December 7, 2021

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PrimeLending Mortgage Review for 2021

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, SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc Blogs
, SEO, Wordpress Support & Insurance, Mortgage, Loans, Legal, Etc Blogs

Overview

Since 1986, PrimeLending has helped many families realize their dream of homeownership. Headquartered in Dallas, Texas, the lender offers a wide range of loan solutions—whether you’re renovating, refinancing, constructing, or purchasing a home.

The mortgage process can be intimidating, especially as a first-time homebuyer. PrimeLending strives to create a positive experience. The lender’s knowledgeable loan officers and loan advisors can help you find the right mortgage for your situation: conventional, government, jumbo, or a low down payment loan. PrimeLending also aims to create a streamlined, convenient application, allowing borrowers to complete each step of the loan process digitally.


PrimeLending mortgage rates 

Whether you prefer a fixed-rate or an adjustable-rate home loan, a low mortgage rate increases purchasing power and helps lower your monthly payment. Plus, you’re able to save money over the life of the loan.

This is why it’s important to comparison shop and get rates from multiple lenders.

In 2020, PrimeLending mortgage rates were comparable to other top lenders. And its lender fees were about average, too.

But remember that mortgage interest rates and closing costs vary a lot by customer. So you’ll need a custom quote to figure out which lender is cheapest for you.

Average mortgage rates at major lenders

  PrimeLending

Rocket Mortgage

Wells Fargo 

Freedom Mortgage

Average 30-Year Interest Rate, 20201

3.35% 3.20% 3.62% 2.92%

Median Total Loan Costs, 2020

$4,320 $4,610 $3,370 $3,340

Median Origination Fee, 2020

$1,400 $2,950 $1,280 $0

Average rate and fee data were sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).

Verify your new rate (Jun 23rd, 2021)

PrimeLending mortgage review for 2021

When shopping for a mortgage loan, it’s beneficial to work with a lender that offers a wide range of lending solutions. 

PrimeLending is unique because its loan experts can tailor home loans to each applicant.

While some banks and mortgage companies have a limited program selection, according to PrimeLending’s website, it offers 400 different mortgage products. 

This includes conventional loans and government-backed loans, as well as specialty mortgage loan programs for home renovations and more.

If you’re cash-strapped and need help with closing costs, you might qualify for the lender’s NeighborhoodEdge closing costs assistance program. This gives eligible borrowers up to $2,000 in closing costs assistance.

Another feature that separates PrimeLending is its “float down” interest rate option.

With this option, if average mortgage rates decrease within 21 days of your closing date, you’re allowed a one-time “float down” to reduce your rate.

Working with PrimeLending

PrimeLending’s digital tools simplify the mortgage lending process.

To start, you can apply for a mortgage pre-approval through the lender’s website before beginning your home search. 

This step isn’t required, but it’s recommended to know what you can afford before meeting with a realtor.

To get pre-approved for a mortgage loan, you will:

  • Complete a home loan application and submit supporting documentation. You can upload this information from your computer or mobile device
  • Documents you’ll need include tax returns and W2s from the previous two years, recent paycheck stubs, bank account statements, and information about other income sources
  • The lender reviews your information and issues a conditional approval
  • This gives you the green light to start searching for a home in your price range

After finding a home, submit the purchase agreement to your lender. This includes information about the property, such as the sale price and the address.

The lender will prepare a Loan Estimate which provides details about the mortgage (loan amount, type of loan, and estimations for interest rates, monthly payments, and cash needed to close).

Next, your loan goes through the underwriting process. The lender orders a property appraisal, conducts a title search, and completes other property inspections. At some point during this stage, your lender will schedule your closing date.

A few days before closing you’ll receive your Closing Disclosure statement with your actual loan terms.

PrimeLending offers an eClosing option. Your loan officer or loan advisor will send your closing documents via email for electronic signing. 

PrimeLending mortgage customer reviews 

Customer reviews for PrimeLending are limited, with the lender scoring 4.9 out of 5 on Zillow and no score in J.D. Power’s yearly mortgage lender survey.

However, the company had only 5 customer complaints filed against it with the Consumer Financial Protection Bureau (CFPB) in 2020. This suggests customers find few serious issues with the company.

Customer service reviews at major lenders

  CFPB Complaints, 20204 Complaints per 100 Mortgages, 20205 JD Power Satisfaction Score 2020
PrimeLending 5 0.004 Not Rated
Rocket Mortgage (Quicken Loans) 391 0.03 883/1,000
Wells Fargo 554 0.05 840/1,000
Freedom Mortgage 288 0.04 817/1,000

Some customers described their experience as amazing, stress-free, and some felt that their interest rate and closing costs were reasonable and comparable with other lenders. 

Others, though, had a less than positive experience, with some complaints directed at the lender’s lack of rate transparency. 

Ultimately, the experience will be a little different for everyone.

If you like the loan options PrimeLending has to offer, it’s worth checking out the company’s interest rates and customer service for yourself.

Mortgage loan products at PrimeLending

Are you thinking about buying a new home or refinancing a mortgage loan with PrimeLending?

According to a lender representative, here’s what you can expect with their different mortgage solutions:

  • Conventional loan — Get a conventional loan with as little as 3% to 5% down for a new purchase, refinance, or renovation. Conventional loans from PrimeLending require a minimum credit score of 620
  • FHA loan — These government home loans are backed by the Federal Housing Administration. An FHA loan requires a 3.5% down payment and you’ll need a minimum credit score of 580 to qualify. You can also use an FHA loan to buy a fixer-upper and finance the cost of a renovation
  • VA loan — This mortgage program is for active-duty military, veterans, members of the National Guard, Reservists, and their eligible surviving spouses. No down payment is required. And although VA loans don’t have a minimum credit requirement, you’ll need a minimum score of 620 with PrimeLending. PrimeLending also allows VA borrowers to finance the cost of a renovation or fixer-upper
  • USDA loan — These loans are available if you’re buying a property in an eligible rural area. These no money down loans are insured by the U.S. Department of Agriculture and require a credit score of 640 or higher
  • Jumbo loan — This mortgage is for borrowers purchasing a property with a loan amount that exceeds the conforming loan limit for the area. Jumbo loans require a down payment of 20% and a minimum credit score of 700 with PrimeLending

In addition to these mainstream loan options, PrimeLending offers a variety of specialty loans.

Specialty loans include financing for fixer-uppers and low-down-payment loans to help borrowers purchase sooner.

PrimeLending also has a generous selection of conventional, VA, and FHA renovation loans. These are useful for things like buying a fixer-upper, renovating a current home, or financing a swimming pool. 

But while PrimeLending’s programs can be ideal for first-time home buyers or refinancing an existing property, the lender doesn’t offer home equity solutions. So if you’re looking to tap your home equity, your only option would be a cash-out refinance.

Where can I get a mortgage with PrimeLending?

NMLS #13649

PrimeLending is licensed to originate loans in all 50 states and the District of Columbia. However, the lender only has branches in 43 states. These include:

  • 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 these states — or far from a branch within their state — can start a loan application online or by contacting a PrimeLending loan officer over the phone.

Is PrimeLending the best mortgage lender for you? 

If you’re comfortable applying for a mortgage online and e-signing your closing documents, PrimeLending might be the right fit — especially if you’re looking for a specialty mortgage. 

This lender not only offers low down payment options, but also closing cost assistance for eligible buyers. PrimeLending might also be a top pick if you’re looking for a construction loan or a renovation loan. 

Unfortunately, the lender doesn’t offer home equity solutions. So if you’re looking to pull cash from your equity, your only option would be a cash-out refinance.

Verify your new rate (Jun 23rd, 2021)

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