Do you know who you are dealing with? St Louis Mortgage Interest Rate Update

Paramount Mortgage Company - St Louis

There have been many changes in the mortgage banking industry in the last couple of years.  New regulations and laws now stipulate exact procedures, timetables and specific lending requirements to obtain a home mortgage. Mortgage bankers must obtain a federal license and state licenses for every state in which they originate loans.

These changes in lending policies are designed to protect and aid borrowers when making mortgage decisions to purchase or refinance a new home.

When selecting a mortgage banking professional, consumers should be sure they select someone in the industry that, like myself, are:

  • Licensed under the S.A.F.E. Act (Secure and Fair Enforcement for Mortgage Licensing Act of 2008);
  • Approved and passed a comprehensive federal and state criminal background check;
  • Passed extensive federal and state mortgage licensing exams;
  • Passed an extensive credit check to ensure they are financially responsible and possess an upstanding character;
  • Completed and passed licensing education requirements: Pre-licensing includes 20 hours of professional development and continuing education with 3 hours of federal law, 3 hours of ethics, 2 hours of nontraditional mortgage lending plus 12 or more hours of specific electives. Each year thereafter, Paramount Mortgage Bankers must complete a yearly minimum continuing education requirement of 9 hours.

For further information about concessions, i.e. typical uses and limitations, click on the following link:

St. Louis MORTGAGE INTEREST RATES for March 9, 2011:

  • Conventional 30-Year Fixed 5.00%
  • Conventional 15-Year Fixed 4.250%
  • Conventional 5/1 ARM 3.50%
  • FHA/VA 30 Year Fixed 4.875%
  • Jumbo 5/1 ARM 3.625%
  • Jumbo 15 yr Fixed 4.375%
  • Jumbo 30 yr Fixed 5.50%

Paramount Mortgage is a locally owned Mortgage Banker; we just celebrated our 40th anniversary. Great rates and programs are secondary to what is most desired in a lender relationship. The most sought-after aspects in this industry cannot be easily translated onto paper…learn more about us here.

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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