Paramount is a little guy in the mortgage world. In 2019 it originated just under 3,000 mortgages. By contrast, the biggest lender (Wells Fargo) did over one million.
But don’t let Paramount’s size put you off. According to data on public record, Paramount had lower rates on average than many big lenders in 2019.
Those who want to visit a branch in-person can find Paramount locations in nine states: AZ, CA, FL, IA, IL, KS, MO, OH, and TX. Others are welcome to apply online in all 50 states. Reviews suggest that Paramount has good technology to support borrowers.
You’ll have to request a custom rate quote to see how affordable Paramount Bank is for your mortgage, as it doesn’t advertise rates online.
Paramount Bank mortgage rates
You won’t find Paramount Bank’s current mortgage rates on its website.
However, data on all Paramount loans from 2019 shows its mortgage rates and fees are lower on average than some of the big-name lenders.
Average 30-Year Interest Rate, 2019
Monthly P&I Payment
Median Loan Costs, 2019
Median Origination Charges, 2019
Just remember, mortgage rates are personal. So you’ll need to request a custom rate quote from Paramount to see what this bank can offer you.
Average rate and fee data are sourced from public records required by the Home Mortgage Disclosure Act (HMDA).
According to public records, in 2019, Paramount customers had median loan costs of $3,298 of which the lender’s own origination fees accounted for $995.
*Monthly principal and interest payment based on a $250,000 home price, with 20% down, at Paramount Bank’s average 30-year interest rate for 2019. Your own rate and monthly payment will vary.
Paramount Bank mortgage review for 2020
So what’s to like and dislike about Paramount Bank? Here are some thoughts:
- There’s little information online — Meaning you have to engage with a loan officer to get an idea of what your loan might look like
- Its range of mortgage options is good — But others lenders may have more variety
- The bank has one or two branches in each of nine states — For those with branches nearby, it has a good reputation for in-person customer service
- Reputedly, has good technologies to facilitate the mortgage process
- Online customer review forums suggest many like it
- But it has a D+ rating from the Better Business Bureau
- It doesn’t release information about its minimum down payment, credit score, or debt-to-income requirements
Paramount’s strong customer reviews give the impression that this is a very good lender to work with. It earns five stars from hundreds…
Read More: Paramount Bank Mortgage Review for 2020