FAQ’s

Frequently Asked Questions

 

1. How do I pick a Lender?

 

In the whirl wind that surrounds the home buying and mortgage process, how can a consumer be sure that they are working with the right lender? I mean there are so many choices…here’s some things to consider: Click here

 

2. I already have a pre-approval from a different lender. Am I still required to apply with Paramount Residential Mortgage Group?

 

 

Yes. Many sellers have decided to use Paramount Residential Mortgage Group to screen and ensure that any offers they consider are sound and have the ability to close. On such properties offers will not be considered without a pre-approval letter from Paramount Residential Mortgage Group. (Also see question #3)

 

3. I’ve already had my credit pulled. Can Paramount Residential Mortgage Group do a pre-approval without pulling my credit?

No. Paramount Residential Mortgage Group is required to do their own pre-approval which requires them to pull their own credit report. However, we can provide a pre-qualification based on a consumer pulled credit report including score dated within 30 days.

 

4. If my offer is accepted do I have to use Paramount Residential Mortgage Group for my financing?

No. You may close with whatever lender you would like. You are only required to be pre-approved by Paramount Residential Mortgage Group.

 

5. What credits are available when using Paramount Residential Mortgage Group?

A credit of up to 6% may be requested if you are using Paramount Residential Group. This credit must be agreed to by the seller. If you are purchasing an investment property the maximum credit is 2%. The request for this credit must be included in the original offer to the seller.

 

6. Why am I required to provide so many documents to Paramount Residential Mortgage Group in order to obtain the pre-approval?

Paramount Residential Mortgage Group will do a complete pre-approval including a Fannie Mae DU or Freddie Mac LP and not just a pre-qualification. In a pre-approval all of the income and asset documents must be reviewed to be certain that the borrower qualifies.

 

7. Why Paramount Residential Mortgage Group?

As a direct mortgage lender and as a result of providing in-house underwriting services, Paramount Residential Mortgage Group is able to take advantage of improved pricing from many of its investors. Also beneficial is the familiarity and consistency gained by working solely with an in-house underwriting department. This added service is what makes Paramount Residential Mortgage Group the choice when working with referral professionals such as: Realtors, CPA’s, Financial Planners, Attorneys and Developers, who are looking to acquire the benefits of in-house underwriting. You can be certain that you will be treated with the utmost care and concern and not like a transaction.

 

8. What type of loan can I get with Paramount Residential Mortgage Group?

Paramount Residential Mortgage Group offers a wide array of loan programs. These include Conventional, HomePath, FHA, FHA 203k, VA, Jumbos & Foreign Nationals.

 

9. This property needs some repairs and/or upgrades. Can I include the cost of the repairs/upgrades into my loan?

Yes. You must be planning to occupy the property. You can obtain an FHA 203K loan which is a primary residence rehab loan. Consult your loan specialist for more details.

 10. How long is the pre-approval process?

On average all pre-approvals are completed within 24 hours from receipt of ALL required information. In some instances it may take up to 48 hours during high volume.

11. What lenders does Paramount Residential Mortgage Group work with?

Paramount Residential Mortgage Group is a licensed mortgage lender with delegated in house underwriting for all Conventional & Government (FHA/VA) loans. Our Foreign National loans are brokered through our local partners.

 

12. Does William Alvarez know what he is doing when it comes to mortgage loans?

Absolutely! William Alvarez, is a passionate mortgage professional. He has been in the mortgage business since 2001 and has been involved in over 1100 closed and funded residential loan transactions. His expertise and knowledge are invaluable and he cares about his clients personally. William has also earned the designation of Certified Mortgage Planning Specialist. Click here to learn more about CMPS designation. Click here to view LinkedIn profile.

 

13. Once my pre-approval is completed what is the process?

Your pre-approval letter will be sent to both realtors involved as well as yourself. The offer should be completed with your realtor and sent directly to the listing agent of the property. Paramount Residential Mortgage Group does not negotiate or make any decisions regarding the contract. Any request for updates once the offer is submitted should be sent to the listing agent.

 

14. My offer was not accepted. Can I still use Paramount Residential Mortgage Group for my financing?

Absolutely! Paramount Residential Mortgage Group pre-approval letter is good for the specific borrower not a specific property.

 

15. I am making a cash offer. What do I do?

Complete the Paramount Residential Mortgage Group Offer Information Form.  Fax or email the form along with your source of funds for the closing to the number or email provided.

 

16. Where do I send the paperwork?

You may fax or email your documents to us. The fax number is 1-888-764-0759 and our email address is: walvarez@prmg.net.

 

17. Are my documents and information kept confidential?

YES! All fax lines are secure and all emails are encrypted. All documents containing sensitive information are always shredded prior to disposal.

 

18. Can I apply online?

Yes.  Click Here and complete the full loan application.  Fax or email your Paramount Residential Mortgage Group Offer Information Form along to the number or email provided.

 

I have additional questions not answered here.  Can I speak with someone?

Of course! Contact William directly at:  305-764-5554

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