Paramount Mortgage - Lender's Blog

ARMs and Millennials

Fixed-rate loans account for over 90% of mortgage applications. But as millennials are becoming a stronger force in the homebuying market, they are increasingly opting for adjustable-rate mortgages instead.

The Heat Is On: Summer Energy Savings

July arrived this week with a bang of fireworks and the delightful smell of barbecue. As the summer months continue, the temperature will rise. This can leave the typical homeowner feeling hot, cranky and overextended from paying higher energy bills. The smart, savvy homeowner will pay attention to these tips for a more “chill” summer.

Be an Aware Homeowner Part 2: It’s All in the Details

Last week, we explored important information to assist homeowners in avoiding scams. This week, we’re going to dive a little bit deeper and explore the details of specific jobs that could make you a target for a scam.

Inside the Mind of a Paramount Mortgage Underwriter

Do you ever wonder what an underwriter is thinking, or question how they consider the merits of a potential borrower? Paramount Mortgage has a complete in-house underwriting staff that covers Conforming Conventional, Jumbo, FHA, VA, and USDA loans.  If the loan makes sense, then we will have a way to make it happen.

We know exactly what our underwriters are thinking. (It’s easy when they are only a few feet away!)

 

By The Numbers – Home & Mortgage Facts

36 – Net worth of the average homeowner is 36 times greater than that of the average renter.

88% – Percentage of homebuyers who take out a mortgage to pay for their home.

$256,769 – Average list price of home in St. Louis, MO.

$279,000 – Average list price of a home in Florida.

Be an Aware Homeowner Part 1: How to Avoid Being Scammed

Regular home maintenance and repair are not just items to put on a checklist. Keeping a home in proper condition and addressing problems as early as possible are necessary. A home is a large investment, one that reaps many financial benefits over the years. However, allowing a home to deteriorate can be a costly mistake.

Working with Millennials

Millennials are now the largest living generation in America, according to population estimates released last year by the U.S. Census Bureau. Every year, more of these individuals (ages 18-35) are potential homeowners, and real estate and mortgage professionals need to adjust accordingly.

Because Millennials grew up in a housing market with historically low rates, a rate of more than 4% can seem outrageous to them. As a result, it’s important to communicate to them that rates are still at historic lows when compared to the not-so-distant past.

Won’t You Be My Neighbor?

Last week, we explored several things that homebuyers need to know about their new neighborhood before making an offer on a home. Here are few more items to consider:

Buyers Ask the Strangest Things!

Obviously, prospective home buyers ask a lot of questions before they put an offer on a home, such as “How’s the neighborhood?” or “How old is that water heater, anyway?” But as we see with the questions below, the adage “There’s no such thing as a stupid question” isn't always true. Realtor.com recently asked real estate professionals to share some of the strangest questions a client ever asked. Here’s what some agents said:

By The Numbers – Home Size

1,750 sq. feet – average home size in 1978

2,745 sq. feet – average home size in 2015

Homeowners responses, if they were moving in the next year*:

32% – homeowners who would choose the same size home they currently have

36% – boomers (age 55+) who would downsize

46% – millennials (age 18-24) who want to go larger

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