Paramount Mortgage - Lender's Blog

Millennial Homebuyers

Last week, we shared information about Millennial homebuyers. Most people have heard a lot about the Millennial generation; the age range described by the term “Millennial” is quite wide, leaving many to wonder about the validity of the term.

Lots in 2015 – Smallest on Record

For the first time since the Census Bureau’s Survey of Construction (SOC) started tracking the series, the median lot size of a new single-family detached home sold in 2015 dropped under 8,600 square feet, as shared by the National Association of Home Builders.

An acre is 43,560 square feet, so the current median lot size is just under one-fifth of an acre.

By The Numbers – Millennial Home Trends

32% – the percent of Millennial mortgages where women were the primary borrower

60% – of the 32% of closed loans where women were the primary borrower, the percentage of the women who were single

41% – of the loans where men were the primary borrower, the percentage of men who were single

37% – the percentage of FHA loans closed for Millennials

Mid Year Financial Checkup

As we move into the second half of this year, it's a great time to review the goals set at the beginning of the year, check progress and determine whether to continue on toward those goals or not. With that in mind, we would like to explore some of the more common goals, the obstacles that tend to get in the way and how to make a course correction.

A Little Mortgage / Real Estate Humor...

A real estate agent was knocking on doors of homes in his farm area. At one house it was clear that someone was at home, but his repeated knocks at the door went unanswered. So, he took out one of his business cards and scribbled “Revelation 3:20” on the back of it, stuck it in the door, and went about his rounds.

Safe & Secure Vacation

With the July 4th holiday approaching, many people are planning to take a summer vacation or extended holiday. While you’re off enjoying your time away, some individuals are hard at “work” committing credit card or identity fraud. We want you to be protected, but also be able to relax and enjoy your time away from the daily grind. These steps will help.

The Mistakes Renters and Buyers Make That Could Cost Them Big

A Realtor® was with his contractor at a vacant home he had for sale, changing the locks after someone had broken in. He was surprised when a couple walked in, thinking they were meeting someone who was going to rent it to them. It turns out the trespasser had taken photos and posted an ad seeking renters on Craigslist.

The couple had brought along two months’ rent, plus their security deposit — a total of $5,700 in cash. Had the agent not intercepted them, they would likely have met with the fraudulent advertiser and lost their money.

Our Florida Office

Paramount Mortgage Company has been proudly providing excellent service at our St. Louis headquarters for more than 45 years. As an established company, we are well known for our dedication, professionalism, and commitment to the community. You may not be aware, however, that we provide this same level of excellence throughout the United States, serving Washington, California, Texas, Illinois and Florida.

Millennials Will Trigger Next Housing Boom

The next housing boom will be triggered by millennials, according to a report by the Business Insider.

Like older demographic groups, the combined grouping of 20- and 30-somethings are interested in getting married, starting families, buying homes and living the aspirational suburban life. The catch is that they are delaying all this, in part to build careers in large metros.

Loan Process Flowchart

The entire mortgage loan process takes several steps to complete and requires input from the borrower at key benchmarks. This chart shows the action steps that must be completed by the borrower. Some steps are undertaken simultaneously.

Borrower responsibilities are highlighted in yellow:

 

Pages