Pros and cons of Paramount Bank
Pros:
- Offers a wide variety of loan products, including FHA 203(k) renovation loans.
- Provides lower-than-average origination fees.
- Waives the $1,095 origination fee for VA loans.
- Underwrites mortgage loans in all 50 states.
- Provides personalized service with dedicated loan officers guiding borrowers through the process.
Cons:
- Mortgage rates can be higher than those of other lenders.
- Requires a minimum credit score of 680 for a conventional loan with 3% down, which is stricter than many competitors.
- Lacks a fully digital mortgage application process; borrowers must interact with loan officers directly.
- Does not display current mortgage rates on its website.
- Customer reviews are mixed, with some reports of unresponsiveness and communication issues.
Paramount Bank mortgage rates
In 2025, Paramount Bank’s mortgage rates can be slightly higher than average, which can increase the total cost of your loan over time. Although the bank doesn’t publish its interest rates online, our data reveals typical pricing across its major loan types.
| Loan Type | Average Interest Rate |
| Conventional 30-Year | 6.35% |
| Conventional 15-Year | 5.91% |
| FHA 30-Year | 6.45% |
| VA 30-Year | 6.36% |
Average rate and fee data sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).
Remember that interest rates vary a lot by customer. Your own rate depends on factors like your credit score, down payment, loan type, and home price. That means you shouldn’t take average rates (or advertised rates) at face value. Instead, pick three to five lenders you’re interested in and get rate quotes from each one. Then compare the interest rates, closing costs, and other fees you’re offered to see which lender can give you the best deal.
Find your lowest mortgage rate. Start hereParamount Bank review for 2025
Paramount Bank offers a strong variety of loan options, including conventional, FHA, VA, USDA, jumbo, and FHA 203(k) renovation loans. It also provides both rate-and-term and cash-out refinancing, giving homeowners room to restructure or tap into their equity. The bank is licensed in all 50 states and takes a more hands-on approach by pairing borrowers with dedicated loan officers for guidance throughout the mortgage process.
What makes Paramount stand out is its lower-than-average origination fees, which can lead to upfront savings at closing. Borrowers also benefit from the wide range of loan types, including options for renovations and government-backed programs. However, the lender's digital tools are limited, and it sets stricter credit requirements than many competitors. It’s a good fit for buyers who want personal support and don’t mind relying on a loan officer rather than a fully digital platform.
Affordability
Paramount Bank lands in the middle range on The Mortgage Reports’ affordability index. One clear advantage is its low origination fee, which averages around $1,948 versus the national average of $2,792. That can help you save on upfront costs, especially if you're budgeting tightly for your home purchase.
On the flip side, Paramount’s mortgage rates tend to run higher than what other lenders offer. Over time, that can lead to a more expensive loan overall. If you're rate shopping, it’s smart to factor in those higher interest charges even if you're saving a bit on fees upfront.
Lending flexibility
Paramount Bank offers nearly every major type of home loan: conventional, FHA, VA, USDA, jumbo, and FHA 203(k). That gives borrowers a lot of flexibility, whether they're buying a fixer-upper or need a low down payment option through a government-backed loan.
But qualifying isn’t always easy. To get a conventional loan with just 3% down, you’ll usually need a credit score of at least 680. That’s more strict than many lenders, which often allow scores as low as 620. So if your credit’s on the lower end, you may want to compare offers elsewhere.
Trustworthiness
Despite struggling with lackluster customer reviews with online review websites, Paramount Bank has a relatively clean record with regulators. It has fewer complaints than average with the Consumer Financial Protection Bureau (CFPB), which points to responsible lending and decent follow-through with borrowers.
Still, it’s not without issues. In 2023, the bank paid an $85,000 penalty for reporting inaccurate mortgage data. While that doesn’t reflect directly on customer service, it’s worth knowing if transparency and accountability matter in your decision.
Customer experience
Paramount leans more on personal service than digital tools. You’ll work with a loan officer directly, which some borrowers appreciate. But if you’re looking for a quick preapproval online or want to handle most of the process digitally, this lender may feel limited.
Paramount Bank also doesn’t list mortgage rates on its website, which makes comparing options harder unless you contact them directly. While the one-on-one support is a plus, Paramount could improve the overall experience by offering more online transparency and tools.
FAQs about Paramount Bank
Paramount Bank offers a full range of home loan products, including conventional, FHA, VA, USDA, and jumbo loans. It also provides FHA 203(k) renovation loans and refinancing options, including both rate-and-term and cash-out refinance loans. Whether you're buying a home, renovating, or looking to lower your existing rate, Paramount has options to fit a variety of borrower needs.
You can start the process online, but you won’t find a full digital application or preapproval tool on the website. Instead, a loan officer will guide you through the next steps by phone or email, which may be slower for borrowers who prefer a self-service experience.
They can be. While it offers lower origination fees than most lenders, Paramount Bank interest rates can run higher than average, but it depends on your credit score and overall financial profile.
To qualify for a conventional loan with just 3% down, Paramount typically requires a credit score of at least 680. That’s higher than many other lenders, who may approve similar loans with scores starting at 620.
Yes. Paramount Bank waives the $1,095 origination fee on VA loans, which can make a big difference for qualified military borrowers. This perk is part of their effort to support veterans and active-duty service members.
Is Paramount Bank the best mortgage lender for you?
Paramount Bank is a good choice if you want a wide range of loan options and appreciate working directly with a loan officer. Its lower upfront fees and renovation loan programs can be especially helpful if you're buying a home that needs work or you want to keep closing costs down.
However, its interest rates and limited online tools may be a dealbreaker if you prioritize digital convenience or need the lowest monthly mortgage payment possible. This Paramount Bank lender review shows that while the bank has definite strengths, it’s best suited to borrowers who value in-person service and flexibility over the lowest advertised rate. Be sure to compare it with at least two other lenders before making your decision.
Find your lowest mortgage rate. Start hereHow The Mortgage Reports scored Paramount Bank
The Mortgage Reports evaluates and ranks lenders based on four key factors, each weighted to reflect its impact on the borrowing experience.
- Trustworthiness (20%): Measures customer satisfaction and reliability based on Consumer Financial Protection Bureau (CFPB) complaints per 1,000 loans and ratings from reputable third-party review platforms such as Trustpilot.
- Customer experience (20%): Examines the lender’s digital and service accessibility, including the availability of an online pre-approval or pre-qualification process, ease of contact, and the presence of a current rates page on their website.
- Affordability (20%): Assesses the average origination charges and the average interest rate offered by the lender.
- Lending flexibility (40%): Evaluates the lender’s minimum down payment and credit score requirements, as well as the availability of FHA, VA, and USDA loan options.
