Since 1986, PrimeLending has helped many families realize their dream of home ownership. Headquartered in Dallas, Texas, it offers a wide range of lending solutions – be it renovating, refinancing, building or buying a home.
The mortgage process can be intimidating, especially if you are buying a home for the first time. PrimeLending strives to create a positive experience. Qualified loan officers and lender credit counselors can help you find the right mortgage for your situation: regular, government, large loan, or a low down payment loan. PrimeLending also strives to create a streamlined and user-friendly application that allows borrowers to digitally complete every step of the loan process.
PrimeLending mortgage rates
Whether you prefer a fixed-rate or an adjustable-rate home loan, a low mortgage rate increases your purchasing power and helps to lower your monthly payment. Plus, you can save money over the life of the loan.
This is why it is important to compare stores and get rates from multiple lenders.
In 2020, PrimeLending mortgage rates were comparable to those of other leading lenders. Creditors’ fees were also about average.
But remember that mortgage interest rates and closing costs vary greatly depending on the client. Therefore, you will need a personalized quote to find out which lender is cheapest for you.
Average mortgage rates for large lenders
Average 30-year interest rate, 2020one
Average total cost of a loan, 2020
|USD 4320||USD 4,610||USD 3,370||USD 3340|
Average Creation Fee, 2020
|USD 1,400||USD 2,950||USD 1,280||$ 0|
Average rate and fees data was obtained from publicly available reports on rates and fees required Housing Mortgage Disclosure Act (HMDA).
PrimeLending mortgage review for 2021
When buying a mortgage, it is helpful to work with a lender who offers a wide range of loan solutions.
PrimeLending is unique in that its loan experts can tailor home loans for each applicant.
While some banks and mortgage companies have a limited selection of programs, according to the PrimeLending website, it offers 400 different mortgage products.
This includes regular loans and borrowings secured by the government, as well as special mortgage loans for home renovations, and more.
If you are short of cash and need help with closing costs, you may be eligible for the NeighborhoodEdge Lender Closing Costs program. This gives eligible borrowers up to $ 2,000 in help with closing expenses…
Another feature that distinguishes PrimeLending is the possibility of a “floating” interest rate.
With this option, if average mortgage rates decline within 21 days of the closing date, you are allowed a one-time float to lower your rate.
Working with PrimeLending
PrimeLending digital tools simplify the mortgage lending process.
To get started, you can apply for a pre-approved mortgage through the lender’s website before starting your home search.
This step is optional, but it is recommended that you know what you can afford before meeting with a realtor.
To get pre-approved for a mortgage loan, you need to:
- Fill out a home loan application and provide supporting documentation. You can download this information from your computer or mobile device.
- The documents you will need include tax returns and W2s for the previous two years, recent paychecks, bank statements, and information about other sources of income.
- The lender verifies your information and issues a conditional approval
- This gives you the green light to start looking for a home in your price range.
Once you find a home, send the purchase agreement to your lender. This includes information about the property, such as the selling price and address.
The lender will prepare a loan estimate that contains detailed information about the mortgage (loan amount, loan type, and estimates of interest rates, monthly payments, and cash required to close).
Your loan then goes through the underwriting process. The lender orders an appraisal of the property, searches for the title, and completes other property checks. At some point during this stage, your lender will set a closing date.
A few days before closing, you will receive your final statement with the actual terms of the loan.
PrimeLending offers an electronic close option. Your loan officer or loan advisor will email the final documents for electronic signature.
PrimeLending mortgage customer reviews
Customer feedback on PrimeLending is limited: The lender received a 4.9 out of 5 on Zillow and no points in JD Power’s annual mortgage lender survey.
However, in 2020, the company filed only 5 customer complaints with the Consumer Financial Protection Bureau (CFPB). This suggests that customers do not find serious problems with the company.
Customer service reviews from major lenders
|CFPB Complaints, 2020four||100 mortgage complaints, 2020five||JD Power Satisfaction Score 20206|
|Rocket Mortgage (Quicken Loans)||391||0.03||883 / 1,000|
|Freedom mortgage||288||0.04||817/1 000|
Some clients described their experience as amazing, stress-free, and some felt that their interest rate and closing costs were reasonable and comparable to those of other lenders.
Others, however, have had less than positive experiences, and some complaints were directed at the lender’s lack of transparency in rates.
In the end, everyone will have a slightly different experience.
If you enjoy the loan options that PrimeLending has to offer, it is worth checking the company’s interest rates and customer service in person.
Mortgage Lending Products at PrimeLending
Are you thinking of buying a new home or refinancing your mortgage loan with PrimeLending?
According to the lender’s representative, here’s what to expect from their various mortgage solutions:
- Ordinary loan – Get a regular loan with a 3% to 5% discount on a new purchase, refinancing or renovation. Regular loans from PrimeLending require a minimum credit rating of 620
- FHA loan – These government housing loans are backed by the Federal Housing Administration. An FHA loan requires a 3.5% down payment and you will need a minimum credit rating of 580 to qualify. You can also use an FHA loan to purchase an upper brace and finance the cost of the repair.
- VA credit – This mortgage program is for active duty military personnel, veterans, members of the National Guard, reservists and their legal spouses alive. No advance payment required. And although VA loans have no minimum credit requirements, you will need a minimum of 620 PrimeLending credits. PrimeLending also allows VA borrowers to finance the cost of repairing or refurbishing the top.
- USDA Loan – These loans are available if you buy property in a suitable countryside. These interest-free loans are insured by the USDA and require a credit rating of 640 or higher.
- Big loan – This mortgage is for borrowers purchasing real estate for a loan amount in excess of the appropriate loan limit for the area. Large loans require a 20% down payment and a minimum credit rating of 700 with PrimeLending.
In addition to these basic loan options, PrimeLending offers a variety of special loans.
Special loans include renovation financing and low down payment loans to help borrowers make a purchase earlier.
PrimeLending also offers a wide variety of conventional loans, VA and FHA loans for home improvement. They are useful for things like buying a top retainer, renovating an existing home, or pool financing…
But while PrimeLending programs may be ideal for new home buyers or refinancing an existing property, the lender does not offer equity solutions. So if you want to use your own equity, your only option would be cashing refinancing…
Where can I get a mortgage with PrimeLending?
NMLS No. 13649
PrimeLending is licensed to issue loans in all 50 states and the District of Columbia. However, the lender has branches in only 43 states. This includes:
- AK, AL, AR, AZ, CA, CO, CT, DE, FL, GA, HI, ID, IL, IN, KS, KY, MA, MD, MI, MN, MO, MS, MT, NC, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, SC, TN, TX, UT, VA, VT, WA, WI and WV
Borrowers outside of these states – or far from branches in their own state – can apply for a loan online or by contacting a PrimeLending loan officer by phone.
Is PrimeLending the Best Mortgage Lender for You?
If you are comfortable applying for mortgages online and electronically signing closing documents, PrimeLending may be for you, especially if you are looking for a dedicated mortgage.
This lender not only offers low down payment options, but also transactional assistance for eligible buyers. PrimeLending may also be the best choice if you are looking for a building or renovation loan.
Unfortunately, the lender does not offer equity solutions. So, if you are looking to get cash out of your capital, your only option would be to refinance with cash out.