PARAMOUNT MORTGAGE - LENDER'S BLOG

St. Louis Business Journal - by Diana Barr

While mortgage interest rates are not at the record lows seen a few years ago, it still pays to shop around. But local lenders say the interest rate isn't the only question to ask of a mortgage lender.

"Rates are important, but if you stick with a reputable lender, they'll get a good rate for you," said H. John Frank Jr., president of mortgage banking firm Paramount Mortgage. A lender's reputation is probably the most important factor, he said, although "Aunt Suzie's friend" may not be the best choice.

"It's a technical business," Frank said, suggesting that borrowers get referrals from builders and real estate agents in addition to relatives and friends. "If a borrower gets into some funky loan program, and that program goes away overnight, the borrower could be left at closing saying, 'What do I do now?'"

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