Mortgage Banker versus Mortgage Broker; St Louis Mortgage Interest Rate Update

On my way into the office this morning, I received a frantic phone call from a real estate agent I have known for years…it turns out, her client’s lender is unable to close on time because they still have to send out the loan to their “investor” to review and underwrite the loan.

It is important to understand the difference between a Mortgage Banker and a Mortgage Broker. The mortgage company I am with a mortgage banker with over 41 years of serving our community. What does that mean? Picture your community bank and take away everything but the mortgage department. We use our own money to close the loan and select a servicer to handle your monthly mortgage payments. In essence, a mortgage banker controls the loan process from application to closing.

The benefits of working with a mortgage banker  include:

  • In-House Underwriting. We underwrite your loan at our office. We understand the loan programs and guidelines, and are confident in our ability to find the appropriate loan program to meet your needs.
  • Problem solving. If issues come up during your loan process, or if you have any questions that arise, we are here to help. Paramount has the ability to be flexible when it comes to processing your mortgage. Let us know if changes happen and we can work with you to reach the best end result for you.
  • We are there with you at the closing table. We want to share in this important event and be able to explain the closing papers and address any questions or issues that may arise.
  • We fund our own loans. No need to wait for an investor to send a check to closing. Paramount attends every closing, with check in hand to ensure a smooth transaction!
  • We’re here for you after closing. We have a relationship with our servicers, and we can help you with questions related to your mortgage after closing. Call our post-closing department to learn how responsive we really are!

Mortgage brokers are the middle man between you and the lending institution, which can be a bank, trust company, credit union, mortgage banker, finance company or even an individual private investor. A mortgage broker will analyze your financial situation to determine which lender is the best fit for your loan needs. The broker will submit your mortgage application to one or more lenders in order to sell it, and works with the chosen lender until the loan closes. He or she receives a commission from the borrower if the loan closes.

St. Louis MORTGAGE INTEREST RATES for September 12, 2012:

  • Conventional 30-Year Fixed 3.625%/ 3.678% APR
  • Conventional 15-Year Fixed 3.00%/ 3.094% APR
  • Conventional 5/1 ARM 2.625%/ 3.321% APR
  • FHA/VA 30 Year Fixed 3.750%/ 4.524% APR
  • Jumbo 5/1 ARM 2.750%/ 2.427% APR
  • Jumbo 15 yr Fixed 3.375%/ 3.630% APR
  • Jumbo 30 yr Fixed 4.750%/ 5.010% APR

Paramount Mortgage is a locally owned Mortgage Banker celebrating our 41st year. Great rates and programs are secondary to what is most desired in a lender relationship: Integrity, Communication and Customer Satisfaction. Be to check out our website:

For more information or if you have questions on mortgage rates you may contact me by phone at my direct line, (314) 372-4319, email at or you can visit our company website at


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