Paramount Residential Mortgage Group Reviews

PRMG doesn’t publish its starting interest rates online. To see rates, you can fill out an online request, contact a local office by using the “Find a Branch” feature on the website or call customer service. The company will connect you with a loan officer to go over its mortgage types and interest rates.

PRMG’s average interest rates from 2019 to 2021 were just slightly higher than the national average — in 2021, its rates were 0.13% higher than the average in the U.S., according to data from the Home Mortgage Disclosure Act.

Mortgage rates change constantly. To calculate rates, mortgage lenders look at several factors, including:

• State of the real estate market
• Inflation
• The current rate for banks to borrow from each other

Interest rates also fluctuate based on your personal situation, including the type of mortgage you want, where you live, the home’s price, your credit score, how much you can afford to put down and the loan term.

You can also choose between a fixed- and adjustable-rate mortgage (ARM). An ARM has a fluctuating interest rate — so when interest rates are high, borrowers might choose an ARM in hopes that interest rates will fall. An ARM can also be beneficial if you don’t plan on owning your home for the life of the loan. Just keep in mind that your rate and payment could always go up with an ARM.

Paramount Residential Mortgage Group average home purchase rate vs. national average

PRMG has an online application process and a mobile app. You can also apply to get a pre-qualification letter to show to sellers, which lets them know you're likely to receive the necessary financing to purchase the home.

You’ll need several documents when applying for a home loan. These may include the following:

• Social Security number
• Pay stubs and/or two years of tax returns
• Bank statements
• Life insurance policy
• Retirement account statements
• Loan and credit card balances

Once you submit an application, it will go through processing and underwriting, a home appraisal, final approval and closing. You can track the status of your application on the website, mobile app or by calling your loan officer.

Paramount Residential Mortgage Group application features

PRMG has an array of loan products, including government-sponsored, agency, conventional and specialty mortgages.

Its government-backed mortgages include FHA, VA and USDA loans. Because they’re backed by government agencies, these loans ‌have lower credit score requirements and typically require a low (or no) down payment. There are also programs for high-balance loans, refinancing and renovations.

Jumbo loans are available for homes that are above the cost limit for conforming loans, depending on where you live. These usually require a 20% down payment and excellent credit, however.

In 2021, PRMG received 37,992 home purchase applications. Of these, it closed 26,998 (about 71%) and denied 2,245 (about 6%).

Loan applications for home purchases only by year

Refinancing

The number of refinance loans PRMG closed in 2020 and 2021 was higher than in previous years, likely because interest rates were historically low. In 2022, we expect refinancing to slow down because of rising interest rates.

You might consider refinancing to reduce your interest rate, switch your loan type, cash out on your home equity or lower your monthly payments. Refinancing can come at a price, however; closing costs add up, and too many hard credit inquiries can lower your credit score.

In 2021, refinancing accounted for almost 42% of PRMG’s loans (with refinance and cash-out refinance combined). Home purchase loans made up about 54% of its mortgage financing that year.

Home purchase vs. refinance loans by year

The mortgage industry has standard credit score limits that follow Freddie Mac's and Fannie Mae's guidelines. However, these requirements can vary by lender.

Credit score minimums tend to range from 500 for some FHA loans to 680 for a jumbo mortgage. Lenders also look at your debt-to-income ratio, which calculates your monthly expenses in relation to your income. Most lenders require a debt-to-income ratio of 36% or lower, but some accept 45% or higher. PRMG does offer programs for low-income borrowers and nontraditional buyers, like those who are self-employed.

National mortgage requirements by type

For other loan options, read our guides on home equity loans, HELOCs and jumbo loans.

PRMG doesn’t list the costs and fees associated with its mortgages, but if you apply for a loan, you will receive a Loan Estimate within three business days of your application. This will give you a breakdown of the potential closing costs.

Later on in the process, three days before closing, you’ll receive a Closing Disclosure. This will itemize the actual costs you’ll need to pay when it's time to close.