Paramount Residential Home Purchase Mortgage Group

Paramount Residential Home Purchase Mortgage Group Review

Paramount Residential Home Purchase Mortgage Group is offered by Paramount Residential Mortgage Group (NMLS #75243), a direct lender founded in 2001 and based in Corona, CA. PRMG mortgage are available in 47 states (and Washington, DC).

Key Takeaways

• 3 different mortgage programs offered. Paramount Residential Home Purchase Mortgage Group offers FHA, USDA, VA, conforming, and conventional mortgages.
• Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for financing. However, Paramount Residential Home Purchase Mortgage Group does offer financing for primary and secondary homes (e.g. vacation properties).
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.

Paramount Residential Home Purchase Mortgage Group Pros & Cons

PRMG mortgage FAQ

How much can you borrow via Paramount Residential Mortgage Group?

PRMG mortgage allows borrowers to apply for loan amounts of up to $3,000,000. Note that the maximum loan amount you can borrow will also vary depending on the type of mortgage you choose, regardless of the lender you choose.

What is the maximum loan term you can get with PRMG mortgage?

PRMG mortgage offers mortgages with terms ranging from 10 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Paramount Residential Mortgage Group offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Do they charge mortgage origination fees?

Yes, PRMG mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, PRMG mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.

What property usage types does PRMG mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. PRMG mortgage allows the following property usage types: 

• Primary home

What is the customer service phone number?

The customer service number for Paramount Residential Home Purchase Mortgage Group is (866) 776-4937.

What is the support contact email?

The support contact email for is hr@prmg.net.