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.

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 histories - and take care of any outstanding derogatory items.It is also good for people to examine on a monthly basis what he or she is comfortable putting towards housing expense without sacrificing other important necessities or lifestyle choices. Being aware of this will allow you to go to the next step successfully.

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 though about previously. Insist on meeting face to face with these individuals - and treat is 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 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, 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 - All costs and fees incurred in the buying, selling and refinance process should be clearly stated in writing. Ask questions if you don’t understand. As for mortgages, insist on a formal LOCK IN letter to outline the deal - BEFORE YOU GET TO THE CLOSING and have an unpleasant surprise. Know what you are paying for - review the fees listed on the written material. If it does not have a direct benefit to you or provide a truly necessary service - Question it! 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, there is pending legislation to modernize FHA which may of great assistance to anyone looking to buy a home or refinance. Also Fannie Mae is also considering raising their loan limits as well. Since these are “insured” programs, they are viable providers of mortgage credit. Visit the FHA website for details >

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