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PrimeLending Mortgage Review
PrimeLending Mortgage at a glance
|Lender||30-Year Fixed APR||Available Products||Key Benefit|
|PrimeLending||Varies by location||$2,000 in closing cost assistance available|
What we like about it
PrimeLending claims to have over 400 mortgage products at its disposal, so you can find practically any home loan you want. Its mortgage rates are very competitive, as well. Additionally, the company’s loan officers live across the country, so finding a local loan originator is easy when you use the company directory.
The online application process is easy and straightforward; it could work well for any customer who is comfortable with a digital application. Furthermore, PrimeLending ratings are high. The company has over 15,000 five-star reviews on Zillow and an average of 4.8 out of five on Google.
Areas to consider
The biggest hurdle with PrimeLending is that it doesn’t offer online mortgage rate shopping on its website. Many of its direct competitors provide hands-on calculators and tools that can give you an estimate in a few minutes using a soft credit check (or even without checking your credit). But to receive an estimated APR from PrimeLending, you have to either apply — and go through a hard credit pull — or call a local loan originator. This extra step can be a hassle for anyone who is casually browsing. And in our experience, it can be a bit tricky to get in touch with a representative. Also, because the process is mostly online, anyone who’s uncomfortable with digital applications may find the process challenging.
What you need to know
PrimeLending mortgage rates depend on many factors, such as your credit score, your down payment and the type of loan you apply for. However, its estimated rates given to us over the phone were quite good, falling between 2.75% and 2.99% as of June 2020. This quote was for a 10% down payment for a customer with an excellent credit score in Maryland. Like a typical mortgage, you can find a loan term between 15 and 30 years with PrimeLending.
PrimeLending also provides a useful breakdown of the application process. You can get prequalified for a mortgage through PrimeLending while you’re house shopping, which makes the process smoother once you do find your future home. When you’re prequalified, the lender already has a lot of your information and can approve you the same day. It also looks better on an offer to be prequalified with your lender.
After you find a house you love, you’ll first need to apply for a PrimeLending mortgage using its online application or over the phone. You’ll need to provide documents like your bank statements and W-2s. Once you are approved, the house will be appraised and inspected. Soon after, you’ll enter the closing process to make your home purchase official.
Fees and penalties
Lenders typically charge fees for using its mortgage service. These costs cover expenses like the application, the cost to pull your credit report, the work and time involved in processing your application and flood certification. Additionally, you may be paying for property tax service and the appraisal when you shell out the lender fees. Other items that are commonly included are the underwriting fee that pays the underwriter — or the person who confirms all your financial details are accurate and assesses your risk — to underwrite your mortgage. On the other hand, you may pay an origination fee, which includes the underwriting fee and the rest of the expenses incurred in the underwriting process.
For PrimeLending, you can expect to pay $1,400 in lender fees, as told to us by a customer representative on June 10, 2020. This doesn’t come as a percentage of your house value but instead is a flat fee.
Collateral and criteria
PrimeLending offers government-backed mortgages and conventional mortgages, so if you have a poor credit score, you may still be able to get a home loan. The minimum credit score for a conventional mortgage through the company is 640, so if you have a lower score than that, you may need to look at its other offerings. You could try a Federal Housing Administration (FHA) loan that has a minimum credit score of 580 (and sometimes accepts lower than that).
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