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PrimeLending mortgage review

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A lender with a float down option and closing cost assistance — but watch out for closing delays.

With low down payments and underwriting for self-employed people, PrimeLending is a good option for first-time homebuyers and small business owners. It also has a full suite of renovation loans. But there may be a few hiccups in the loan process, which may cause closing delays.

Details

Loan types Conventional, Refinance, Jumbo, FHA, VA, USDA
Available States Available in all states

Pros

  • Offers rate locks and float-down options
  • Will work with self-employed borrowers
  • Lends in all 50 states

Cons

  • No home equity loans
  • New York home loan restriction
Although PrimeLending doesn’t have any user reviews on Trustpilot, it is accredited with the Better Business Bureau (BBB) and holds an A+ rating. The BBB rating is partially calculated based on how often a business responds to its customers.

Although PrimeLending holds an A+ rating, most interactions use a blanket response stating that PrimeLending will reach out to the user directly because of privacy concerns. Of 29 complaints, since 2017, only three have been closed.

One customer speaks to a smooth loan process. However, most customer comments describe the lender as disorganized, which caused delays in closing.

What types of loans does PrimeLending offer?

  • Conventional. PrimeLending offers both 15- and 30-year fixed-rate mortgages, and an adjustable-rate home loan option.
  • FHA. You’ll find down payments as low as 3.5% and easier credit and income requirements with this government-insured loan.
  • VA. Eligible current service members, veterans and surviving spouses can find low down payments and low interest rates with a VA-insured mortgage.
  • USDA. Low-income borrowers purchasing in designated rural areas can find up to 100% financing.
  • Jumbo. These loans finance higher-value homes above the loan limits set by the federal government. PrimeLending offers jumbo loans up to $3 million. Higher amounts are also available.

Other loans offered by PrimeLending

  • Refinance. Conventional and government-insured refinance loan options to replace an existing mortgage. PrimeLending also offers cash-out refinancing so you can borrow more than what you currently owe.
  • Construction. Fund extensive repairs with a home purchase into a single loan with Fannie Mae or Freddie Mac options. Finance smaller upgrades for cosmetic, nonstructural improvements with a home purchase using a specialty PrimeLending program. You can also choose from four government-backed construction loans.

PrimeLending fees

Although PrimeLending doesn’t publish its fees online, it recommends preparing for closing costs that range from 2% to 6% of the home’s purchase price. You’ll likely see the following charges:

  • Appraisal fee
  • Attorney fee, if required
  • Courier fee
  • Credit report fee
  • Home inspection fee
  • Recording fee
  • Survey fee
  • Tax services fee
  • Title search fee

Neighborhood Edge Closing Cost Assistance

PrimeLending offers up to $2,000 in closing cost assistance to all qualified homebuyers for FHA, VA and USDA loans. The property must be in a low-to-moderate census tract area in one of the 50 states.

Requirements

The maximum loan-to-value (LTV) is generally 80% — but in some cases, PrimeLending allows up to 97% LTV. The jumbo program has a debt-to-income ratio of 49.99%.

Documentation

PrimeLending requires a series of documents that you’ll need to provide as part of the loan process.

  • Driver’s license or photo ID
  • Nonpermanent resident alien card or visa
  • Letter of explanation for the last 90 days of credit inquiries
  • Letter of explanation for any derogatory credit remarks, if applicable
  • Bankruptcy papers, if applicable
  • Two most recent consecutive pay stubs that cover the last 30 days and show year-to-date earnings
  • Social Security, retirement income or pension award letter, if applicable
  • Federal tax returns, including all schedules
  • Last two years of income documents, such as W-2 statements
  • Most recent three months of bank statements
  • Quarterly statements for investment accounts
  • Documentation for any asset, including sources of money for the down payment, closing costs and cash reserves

How to get a home loan with PrimeLending

You can start the loan application online or by contacting a loan officer by calling 800-317-7463. Here are the steps to start the online application.

  1. Go to PrimeLending’s website.
  2. Hover over the tab Buy a home. Click How to get prequalified.
  3. Scroll down and click Apply now.
  4. Select whether you are currently working with a loan officer.
  5. Create an account. Click Submit.
  6. Go to the email that you listed for your account and click Confirm account.
  7. Return to PrimeLending’s website. Click Return to sign in.
  8. Fill out your email and password to login to your account. Click Login.
  9. Click Apply now.
  10. Fill out information about the loan and the house — for example, if it’s a new purchase or a refinance. Click Next step.
  11. Give details about yourself — for example, your name and Social Security number. Click Next step.
  12. Detail your income and employment. Click Next step.
  13. List your assets — for example, bank account information and if you own any real estate. Click Next step.
  14. Answer a few questions — for example, if there are any outstanding judgments against you. Click Next step.
  15. Review your application and click Submit to loan officer. You should hear back within three business days.

Pros and cons of PrimeLending

Pros

  • Offers rate locks and float-down options. Rate locks let you keep the quoted interest rate, even if rates go up. And the float-down option lets you lock your rate while also getting a lower interest rate if the rates drop.
  • Will work with self-employed borrowers. Self-employed borrowers can still qualify for a home loan if they submit all the required documents, such as tax returns with all schedules, profit and loss statements and corporate or partnership tax returns of those who own 25% or more of a company.
  • Lends in all 50 states. You can get a home loan in any state, although you’ll need to visit a branch for a home loan in New York. PrimeLending also has comprehensive blog articles to help borrowers who want to relocate, and a corporate relocation program to help business support transferred employees.

Cons

  • No home equity loans. PrimeLending doesn’t offer any loans that let you borrow money by tapping into the equity in your home.
  • New York home loan restriction. Only branches licensed in New York can originate a New York home loan. You won’t be able to fill out an online application. You’ll need to visit a branch to get started.

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What is PrimeLending?

PrimeLending began in 1986 and is based in Texas. It operates under the parent company PlainsCapital Company.

PrimeLending has a team of about 2,800 employees that offer home loans across the United States. In 2018, PrimeLending won a Stratmor Group best-in-class lender award for its application process.

Frequently asked questions

Expert review

Kimberly Ellis

Review by


Kimberly Ellis is a writer at Finder specializing in home loans. She hails from New York City with a BA from Queens College. She has written extensively about the real estate and finance industries. Kimberly is also a language lover and aspiring polyglot.

Expert review

PrimeLending is a versatile lender with low down payment options, financing for self-employed borrowers and the ability to lend in all 50 states and the District of Columbia. Its closing cost assistance program is an attractive benefit for government-insured loans in low-tract census areas. But the loan process itself and delays in closing may be frustrating.

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