Mortgage

PrimeLending mortgage score for 2021

overview

Since 1986, PrimeLending has helped many families realize their dream of owning a home. Headquartered in Dallas, Texas, the lender offers a wide range of loan solutions – whether you're renovating, refinancing, building, or buying a home.

The mortgage process can be intimidating, especially as a first-time home buyer. PrimeLending strives to create a positive experience.

The lender's knowledgeable loan officers and credit counselors can help you find the right mortgage for your situation: conventional, government, jumbo, or low down payment loan.

PrimeLending also aims to create a sleek, convenient application that enables borrowers to digitally complete every step of the lending process.

PrimeLending mortgage rates

Whether you prefer a fixed rate home loan or an adjustable rate home loan, a lower mortgage rate increases purchasing power and helps lower your monthly payments. Also, you can save money during the life of the loan.

Because of this, it is important to compare and obtain rates from multiple lenders.

In 2020, PrimeLending's mortgage rates were comparable to other top lenders. And the lender fees were also average.

Remember, however, that mortgage rates and closing costs vary widely depending on the customer. So you need an individual offer to find out which lender is the most affordable for you.

Average mortgage rates from major lenders

PrimeLending

Rocket mortgage

Wells Fargo

Liberty mortgage

30-year average interest rate, 20201

3.35%
3.20%
3.62%
2.92%

Median total credit costs, 2020

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

Median creation fee, 2020

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

Average interest and fee data was obtained from public interest and fee records required by the Home Mortgage Disclosure Act (HMDA).

Confirm your new price (June 23, 2021)

PrimeLending mortgage review for 2021

When purchasing a mortgage loan, it is beneficial to work with a lender who offers a wide range of credit solutions.

PrimeLending is unique in that its loan professionals can tailor home loans to suit any applicant.

While some banks and mortgage companies have limited program choices, PrimeLending offers 400 different mortgage products, according to PrimeLending's website.

These include conventional and government-sponsored loans, as well as specialty mortgage loan programs for home renovations and more.

If you are tight on cash and need help with closing costs, you may qualify for the NeighborhoodEdge Lender Closing Cost Utility. This gives eligible borrowers up to $ 2,000 in closing expense assistance.

Another feature that distinguishes PrimeLending is the “float-down” interest rate option.

With this option, if the average mortgage interest rate falls within 21 days of your close date, you can do a one-time "float down" to lower your interest rate.

Working with PrimeLending

PrimeLending's digital tools simplify the mortgage loan process.

To get started, you can apply for pre-approval for a mortgage through the lender's website before you start looking for a home.

This step is not required, but it is recommended that you know what you can afford before meeting with a broker.

To obtain pre-approval for a mortgage loan, you must:

Fill out a building loan application and submit the relevant documents.You can upload this information from your computer or mobile device. Documents you will need include tax returns and W2s from the past two years, recent pay slips, bank statements, and information about other sources of income, the lender will review your information and issue conditional approval, which will give you the go-ahead to find a home in your price range

After you find a home, submit the bill of sale to your lender. This includes information about the property, such as the sales price and address.

The lender prepares a loan estimate that includes details of the mortgage (loan amount, type of loan, and estimates of interest rates, monthly payments, and cash required to close).

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

A few days before closing, you will receive your final declaration with your actual loan terms.

PrimeLending offers an eClosing option. Your loan officer or credit advisor will email your closing documents for electronic signature.

Customer ratings from PrimeLending mortgages

Customer ratings for PrimeLending are limited, with the lender rating 4.9 out of 5 at Zillow and J.D. Power did not get a score.

However, the company had only filed 5 customer complaints with the Consumer Financial Protection Bureau (CFPB) in 2020. This suggests that customers have few serious problems with the company.

Customer service reviews from major lenders

CFPB Complaints, 20204
Complaints per 100 mortgages, 20205
JD Power Satisfaction Rating 20206

PrimeLending

5
0.004
Not rated

Rocket Mortgage (Quick Loans)
391
0.03
883 / 1,000

Wells Fargo
554
0.05
840 / 1,000

Liberty mortgage
288
0.04
817 / 1,000

Some clients described their experience as amazing and hassle free, and some felt their interest rate and closing costs were reasonable and comparable to other lenders.

Others, however, had less positive experiences, with some complaints targeting the lender's lack of interest rate transparency.

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

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

Mortgage loan products at PrimeLending

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

According to a lender representative, what you can expect from the various mortgage solutions:

Conventional Loan – Get a conventional loan with as little as 3% to 5% off for a new purchase, refinance, or renovation. PrimeLending traditional loans require a minimum credit score of 620FHA. These government home loans are supported by the Federal Housing Administration. An FHA loan requires a 3.5% down payment and you must have a credit score of at least 580 to qualify. You can also use an FHA loan to purchase a fixer-upper and finance the cost of a home renovation loan VA Loan – This mortgage program is for active military, veterans, National Guard members, reservists, and their eligible surviving spouses. No deposit is required. And while VA loans don't have a minimum credit requirement, PrimeLending has a minimum score of 620. PrimeLending also allows VA borrowers to fund the cost of a renovation or fixer-upper USDA loan – these loans are available if you can buy a property in an eligible rural area. These no discount loans are insured by the U.S. Department of Agriculture and require a credit rating of 640 or greater. Jumbo Loans require a 20% deposit with PrimeLending and a minimum credit score of 700

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

Specialty loans include fixer-upper financing and low down payment loans to help borrowers buy earlier.

PrimeLending also offers a generous selection of conventional, VA, and FHA home renovation loans. These are useful for things like buying a fixer upper, renovating an existing 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 want to tap into your home equity, your only option would be to refinance via payout.

Where can I get a mortgage with PrimeLending?

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PrimeLending is licensed to provide loans in all 50 states and the District of Columbia. However, the lender only has offices 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 of these states – or far from a branch in their state – can apply for a loan online or call a PrimeLending loan officer.

Is PrimeLending the Best Mortgage Lender For You?

If you enjoy applying for a mortgage online and electronically signing your closing documents, PrimeLending could be the right choice – especially if you are looking for a specialty mortgage.

In addition to offering low down payment options, this lender also offers closing cost assistance for eligible buyers. PrimeLending could also be a top choice if you are looking for a construction loan or a home renovation loan.

Unfortunately, the lender doesn't offer home equity solutions. So if you want to pull cash out of your equity, your only option would be to refinance via payout.

Confirm your new price (June 23, 2021)

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