PrimeLending Mortgage Review for 2021
Since 1986, PrimeLending has helped many families achieve their dream of homeownership. Based in Dallas, Texas, the lender offers a wide range of loan solutions, whether you are renovating, refinancing, building, or buying a home.
The mortgage process can be daunting, especially as a first-time home buyer. 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 low down payment. PrimeLending also aims to create a simplified and convenient application, allowing borrowers to complete every step of the loan process digitally.
PrimeLending mortgage rates
Whether you prefer a fixed-rate or adjustable-rate mortgage, a low mortgage rate increases purchasing power and reduces your monthly payment. Plus, you can save money over the life of the loan.
That is why it is important to shop around and get the rates from several lenders.
In 2020, PrimeLending mortgage rates were comparable to those of other major lenders. And his lender fees were also average.
But remember that mortgage interest rates and closing costs vary a lot depending on the client. You will therefore need a personalized quote to determine which lender is the cheapest for you.
Average mortgage rates of major lenders
30-year average interest rate, 20201
Median total loan costs, 2020
|$ 4,320||$ 4,610||$ 3,370||$ 3,340|
Median start-up costs, 2020
|$ 1,400||$ 2,950||$ 1,280||$ 0|
Data on average rates and fees comes from the public records on rates and fees required by the Home Mortgage Disclosure Act (HMDA).
Check your new rate (June 23, 2021)
PrimeLending Mortgage Review for 2021
When shopping for a mortgage, it pays to work with a lender who offers a wide variety 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, they have 400 different mortgage products.
This includes conventional loans and government guaranteed loans, as well as specialized mortgage programs for home renovations and more.
If you’re strapped for cash and need help with closing costs, you may be eligible for the lender’s NeighborhoodEdge Closing Cost Assistance Program. This gives eligible borrowers up to $ 2,000 in closing cost assistance.
Another feature that sets PrimeLending apart is its âfloatingâ interest rate option.
With this option, if average mortgage rates decline within 21 days of your closing date, you are entitled to a one-time âfloatâ to lower your rate.
Working with PrimeLending
PrimeLending’s digital tools simplify the mortgage lending process.
To get started, you can apply for mortgage pre-approval on the lender’s website before you start your home search.
This step is not required, but it is recommended that you know what you can afford before meeting with a real estate agent.
To get pre-approved for a mortgage you will need to:
- Complete a mortgage application and submit the supporting documents. You can download this information from your computer or mobile device
- The documents you will need include income tax returns and W2s from the previous two years, recent pay stubs, bank account statements, and information on other sources of income.
- Lender reviews your information and issues conditional approval
- This gives you the green light to start looking for a home in your price range.
After you find 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 that provides details about the mortgage (loan amount, loan type, and estimates of interest rates, monthly payments, and cash needed to close).
Then your loan goes through the underwriting process. The lender orders an appraisal of the property, performs a title search and performs other inspections of the property. At some point during this stage, your lender will set your closing date.
A few days before the closing, you will receive your closing statement with the actual conditions of your loan.
PrimeLending offers an electronic closing option. Your loan officer or credit counselor will email your closing documents for electronic signature.
Customer reviews on PrimeLending mortgages
Client reviews for PrimeLending are limited, with the lender scoring 4.9 out of 5 on Zillow and no score in JD Power’s annual mortgage lender survey.
However, the company only had 5 customer complaints filed against it with the Consumer Financial Protection Bureau (CFPB) in 2020. This suggests that customers have few serious issues with the company.
Customer service reviews from major lenders
|CFPB complaints, 20204||Complaints for 100 mortgages, 20205||JD Power 2020 Satisfaction Score6|
|Rocket Mortgage (Quicken Loans)||391||0.03||883/1000|
Some clients described their experience as amazing, stress free, and some rated their interest rate and closing costs as reasonable and comparable to other lenders.
Others, however, have had a less than positive experience, with some complaints directed at the lender’s lack of transparency in rates.
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 products at PrimeLending
Are you considering buying a new home or refinancing a mortgage with PrimeLending?
According to a lender representative, here is what you can expect with their different mortgage solutions:
- Conventional loan – Get a conventional loan with as little as 3% to 5% down payment for a new purchase, refinancing or renovation. PrimeLending conventional loans require a minimum credit score of 620
- FHA loan – These government home loans are guaranteed by the Federal Housing Administration. An FHA loan requires a 3.5% down payment and you will need a minimum credit score of 580 to qualify. You can also use an FHA loan to buy a renovator and finance the cost of a renovation.
- VA loan – This mortgage program is for active duty military personnel, veterans, members of the National Guard, Reservists and their eligible surviving spouses. No deposit is required. And while 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 redevelopment
- USDA loan – These loans are available if you buy property in a qualifying rural area. These zero-down payments are insured by the United States Department of Agriculture and require a credit score of 640 or higher.
- Jumbo loan – This mortgage is for borrowers who purchase a property with a loan amount that exceeds the compliant loan limit for the area. Jumbo loans require a 20% down payment and a minimum credit score of 700 with PrimeLending
In addition to these traditional loan options, PrimeLending offers a variety of specialty loans.
Specialty loans include financing for renovations and low down payment loans to help borrowers buy sooner.
PrimeLending also offers a generous selection of conventional, VA and FHA home improvement loans. These are useful for things like buying a remodeler, renovating an existing home, or financing a swimming pool.
But while PrimeLending programs may be ideal for first-time home buyers or for refinancing an existing property, the lender does not offer home equity solutions. So if you are looking to tap the equity in your home, your only option would be cash refinancing.
Where can I get a mortgage with PrimeLending?
NMLS # 13649
PrimeLending is licensed to make 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, OU, PA, SC, TN, TX, UT, VA, VT, WA, WI and WV
Borrowers outside of those states – or away from a branch within their state – can begin a loan application online or by contacting a PrimeLending loan officer by phone.
Is PrimeLending the best mortgage lender for you?
If you are comfortable applying for a mortgage online and electronically signing your closing documents, PrimeLending might be the right solution, especially if you are looking for a specialty mortgage.
This lender not only offers low down payment options, but also helps with closing costs for qualifying buyers. PrimeLending can also be a top choice if you are looking for a construction or renovation loan.
Unfortunately, the lender does not offer home equity solutions. So, if you are looking to withdraw money from your equity, your only option would be withdrawal refinancing.
Check your new rate (June 23, 2021)