Paramount Mortgage - Lender's Blog

By The Numbers – Millennials & Credit Scores

The exact intricacies of a credit score continue to be one of the most confusing financial concepts for Millennials, according to HousingWire. This intangible three-digit number holds the power to some of the most expensive purchases in a consumer’s life, including a house, and yet according to a recent poll from LendEDU, young American consumers only have an intermediate understanding of that all-important number.

Here are a few of the findings:

43.69% falsely believed they could improve their credit score by increasing their credit utilization

Choosing a School District

When you’re shopping for a home, there are many things to consider. Of course, your choice of a loan can impact your monthly payment as well your long-term costs. While our mortgage experts can help you choose the perfect loan product, choosing the right home is up to you. You must consider location, commute, the neighborhood, cost, size, condition and more.

Millennials, Homebuying, and Dogs!

A report by CNN Money showed millennials were the largest group of homebuyers in 2016. But what factors motivate millennials to buy their first home? Surprisingly, more space or a yard for their dog ranked higher than marriage or children! Here are the findings from the recent survey conducted by Harris Poll:

 

Eclipse Tips

Just in case you haven’t heard – there’s going to be a Total Eclipse next Monday, August 21.  A few weeks ago, we provided information on what some areas will experience during this phenomenon, then followed with a blog about renting out your house for the occasion.

Tampa – One of Best Metros for Home Flipping

Last year, home flipping hit its highest rate since 2007; and a new study from WalletHub shows the best markets for home flipping.

WalletHub’s data team compared the 150 largest U.S. cities across 22 key metrics. The data set ranges from median purchase price to average full home remodeling costs to housing-market health index. Each metric was graded on a 100-point scale, with a score of 100 representing the most favorable conditions for house flipping.

Here are the top 10 best metros for home flipping:

St. Louis Tops the List for Millennials

St. Louis is number one on the list of the top 25 cities that millennials can afford and actually want to live in. The Penny Hoarder has developed a definitive list of the top 25 coolest and most affordable cities for millennials. It’s based on a thorough analysis of housing and local price data, economic statistics and something called a Coffee Fanatic Score. Yes, you read that right. These are cities where young people crippled with student loan debt can actually find work and afford a one-bedroom apartment, but also find a new brewery or wine bar on weekends.

Housing by Degree

The more advanced the education, the more likely a person is to own a home, according to a new study by real-estate site Trulia.com, which looked at home ownership, home size and data from the U.S. Census Bureau’s American Community Survey. Professional degree holders, including medical and law school graduates, have about a 76% ownership rate, followed by graduate school around 73.6%.

Stay Safe and Secure: Protecting Your Identity and Your Credit

Over 41 million Americans have been victimized by identity theft. Worldwide, credit card fraud cost more than $24.71 billion last year alone.

Mortgage Misconceptions

Here are the five most common myths about mortgages… sometimes “conventional wisdom” is not necessarily conventional or wise:

Renting Out Your House for the Eclipse

Last week, we excitedly shared information about the Great American Eclipse, which is best seen from several of the areas we are proud to serve. In fact, many areas south of St. Louis will experience over two and a half minutes of total eclipse. Over a million people are expected to flock to Missouri areas in the path of the eclipse, making the Show-Me State a sought after vacation destination for the summer of 2017.

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