Your Loan Process with Paramount Bank
Welcome to the Paramount Bank Home Loan Process guide! Here, you’ll embark on a journey from application to after your loan closes, gaining insight into the process. We know that financing a home is a monumental decision, and our goal at Paramount Bank is to make the process smooth and easy for you.
Step 1
Meet Your Mortgage Loan Officer
Step 1
Meet Your Mortgage Loan Officer
To initiate the process, our Mortgage Bankers, your trusted guides, will meet with you at your convenience, whether it’s in a face-to-face meeting, phone call, or video chat. This initial meeting will dive into your needs and preferences, determining the most fitting loan program options for you, whether you’re looking to finance a new home or refinance your current home. Potential programs, advantages, fees, and down payment options will be explored.
Click here to find a loan officer in your state. [link to Find a Loan Officer]
Step 2
Get A Pre-Qualification or Pre-Approval Letter
Step 2
Get A Pre-Qualification or Pre-Approval Letter
If you’re still shopping for a home, you can meet with us before you even have a property in mind and we can assist you with a pre-qualification or pre-approval letter.
Click here if you need a pre-qualification or pre-approval letter [link to Find a Loan Officer]
Step 3
Apply For a Loan
Step 3
Apply For a Loan
Once you decide to move forward, the Paramount Mortgage Banker will help you complete the loan application.
The loan application identifies the property being financed, the source of down payment, employment for any borrowers included on the loan, and your assets and liabilities. Additionally, the loan application will include the loan program you’ve selected, as well as the loan term and rate.
Click here to learn more about some of our product and programs. [Link to Products and Programs]
Shortly after this meeting, a Good Faith Estimate and Truth-in-Lending Disclosure will be sent to you for your review.
As documents are received, Processing will review them, ensuring all required information has been collected. If additional items are needed or if questions arise, the processor may contact you directly.
During this processing period, services will also be ordered, such as appraisals, title searches, and flood certifications. These safeguards protect both your and Paramount’s investment in the property.
After evaluating all your information, the underwriter will make a decision regarding your loan application. They may approve the loan, approve it with conditions, or deny it.
Unfortunately, not all loan applications will meet guidelines set forth by the loan programs. If your loan is denied, your loan officer will contact you to discuss the situation and may suggest alternatives.
Paramount’s loan closers will coordinate with you and the title company a date and time to sign your loan documents. You’ll sign the final paperwork, including the mortgage documents. The funds will be disbursed to the seller, and you’ll take ownership of the property. We strive to ensure every closing takes place as smoothly as possible and without delay.
Paramount Bank would love the opportunity to earn your business for all your home loan needs. Our company slogan is “Expect Excellence”, and our mission is to make your purchase or refinance experience an enjoyable and memorable one. Please reach out with any questions and let us know how we can serve you.