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Rating: 9.6 / 10 (Excellent)
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In operation for almost 50 years, Paramount Bank is Veteran owned and an FDIC insured bank headquartered in St. Louis, MO specializing in securing VA home loans to refinancing with VA benefits to educating service members about all of the above. Paramount also offers personal and business banking products, like checking and savings accounts and certificates of deposit (CDs). In terms of mortgages the company also features conventional, non-conforming, FHA, and 203(k) home loans to residents of all 50 states.
 
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How is Paramount Bank rated?

Breakdown

4.5/5
User Experience
5.0/5
Tools & Resources
4.8/5
Expertise

Overall Rating: 4.8 / 5 (Excellent)

Paramount Bank offers VA loans to members of the armed forces and veterans with reasonable loan terms. It's one of the few lenders that's generous enough to waive its origination fee and to not charge a prepayment fee and this could help you save money overall. In fact, Paramount waives all up-front lender fees, features market-leading deposit rates, along with best-in-class technology. Its website doesn't go into a lot of detail about its services, but you can quickly get the ball rolling by reaching out to one of its representatives by phone to learn more about its VA loans and how much it would cost you.

Paramount Bank Tools & Resources

Lender Type
Bank Lender
VA Loan Types
Purchase
Rate & Term Refinance
Property Types
Single Family Home
Multi-family Unit
Townhome
Condo
Mobile/Manufactured Home

Tools & Resources - 5 / 5

Paramount Bank offers VA loans with no down payment required for those who served in the armed forces for at least two years. VA loans are partially backed by the Department of Veterans Affairs, so there is less variation among these types of loans than there are among conventional mortgages. Paramount Bank doesn't go into extensive detail about its VA loan offerings on its website, so you'll have to reach out to the company by phone to see what it can offer you.

Paramount Bank User Experience

Waived Fees
$950 origination fee

User Experience - 4.5 / 5

Paramount Bank doesn't disclose much about its fees or qualification requirements on its website, but this is typical of most mortgage lenders and not a cause for concern. It does state that it waives its $950 origination fee for VA loan borrowers and this could help bring your closing costs down considerably. Not all mortgage lenders do this, so it's something to bear in mind when comparing your options.

In terms of user experience, Paramount has a 5 star Zillow rating and a 98% recommended status on LendingTree.

Paramount Bank Expertise

Memberships & Regulatory Info.

Memberships
FDIC
Nationwide Mortgage Licensing System ID
551907
Nationwide Mortgage Regulatory Actions
0
NMLS Collection Date
2019-10-07

Online Reviews

Date Collected
2019-10-07

Expertise - 4.8 / 5

Paramount Bank isn't an especially large player in the VA loan marketplace, but don't let that scare you away. Sometimes what you don't find is just as important as what you do find. Paramount Bank doesn't have any nationwide mortgage regulatory actions filed against it or complaints with the Consumer Financial Protection Bureau or the Better Business Bureau. This suggests that most of its customers are satisfied with the services it provides. If you have any questions or concerns, you can always speak to a Paramount Bank representative before deciding if it is the right fit for you.

Contact & Additional Information

Homepage URL
https://paramountbank.com/
Company Phone
(800) 735-5957
Headquarters Address
90 Village Square Shopping Center, Hazelwood, MO, 63042
Year Founded
1998
Top Rated
Our Partner
(855) 908-0883
VIEW RATES

  • Over 50 years of operation
  • 4.92 out of 5 average client satisfaction score
  • 97.6% of clients would recommend Paramount to friends and family
  • Work directly with your Banker
  • Purchase, refinance, and VA Jumbo loans up to $4 million
  • $950 origination fee waived
  • No prepayment penalty
  • Available to military members and veterans in all states
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Latest Paramount Bank Reviews

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Deb G

10/10/2022
With your VA refinance, do you offer unlimited acres or the farm loan?

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