Are you considering applying for a mortgage from Paramount Bank? With the constantly changing market, choosing the right financial institution for your needs can be tough. That's why staying up-to-date with reviews is important before deciding where and how to apply for a mortgage.

Our latest review of Paramount Bank is here to help you weigh all your options as you plan in 2023! From interest rates to customer service, let's dive into everything we learned about what this bank offers in 2023 and beyond.

Overview of Paramount Bank Mortgage

Paramount Bank is a small mortgage company with competitive interest rates, access to loan funding, and technology-enabled underwriting services. Customers can apply online for mortgages in all 50 states or visit any of their six branch locations for in-person assistance.

The bank does not advertise rates on its website, so you must request a custom rate quote to determine affordability. Reviews suggest that Paramount has good customer service and the technology needed to help borrowers throughout the application process.

Paramount Bank Mortgage Rates

Paramount Bank offers a variety of mortgage rates to meet the needs of each customer. The bank's standard fixed-rate mortgages are available at 30, 20, 15, and 10-year terms. It also offers adjustable rate mortgages with lower introductory rates that can be secured for 3, 5, 7, and 10-year terms.

All loans have no prepayment penalty fees or hidden charges attached to them. The bank is competitive in its market and strives to offer some of the lowest interest rates possible to those seeking to buy a home in 2023.

Depending on your credit profile and financial situation, Paramount Bank has one of the most affordable loan options available for your purchase or refinance needs.

Additionally, the bank allows customers to get pre-qualified and compare multiple loan offers before making a final decision. This prequalification helps borrowers understand which loan product fits their needs and budget.

Whether you're looking for a traditional fixed-rate mortgage or an adjustable-rate mortgage with lower initial payments, there is likely an option from Paramount Bank that can help make your home purchase in 2023 hassle-free!

Mortgage Loan Products At Paramount Bank

Conventional Loans

Paramount Bank offers conventional loans, which are home loans that conform to guidelines set by Fannie Mae and Freddie Mac. These loans generally have a flexible down payment and credit score requirements, making them a great choice for first-time home buyers.

However, if you put less than 20% down on a conventional loan at Paramount Bank, you may be required to pay private mortgage insurance (PMI) until your equity reaches 20%.

Jumbo Loans

A jumbo loan is likely the best option if you need an outsized loan amount (above $726,200 in most areas). Jumbo loans, or "non-conforming" loans, are available through Paramount Bank.

FHA Loans

Paramount Bank also offers Federal Housing Administration (FHA) loans, which require only a 3.5% down payment and come with competitive rates. However, you will be responsible for paying mortgage insurance premiums (MIP) until you sell or refinance the loan into another program.

VA Loans

Veterans and service members may qualify for VA loans from Paramount Bank, backed by the Department of Veterans Affairs. These loans offer zero down payments and often have lower mortgage rates than other loan programs.

USDA Loans

Low- to moderate-income borrowers in qualifying rural and suburban areas can apply for USDA loans from Paramount Bank. These loan types require zero down payment and have competitive rates compared to other home loans.

FHA 203(k) Loans

Paramount Bank also offers FHA 203(k) or "rehab loans." This type of loan allows borrowers to buy a rundown home and renovate it all within the same loan — an alternative to buying with one loan, redecorate with another, and then refinancing both under a single mortgage.

Fixed-Rate Mortgages (FRMs)

For those who want regular monthly payments over the life of their loan term — usually 15 or 30 years — Paramount Bank offers fixed-rate mortgages (FRMs). These loans have an interest rate that remains constant throughout the loan term.

Adjustable-Rate Mortgages (ARMs)

Paramount Bank also offers adjustable-rate mortgages (ARMs), which come with a fixed interest rate for the first few years and may fluctuate up or down within limits. ARMs are often used by borrowers who plan to own the home for a short period and expect interest rates to decrease.

Refinancing with Paramount Bank

Paramount Bank offers two mortgage refinance options: rate-and-term refinancing and cash-out refinancing.

Rate-and-Term Refinancing

Rate-and-term refinancing is when you replace your current loan with a new loan with different terms and interest rates. This refinancing can mean a longer or shorter repayment period and a lower or higher interest rate.

Cash-Out Refinancing

Cash-out refinancing is when you take out a new loan to pay off your current loan and take out any equity you have built in the form of cash. This refinancing allows you to access some of the equity in your home and use it for other purposes, such as debt consolidation or home improvement projects.

Both rate-and-term refinancing and cash-out refinancing offer a variety of benefits, including lower monthly payments, eliminating private mortgage insurance (PMI) on existing loans, and more access to capital.

Where can you get a mortgage with Paramount Bank

Paramount Bank is a leading provider of mortgage services in the US, with branches across six states. You can get a mortgage within the following states:

• California
• Oregon
• Washington
• Colorado
• Utah
• Arizona.

Paramount Bank customer service Reviews

Customer service is integral to looking for a financial institution to help with mortgages. Paramount Bank takes pride in offering helpful and friendly assistance throughout the process.

Customers across all their services - from deposits to mortgages - have been overwhelmingly impressed by Paramount Bank's staff's level of customer service. They are knowledgeable and willing to go the extra mile to ensure customer satisfaction.

Is Paramount Bank the best mortgage lender for you: A Review for 2023

Are you looking to apply for a mortgage loan in 2023? Paramount Bank could be the right choice for you. Our latest review dives into everything they offer, from interest rates to customer service. With this information, you can decide about your financial future.

FAQs

Will the mortgage rate go down in 2023?

The mortgage rates are always changing, and it is difficult to predict the exact rate for 2023. However, our review of Paramount Bank found that their current mortgage rates are competitive compared to other financial institutions. The interest rates offered by Paramount Bank may go down in the future.

What type of customer service can I expect from Paramount Bank?

Paramount Bank offers excellent customer service and is known for providing quick responses and helpful advice regarding mortgage applications. They are also committed to keeping customers informed throughout the process, so you can feel confident that you will be well taken care of.

Does Paramount Bank offer any other services besides mortgages?

Paramount Bank offers other financial services like personal banking, credit cards, and investment options. They are committed to providing all the resources you need to manage your finances effectively.

Conclusion

Paramount Bank Mortgage is an excellent option for those looking for competitive rates and a reliable mortgage lender. Paramount Bank offers a wide selection of loan products, allowing customers to choose the one that best suits their financial needs. The customer service experience is highly rated at Paramount Bank, and its online and mobile tools suite assists customers in managing their mortgages. Whether you're looking to purchase your first home or refinance your existing mortgage, Paramount Bank's product suite could fit you.