In a Nutshell
pros
- Wide range of loan options
- Access to range of other banking services
- 50 years’ experience in banking and mortgages
cons
- Lack of transparency about repayment terms and fees
- No rates available until after you apply
- Website looks pretty basic (although it works fine)
Paramount Bank at a Glance
| Direct lender or marketplace? | Direct |
| Loan types: | Purchase, refinance |
| Featured Loans: | Conventional, jumbo, FHA, VA |
| Repayment terms: | 15-30 years |
| Minimum Down Payment: | 3% for conventional |
| Minimum Credit Score: | 620+ for most loans |
| Suitable for: | Families wanting a smooth, hassle-free mortgage process |
Overview
Paramount Bank is a solid financial institution offering both private and business banking and mortgage loans to the general public. It provides most of the common mortgage products, including conventional loans, jumbo loans, government-backed FHA and VA loans, and refinancing options. With quick online pre-approval, Paramount Bank aims to make the mortgage process simpler for applicants.
Suitable For?
Paramount Bank’s target audience is families who want a smooth and hassle-free home loan process. Since its acquisition in 2017, it has originated 10,000+ mortgages, which is a lot for a local Missouri bank that only recently extended its reach across the nation. Families will find this company pleasant to work with, thanks to the friendly mortgage agents and option of borrowing on virtually any type of property. By processing, underwriting, and closing all its mortgage loans in-house, Paramount Bank is able to offer an efficient loan process.
Types of Loans/Products
Paramount is a small bank aspiring to be a big one, with a large suite of mortgage options. It caters to home buyers as well as home owners, with a range of options for purchasing and refinancing.
Here are the options:
- Conforming loans
- Non-conforming jumbo loans, for amounts above $500,000
- FHA loans, including 203(k) home renovation loans
- VA loans
- USDA loans
- Reverse mortgages for seniors aged 62+
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:
- Fill out the basic online form to get things started.
- 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.
- After this meeting, you’ll receive a good-faith estimate with an approximate view of what types of terms you can expect to receive.
- 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. You can upload these securely online. Underwriting is also done during this stage of the process.
- You will receive a full loan offer. You can take your time reviewing it and deciding if it's the right option for you.
- Closing time. A loan closer will help you finalize details, sign documents, and set up the transfer.
Rates and Terms
One of the downsides to Paramount Bank’s service is that it offers virtually no information about rates and terms on its website. In general, loan terms range from 15-30 years. However, if you want to get a feel for rates, you will need to fill out an application and see what sort of pre-approved offer Paramount can make.
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. That way, you have someone to answer all of your questions directly.
Ph: (833) 731-0229
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 right 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.
FAQ
Q: What banking services does Paramount offer?
A: In addition to mortgages, Paramount offers a range of bank accounts, including: interest checking, savings, money market, and certificates of deposit.
Q: Does the new Paramount Bank resemble the original?
A: Sort of. Paramount Bank started as an independent mortgage company in 1970. What happened in 2017 is that it was bought out and rebuilt by a group of St Louis investors with a dream of taking it nationwide and bringing it into the digital realm.
Physical Address
Paramount Bank
90 Village Square Shopping Center
Hazelwood, Missouri 63042