Trust the experts at Paramount Mortgage Company. We have been serving the mortgage needs of homeowners since 1970. Our well-trained and experienced staff is here to make sure your loan is handled expertly, promptly and professionally.

Count on Paramount Mortgage Company to be with you every step of the way.

Our web site is a great tool – and clients can apply on-line any time of day or night, but we’re there in person when it comes to closing the deal. Paramount Mortgage is a banking company (not a broker). No need to wait for third party checks or out-of-town wire transfers. We are with you at the closing table, ready to answer your questions, ensure a smooth transaction and save you money in closing fees from the title company. No excuses, no delays.

We’re there for you after the loan closes too.

As a local company owned and operated by native St. Louisans, we understand the market and can be responsive to the uniqueness of our neighborhoods when it comes to home values and marketability. Others over the internet won’t necessarily understand our neighborhoods and enclaves like Clifton Park or The Loop, for instance. We can provide you with a wide variety of loan programs and options to meet your individual financing needs.

Whether your priority is the lowest payment, lowest rate or something else entirely, we have a mortgage option to meet your needs.

   What's New:  

 Tax credits for home buyers have been extended and expanded.

First-Time Home Buyer's $8,000 Tax Credit & Repeat Home Buyer $6,500 Tax Credit is now available through April 30, 2010.

More information about the First-Time Home Buyer and Repeat Home Buyer Tax Credit is here. 

We have been getting a lot of questions regarding the changes in the mortgage industry. Take a look below to see if we can help you answer yours.

1) What advice do you have for consumers looking to purchase a home or refinance their mortgage?

Know your current situation. It is helpful for consumers to be aware of their credit history. Your credit report my contain out of date, or inaccurate items. Carefully review your credit report and make a note of items that should be fixed. It takes time, but you can correct mistakes successfully with a written request to the individual credit bureaus. It is also a good idea to examine your monthly housing expenses to determine how comfortable your are with your budget without sacrificing other important necessities. Being aware of your new homeownership obligations will allow you to successfully go to the next step.

Work with professionals and build a team (realtors, builders, mortgage bankers). This is an important exercise because professionals will work with your requirements and correlate that information to a proper sales price, loan amount and monthly payment. You may be surprised that you qualify for MORE on paper than what you thought about previously. Insist on meeting face to face with these individuals - and treat your meeting as a job interview - they are working for you. Get to know the staff at Paramount Mortgage >

2) How will the Fed’s actions affect interest rates?

Any rate tied to the prime rate, such as credit cards or home equity lines of credit will see an immediate change. However, the mortgage rates are not directly correlated with the fed’s changes. Mortgage rates are tied to the bond market, most notably the 10 year treasury. View today's Rate Lock Advisory >

3) Is this a good time to refinance?

Yes, but there are some considerations. First of all, ask yourself how long do you plan on remaining in your current home? There are fees incurred by refinancing, so if you only plan on being in your home a short time, you may not recoup the fees. To ensure you can make that decision properly, request information in writing that includes all costs and fees incurred in the buying, selling and refinance process. Ask questions if you don’t understand any item. As for mortgages, insist on a formal LOCK IN letter to outline the deal - BEFORE YOU GET TO THE CLOSING. Know what you are paying for by reviewing the fees listed on the written material with your mortgage banker. Learn more about refinancing options >

4) What if I am currently delinquent on my mortgage payment?

The most important thing you must do is contact the company where you make your payment and let them know what is happening. Most companies are willing to work out payment arrangements and that could help you save your home. In addition, if you are 62 or older and own your own home, a reverse mortgage is a great way to prevent foreclosure or rectify delinquencies. Learn more about reverse mortgages >

5.) Are there any upcoming changes that will help consumers?

Yes, the FHA has increased their lending limits. A homebuyer can have as little as a 3.5% down payment. Since these are “insured” programs, they are viable for homebuyers who may not have enough cash to secure a conventional home loan. Visit the FHA website for details >

6.) What about the new First-Time Home Buyer $8,000 Tax Credit & Repeat Home Buyer $6,500 Tax Credit?

The new Worker, Homeownership, and Business Assistance Act of 2009 extends the $8,000 First-Time Home Buyers Tax Credit, and expands a $6,500 Tax Credit to existing homeowners to purchase a new principal residence through April 30, 2010. Homeowners must have lived in and owned their principal residence five consecutive years out of the last eight years. This tax credit does not have to be paid back! This is the opportunity of a lifetime to own your first home and receive $8,000, or move up to a new principal residence and receive $6,500. Your sales purchase contract must be signed by April 30, 2010 and you must close by June 30, 2010 to qualify. Click here for more information>

Do you have more questions? Please call Paramount Mortgage at (314) 372-4300 - we are here to help you.