|Loan Amount||Up to $3,000,000|
|Loan Term (Years)||10 - 30 years|
Paramount Residential Mortgage Refinance Group Review
Paramount Residential Mortgage Refinance Group is offered by Paramount Residential Mortgage Group (NMLS #75243), a direct lender founded in 2001 and based in Corona, CA. Paramount Residential Mortgage Refinance Group are available in 47 states (and Washington, DC).
- 4 different mortgage programs offered. Paramount Residential Mortgage Refinance Group refinances FHA, FHA 203k, 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.
- Non-standard interest rates available. Paramount Residential Mortgage Refinance Group offers hybrid mortgages, and fixed-rate mortgages.
- Considers personal use and investment properties. Refinancing available for primary homes, vacation homes, and even investment homes, such as rental properties.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
Paramount Residential Mortgage Refinance Group Pros & Cons
Paramount Residential Mortgage Refinance Group FAQ
What is the maximum loan term for a mortgage refinance via PRMG mortgage?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Paramount Residential Mortgage Refinance Group offers mortgage refinancing with terms ranging from 10 to 30 years.
How long does PRMG mortgage take to refinance?PRMG mortgage does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.
Does PRMG mortgage charge a mortgage origination fee?
Yes, Paramount Residential Mortgage Refinance Group will charge a loan origination fee.
What mortgage programs does PRMG mortgage offer?
Paramount Residential Mortgage Refinance Group offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does PRMG mortgage allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Paramount Residential Mortgage Refinance Group allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- North Dakota
- Rhode Island
- South Carolina
- South Dakota
- Washington, DC
- West Virginia