PrimeLending mortgage rates
In 2021 (the most recent data available), PrimeLending mortgage rates and lender fees were comparable to other top lenders. Its refinance rates were generally competitive, too. But remember that mortgage interest rates and closing costs vary a lot by customer. So you’ll need to get custom quotes to figure out which lender is cheapest for you.
Average 30-year mortgage rates at major lenders
|PrimeLending||Rocket Mortgage||Wells Fargo||Freedom Mortgage|
|Avg 30-Yr Interest Rate, 20211||3.22%||3.00%||3.14%||2.66%|
|Median Total Loan Costs, 20211||$4,756||$4,670||$3,600||$3,880|
|Median Origination Fee, 20211||$1,428||$2,430||$1,330||$0|
Average rate and fee data were sourced from public rate and fee records required by the Home Mortgage Disclosure Act (HMDA).
Regardless of the type of mortgage loan you need, a low rate increases your home buying power and helps lower your monthly payment. Plus, you’re able to save money over the life of the loan. That’s why it’s important to get rate quotes from multiple lenders to compare fees, closing costs, and loan offerings.
PrimeLending review for 2022
Headquartered in Dallas, Texas, PrimeLending is a PlainsCapital company that offers a diverse portfolio of mortgage products.
PrimeLending is unique because its loan experts can tailor their products to each applicant. While some banks and mortgage companies have a limited mortgage selection, according to PrimeLending’s website, it offers 400 different types of home loans. These include conventional loans and government-backed loans as well as specialty mortgage 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 cost 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 can help simplify the mortgage process. To start, you can apply for a mortgage preapproval 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 preapproved for a mortgage, you’ll 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 and investment account statements
- Information about any other income sources
Once submitted, the lender reviews your information and issues a conditional approval for your qualified loan amount. 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, including loan amount, type of loan, interest rate, 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
PrimeLending earns 4 out of 5 stars from customer reviews on both Zillow and LendingTree. But the lender is not large enough to have a customer satisfaction rating in J.D. Power’s yearly mortgage lender survey.
However, the company didn’t have any customer complaints filed against it with the Consumer Financial Protection Bureau (CFPB) in 2021. This suggests customers find few serious issues with the company.
Customer service reviews at major lenders
|CFPB Complaints, 20214||Complaints Per 1,000 Mortgages, 20215||J.D. Power Satisfaction Score, 20216|
Some customer reviews described PrimeLending as “amazing” and “stress-free,” noting that its interest rates 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 options 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 its different mortgage solutions:
- Conventional loan: A loan conforming to guidelines set by Freddie Mac and Fannie Mae. First-time home buyers can qualify with as little as 3% down payment and 620 minimum credit score. You can usually stop paying private mortgage insurance (PMI) after a few years
- Jumbo loans: Higher loan amounts than conforming mortgages, generally for mortgages over $
- FHA loans: You can put down as little as 3.5% of the home purchase price. But you’ll have to pay mortgage insurance premiums (MIP) each month until you sell or refinance. Credit score minimum as low as 580. This is a popular loan type for first-time home buyers
- VA loan: Ideal for veterans, active-duty service members, and others who are eligible. Zero down payment, easier credit, competitive rates, and no mortgage insurance. Although VA loans don’t have a minimum credit requirement, you’ll need a minimum score of 620 with PrimeLending. The lender 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
- New construction loans: Ideal loan option for those building a new home
- Fixed-rate mortgages (FRMs): Fixed-rate loans allow you to secure a mortgage rate for the life of the loan, which can last 30 years or a shorter 15-year loan term. This loan type is ideal for those who want regular monthly mortgage payments
- Adjustable-rate mortgages (ARMs): Adjustable-rate loans let you fix your rate for the first several years of your loan. After that, your rate will float with the market
In addition to these mainstream mortgage products, PrimeLending offers a variety of specialty loans. The lender says it has over 400 options for borrowers.
Specialty loans include low-down-payment options to help borrowers purchase sooner. Indeed, PrimeLending’s website features multiple down payment assistance loan programs to help first-time home buyers achieve their homeownership goals. The company 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.
Refinancing with PrimeLending
In addition to home purchase loans, PrimeLending also offers refinancing. Homeowners can choose between refinance loans that will lower their monthly payments, pay off the home sooner, or tap home equity.
- Rate-and-term refinance: Exchange your original mortgage with a new one that offers more favorable loan terms or a lower interest rate
- Cash-out refinance: Access your home equity by replacing your current mortgage with a new, larger loan amount, and then receiving the difference as a lump sum of cash.
While PrimeLending’s programs can be ideal for refinancing an existing mortgage, the lender doesn’t offer home equity loans or home equity lines of credit (HELOCs).
Where can I get a mortgage with PrimeLending?
PrimeLending is licensed to originate loans in all 50 states and the District of Columbia. However, the lender only has physical 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. Find a PrimeLending branch near you using the company’s locator tool.
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.