This Texas-based lender was founded in 1986 with the goal of providing every customer with a straightforward, transparent, and gratifying mortgage transaction. PrimeLending works with real estate experts, housebuilders, and other business partners to combine personal loan assistance with local expertise, and offers a comprehensive suite of loan options for purchase, refinance, and home renovations.
Background of PrimeLendingPrimeLending began as a small business in Dallas in 1986 and has since grown to become a national lender. It offers a variety of loan solutions for purchase, refinance, renovation, and new construction, all intending to make the lending procedure as simple as possible for all types of borrowers. PrimeLending is a wonderful alternative for consumers with various credit histories and financial situations because it offers much down payment and closing cost assistance packages. While PrimeLending does not necessarily dominate the market, its customer satisfaction rates are incredibly high. As a result, most of the company's revenue comes from recommendations. Such glowing evaluations are primarily due to the lender's Southern hospitality and devotion to developing personal and meaningful connections with customers.
PrimeLending loan specificsPrimeLending offers one of the most comprehensive loan portfolios in the market, including state-backed down payment assistance programs. This wide range of possibilities opens up different options for diverse borrowing needs, such as first-time home buying, new-home investment, or refinancing or upgrading an existing property. PrimeLending's assistance programs, alternative credit evaluations, and specialized loans for various credit histories make it a sensible choice for customers with poor credit or who require financial assistance.
Fixed-rate loansFor house purchases and refinancing, PrimeLending offers 15 and 30-year fixed-rate mortgages. These loans have fixed interest rates that will not vary during the loan's term. As a result, they're great for long-term homeowners who want to make consistent monthly payments.
Adjustable-rate loansAdjustable-rate mortgages (ARMs) are better for short-term homeowners or borrowers with future income growth potential since they have low beginning interest rates and then change the rates frequently throughout the loan term. They're branded with fractions, like 3/1, which means the interest rate will stay the same for the first three years and then adjust based on market rates for the loan balance. PrimeLending offers ARM alternatives with varied term durations for both buying and refinancing loans.
Jumbo loansPrimeLending offers a variety of jumbo loans, including fixed and adjustable-rate choices, for purchase or refinance. With as low as a 5% down payment, some lenders may cover up to 95% of the home's value. The conforming loan regulations set by large institutions like Fannie Mae and Freddie Mac do not apply to these high-value loans.
FHA mortgage loansThese government-backed loans are aimed toward first-time purchasers and homeowners with low to moderate incomes and poor credit. Compared to the conventional 20% down payment, FHA loans only require a 3.5 percent down payment. They also have minimal closing charges and flexible income and credit restrictions. As part of its down payment and closing cost assistance services, PrimeLending offers FHA mortgages and FHA cash-out and refinance options.
VA LoansPrimeLending offers these loans to accommodate the specific needs of active and retired military personnel. These loans, which are insured by the Department of Veterans Affairs (VA), are available to qualifying active and inactive military personnel and their spouses and offer low-interest rates, modest down payments, and closing cost assistance.
USDA Home LoansThese loans, which are available to low-income homeowners in rural areas designated by the US Department of Agriculture (USDA), provide 100 percent financing and lower mortgage insurance expenses. PrimeLending offers a USDA loan with a 30-year fixed rate.
NeighborhoodEdge® closing cost assistanceThis program, which is only available through PrimeLending, pays qualified borrowers up to $2,000 in closing costs for properties in low-to-moderate census tract areas.
Conventional 97This assistance loan may be available to borrowers with good to exceptional credit. It requires only a 3% down payment and is available through Fannie Mae and Freddie Mac for borrowers acquiring a single-unit principal residence.
HomeReady®This Fannie Mae-backed program demands only a 3% down payment and gives mortgage rate and private mortgage insurance reductions. A HomeReady® loan is excellent for multi-generational families and borrowers with lower-than-average incomes.
Home Possible®Because it only demands a 3% down payment, this Freddie Mac mortgage option is great for first-time homebuyers.
Renovation LoansPrimeLending offers a variety of home remodeling and renovation loans, both conventional and government-backed. One of the lender's help programs is the 203K Renovation Loan, which needs a 3.5 percent minimum down payment and covers the property's value plus repair expenditures.
New Construction LoansWhen the work is finished, PrimeLending offers temporary loans that are refinanced into a regular mortgage.
PrimeLending Mortgage Customer ExperienceEach borrower is assigned to an expert loan officer who will assist them throughout the procedure. The lender does not publish rates or calculate short-form custom quotations on their website, opting instead to provide customized estimates after applications are submitted. Borrowers can complete their whole application online and seek assistance from their loan officer if necessary. Borrowers can choose a pricing range, evaluate loan alternatives, and choose a down payment amount using the online application. PrimeLending can then provide a loan suggestion and estimate, as well as let borrowers know if they are pre-qualified. Following that, applicants must provide the required evidence, including government-issued identification, a social security number, income and asset verification documents, W-2 forms, and employment history. Documents can be directly uploaded into the secure system, allowing for electronic signatures.
PrimeLending mortgages typically take 30 days to close.In J.D. Power's 2017 Primary Mortgage Origination Satisfaction Study, this PrimeLending client experience ranked third-best among competitors. Consumers gave PrimeLending four out of five stars in the survey, deeming it "better than most" lenders. PrimeLending boasts a 96 percent client satisfaction rate, backed by continuous five-star Zillow reviews praising the lender's communication, professionalism, and support.
PrimeLending Lender ReputationPrimeLending is a loan company with over 30 years of experience. According to the National Mortgage Licensing System, the lender's Registry ID number is 13649. PrimeLending is an Equal Housing Lender with a reputation for being a top mortgage lender. The lender has an A+ BBB rating and has been accredited since 2015. NerdWallet likewise gave the lender a four-star rating out of five stars.
PrimeLending Mortgage QualificationsMany of the same qualifying elements are examined by PrimeLending as they are by other lenders. Of course, one of the most crucial mortgage prerequisites is a credit score. Applicants with credit scores above 670 usually have no trouble getting accepted, and those with excellent credit are likely to get the best mortgage rates.
|Credit score||Quality||Ease of approval|
|620 and below||Poor||Somewhat difficult|
|n/a||No credit score||Difficult|
PrimeLending phone number and additional details:
- Homepage URL: https://www.primelending.com/
- Company Phone: 800-317-7463
- Headquarters Address: 18111 Preston Road, Suite 900, Dallas, Texas 75252