Paramount Bank Review

Top10.com StaffByTop10.com StaffOct. 22, 2019

In a Nutshell

Paramount Bank is a solid financial institution that offers both private and business banking and mortgage loans to the general public. The company is an HUD-approved lender that provides a wide variety of financial products to better assist its clients, including jumbo programs, federal-backed loans, and conventional mortgages. With pre-approval, fast online pre-approval, and cool online tools, Paramount Bank really makes mortgages easier.

pros

  • Pre-approval
  • Lots of educational info available online
  • Strong financial institution

cons

  • Most information not available upfront
  • No rates available until after you apply

Paramount Bank Paramount Bank Visit Site

Paramount Bank at a Glance

Loan Types: Conventional loan programs, non-conforming loans, purchase, refinancing

Featured Loans: FHA loans, VA loans, 203k loans

Minimum Down Payment: 0% for VA loans, 3%-20% for conventional and FHA loans

Minimum Credit Score: Not published

Best For: Families looking to buy or refinance homes

Overview

As a pillar of the financial industry, Paramount Bank has been providing banking services for half a century. Today, the company is also an HUD-approved lender with Fannie Mae/Freddie Mac agency products aplenty. Paramount Bank is also delegated FHA/VA, FHA 203K, and USDA-approved. In short, this is a company that you can trust.

Paramount Bank offers a simple process: apply, upload documents, review loan details, and close. It’s simple, it’s fast, and it’s understandable.

Best For?

Paramount Bank is ideal for families who want a smooth and hassle-free home loan process. Paramount Bank has already provided 10,000+ home buyers with the funds to start their dream life, and that number continues to grow with each passing month. Families will find this company particularly pleasant to work with, offering a suite of mortgage loan options, friendly mortgage bankers, and the ability to work with nearly any type of property across the country.

Types of Loans

Paramount Bank has several mortgage products available to home buyers, whether it's your first home or a subsequent one. Depending on your situation, you can choose from these various loan options, including VA loans, FHA loans, USDA loans, jumbo loans, or conventional loans. If you need more money than the conventional loan requirements are allotted to give out, you can also take out a jumbo loan with Paramount Bank.

The beauty of Paramount Bank is that you will be sitting with a knowledgeable mortgage banker who knows most of what you need to know about the industry. So, you will be guided, advised, and helped through the process every step of the way by somebody who knows what they're talking about.

You’ll need to find out important details from your mortgage banker, including what type of credit score is required, what possible APR you can expect to get, how much of a down payment you’ll be asked to make, what the final loan terms will be, and what you need to be eligible for these loans. Such details are only disclosed once your situation is assessed by a banker.

  • Conventional loan programs
  • Non-conforming loans
  • FHA loans
  • VA loans
  • 203k loans

The Application Process

Paramount Bank makes it easy to apply by assigning a dedicated mortgage banker to work with you directly. Here’s how it works:

  1. Fill out the basic online form to get things started.
  2. Next, you’ll sit with your loan originator (this is generally a face-to-face meeting) to start the application process. Here’s where you’ll ask your advisor everything you want to know about getting a mortgage loan.
  3. After this meeting, you’ll receive a good-faith estimate with an approximate view of what types of terms you can expect to receive.
  4. Now, the application needs to be processed by Paramount Bank. If there is any information missing, a mortgage banker will contact you directly to get the missing documents. Underwriting is also done during this stage of the process.
  5. You will receive a full loan offering. You can take your time reviewing it and deciding if it's the best option for you.
  6. Closing time. A loan closer will help you finalize details, sign documents, and set up the transfer.
  7. The nationally-recognized lending institution will supply the funds for your loan.

Paramount Bank also recommends that you follow these tips for faster closing:

  • Have everything ready when you apply.
  • Don’t leave parts of the application blank.
  • Explain any credit issues that show up on your report.
  • Get your home appraised.

Documentation required may include:

  • Federal tax returns (last two years)
  • Ownership interest in any partnership, LLC, or s-corp
  • W2s (last two years)
  • Pay stubs (30 days)
  • Bank statements
  • Copy of homeowners’ insurance policy
  • Bankruptcy records from the last seven years
  • Alimony, child support, or other court-ordered payments statements
  • Gift fund documentation
  • Mortgage statements (for refinancing)
  • Signed sales contract

Rates and Fees – The Bare Basics

Unfortunately, Paramount Bank does not publish any rates on the website. The reason is that it needs to assess your financial situation, loan requirements, and creditworthiness in order to determine your rates.

Paramount Bank explains all of the rates and fees clearly on the website, though. You can learn the differences between interest rates and APRs, as well as what factors affect your final rate quote. There are also settlement costs to consider. These may include origination, application, and appraisal fees, local and state charges, and transference of ownership fees. Paramount Bank does not disclose how much it charges for these fees.

Repayment Terms

Paramount Bank also does not publish any specifics in terms of APRs and repayment terms. Generally speaking, most mortgage lenders offer a range of repayment options, including 10, 15, 25, and 30-year terms. Specific repayment terms will apply to your loan on a client to client basis.

Help & Support

Paramount Bank has helpful customer support to answer all of your questions. You can reach someone via telephone or email using the below information. What’s more, Paramount Bank provides each applicant with a dedicated mortgage banker. So, you have someone to ask all of your questions directly.

Summary

Paramount Bank leaves a lot to the imagination. There are no rates, repayment terms, requirements, and eligibility parameters published, which makes it hard to see if this is the best option for you. That being said, thousands of customers have left positive reviews of their experiences with Paramount Bank, making it seem worthwhile to make that call.

Paramount Bank has a fast turnaround time, dedicated account managers, and friendly customer service as well.

Paramount Bank Paramount Bank Visit Site

Paramount Bank FAQ

Q: The mortgage banker wants to pull my credit before we’ve even started. Is that ok?

A: No. Never authorize to have your credit pulled until you are well within the loan process.

Q: I have poor credit. Will I be able to get a loan?

A: Yes. Various lenders have different credit score requirements, but Paramount Bank will work with even poor credit holders. You may receive a higher interest rate quote to offset the risk factor, but you can still get approved for your loan.

Q: Do I need to purchase flood insurance?

A: If you are purchasing a property that is currently in a flood zone, you may be required to purchase this insurance. Ask your mortgage banker directly if your home applies.

Q: Why would I want to refinance my home?

A: Refinancing your home is a good option if you want to get cash out of its equity, consolidate other debt, or lower your monthly payments or interest rates.

Physical Address

90 Village Square Shopping Center

Hazelwood, Missouri 63042

Top10.com StaffByTop10.com StaffJun. 23, 2019
Our editorial staff is comprised of writers who are knowledgeable about financial services. We specialize in simplifying the process of choosing the right mortgage lender for your needs.
Paramount Bank