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Today's Mortgage Rates in Missouri

Today’s mortgage and refinance rates plus current home buying and refinance advice for Missouri residents

Buying a home in Missouri

Ironically, Missouri (the "Show Me" state) doesn’t expect home sellers to show homebuyers much. Its real estate law is based on the "let the buyer beware" principle. So don’t expect any comprehensive disclosure forms. In some ways, this is good. It means those purchasing homes know they must investigate and satisfy themselves that they know what they’re buying. Many will want to commission a home inspection to get some reassurance from a professional. Slightly weirdly, Missouri state law does require a couple of disclosures. But only on certain highly restricted grounds. Sellers must tell buyers in writing if the property:
  1. Is now or ever has been used for the production of any methamphetamine
  2. Has ever been the site of a child endangerment episode involving physical injury
Other than that, you’re pretty much on your own. In these circumstances, there can be advantages to using a buyer’s agent. They may have legal or ethical duties to disclose to you anything pertinent known to him or her about the home or neighborhood. And a good agent might know a lot.

Refinancing a home in Missouri

Refinancing a home in Missouri is as easy (or hard) as it is in most of the United States. You willingly reach an agreement with a willing lender — and state law sees little need to intervene. One issue that seems to trouble Missourian lawyers more than those elsewhere concerns refinancing during a divorce. Often a judge will order a marital home to be sold, and the proceeds distributed fairly. But, sometimes, the order will let one party stay in residence on condition the other’s name is removed from the mortgage. However, a judge in these circumstances doesn’t have the power to make a lender remove a name from a mortgage. And few lenders will. So the only way to comply with the order is for one party to apply for a mortgage refinance in just one name. That may be fine. But divorces aren’t known for being cheap. And the party that wants to stay in the home may be under such financial strain they are unable to get a new loan. What then? Well, the home will have to be sold. But, during that process, both parties will retain their obligations under the original mortgage agreement they both signed. And that can create even more tensions.

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