%||6.154%||-0.22%|
|VA 5 year ARM||6.125%||6.991%||+0.04%|
Ready to purchase in Missouri? This could be the perfect time to find your dream home in the Show Me State. Here’s what you need to know:
Where would you like to live? Missouri is called home by a total population of just over 6 million people, of which one in five live in the state’s five largest cities, which exclude the state capital of Jefferson City.
How much home can you afford? Missouri ranks 36th in US homes for sale at average price, and 26th for homes over $1,000,000. Getting preapproved can help you to stay within your budget when you are house hunting
If you are a first-time home buyer, you may be able to qualify for assistance through programs administered by the Missouri Housing Development Commission
MHDC First Place Loan Program Loans are available with or without a Cash Assistance Loan (CAL) to help with a down payment and closing costs. Non-CAL First Place loans have a lower interest rate than CAL First Place loans.
MHDC Next Step Program Loans provide affordable mortgages with or without the CAL down payment and closing cost assistance.
To qualify for these first-time home buyer programs in Missouri, you’ll need:
Looking to take advantage of favorable Missouri mortgage rates through refinancing? It is likely that you can do any of the following:
You may qualify for a streamlined refinance if you have a certain type of loan. Ask your lender for more information.
Use our free mortgage calculator tools to estimate your monthly mortgage payments based on your unique loan scenario. See how your monthly payment changes by making updates to your home price, down payment, interest rate, and loan term.
Wondering what your monthly mortgage payment might be? Plug in your data to get an instant mortgage payment estimate.
Military service can mean eligibility for a no-down payment mortgage. Find out if you qualify for a VA home loan.
Designed for first-time and low-income homebuyers, an FHA loan could put you on the path to home ownership fast.
Seeking to refinance? Find out how much you can save in interest over the term of your home loan by refinancing now.
Each step-by-step guide is designed to shepherd you through a process from start to finish. Know what to expect and how to proceed, no matter where you are in your home buying journey.