Although Primary Residential Mortgage offers a wide range of mortgage alternatives, it doesn’t provide many details online. Primary Residential Mortgage offers a wide range of mortgage solutions to borrowers looking to purchase or refinance a house. It provides government-backed loans from the USDA, VA, and FHA as well as standard and jumbo mortgages.
Rates, fees, and terms are not clearly stated on the company’s website. However, before speaking with a loan officer, you can finish your application online. PRMI employs almost 2,000 people to serve clients, and it has branches in practically every state. Based on PRMI’s almost flawless Zillow rating, customers like working with the company and its loan officers.
Benefits Described
Provides loans for home construction, renovation, or purchase: PRMI offers a range of mortgage loans, such as conventional buy, renovation, and one-time-close construction financing, to meet the demands of every customer.
Collaborates with investors
PRMI provides a number of reasonably priced financing solutions if you’re looking to purchase an investment property.
provides reverse mortgages:
With a reverse mortgage from PRMI, seniors 62 and over can access their equity and stop making monthly payments.
Cons Described
Has no rates listed on its website:
Rates are not available online, so borrowers who wish to shop for rates must discuss their options with a loan officer.
Not every state or large city has loan officers
To apply for a mortgage, you need to speak with a loan officer. Loan officers may not be in your immediate area because they are dispersed around the United States. For instance, Massachusetts, New Hampshire, and Vermont do not have loan officers.
Mortgage Loan Types Primary Residential Mortgage Offers
Conventional loans
Another name for conventional loans is traditional loans. They typically call for a down payment and are intended for borrowers with strong credit. As long as the borrower agrees to pay private mortgage insurance, some traditional loans have down payments as low as 3%.
Larger loans that beyond conforming lending limitations are known as jumbo loans. Better credit, a larger down payment, and larger financial reserves are usually prerequisites for these mortgages.
FHA loans
For applicants with poorer credit, the FHA offers this mortgage program, which allows for down payments as little as 3.5%.
VA loans: Veterans, active duty personnel, and qualified family members can apply for VA loans with as little as 0% down payment.
USDA loans: With loans requiring as little as 0% down and no cash reserves, this government-sponsored initiative promotes financing in rural communities.
Reverse mortgages: For as long as they remain in their house, seniors 62 and older can take money out of the equity and stop making mortgage payments.
Renovation loans: By factoring in the cost of required repairs, this financing scheme incentivizes borrowers to purchase distressed houses.
One-time-close construction loans allow you to finance the purchase of the land and the building of the house with a single loan payment. Like a conventional mortgage, the loan becomes permanent after construction is finished.
Key Features of Residential Mortgages
Different kinds of mortgage loans:
It’s possible that many borrowers will find a solution that suits them.
Easy online application:
Before interacting with a loan officer, prospective borrowers can spend a few minutes completing an online application. However, unless you speak with a loan representative, you are unable to study conditions, fees, and interest rates.
Strongly favorable client comments:
Online testimonials from borrowers are overwhelmingly positive. PRMI appears to be a great firm to deal with based on these comments and the many industry and local accolades it has received (as seen on its website).
How to Apply for a Loan for a Primary Residence Mortgage
Follow these steps if you’re prepared to apply for a mortgage loan with Primary Residential Mortgage.
Go to the PRMI website: The pre-qualification application can be started online.
Locate an advisor in your neighborhood: All of PRMI’s loans are originated via regional branch offices.
Work with a loan officer to finish the application: Give a loan officer your details over the phone or in person. In addition to discussing your loan alternatives, rates, and terms, they will instruct you on how to complete and submit your application.
Rates & Fees for PRMI
No charges or fees are posted online by PRMI. To obtain a quote, you will have to consult a loan counselor. When looking for a home loan, it is imperative to obtain several quotations. Borrowers who obtain at least four estimates really save an average of $1,200 a year, per a Freddie Mac analysis.
According to a different Federal Reserve Bank of Philadelphia study, requesting at least one more rate quote lowers rates by 18 basis points for borrowers with lower incomes and by 28 basis points for those with higher incomes.
Experience Online
Although the navigation on the PRMI website isn’t the finest, potential borrowers can easily complete an online pre-qualification form. In order to proceed after that, you will need to engage directly with a loan officer. To assist you with your calculations, the website offers provide a simple mortgage calculator. You can use your online account to make payments or set up automated payments once you take out a loan.
Client Support
Contacting the branch where your loan officer works is the best way to provide customer care during the loan application process. A contact form on the firm website can also be used to reach the corporate headquarters.
Client Contentment
Zillow ratings from Primary Residential Mortgage customers are excellent. It has received an average rating of 4.97 out of five stars from more than 5,900 reviews. The customer service they received exceeded their expectations, according to many recent reviews.
Management of Accounts
Mortgage loan management is available to borrowers via mail, phone, or internet. During regular business hours, you can contact customer support to get your account serviced. However, the lender is unavailable on weekends and in the evenings.
Through the PRMI web portal, you may make payments, view your payment history, and take care of your account. You can view or download monthly statements online as well.
PRMI does not provide its clients with mobile applications. Though it is designed to serve as a quick reference guide for loan originators, the PRMI mobile app is available in the Apple App Store.
Additional Banking Services and Loans PRMI Provides
PRMI does not provide any other banking services; it is solely a mortgage lender. Many mortgage products that cater to the majority of customers are available from Primary Residential Mortgage. However, you might not feel comfortable applying for a mortgage because the company’s website does not show rates, fees, or other details. Getting estimates from a number of the top mortgage lenders before choosing one is the best way to get the best terms and rates on your mortgage.
With the exception of New York, The Bottom Line Primary Residential Mortgage is a separate mortgage originator with operations in all 50 states. It provides a good range of mortgage options, and industry accolades and internet reviews demonstrate the company’s beneficial effects on borrowers, staff, and the community.
Online mortgage applications are available to borrowers, which expedites the loan application process. But unless you talk to a loan officer, you don’t get rates, fees, and other details. Companies such as PRMI should be able to provide generic rate and charge information up front, but it is appropriate to wait to provide individualized pricing quotes until after you apply. By doing this, borrowers would avoid squandering time on a mortgage application that would fall short of their expectations.
Questions and Answers (FAQs)
What is the duration of the primary residential mortgage business?
Since its founding in 1998, PRMI has operated.
What Is PRMI’s Size?
PRMI has more than 250 branches across the country. It has operating licenses in 49 states and employs over 2,200 individuals.
How Can I Get in Touch with a Primary Home Mortgage?
PRMI can be reached by phone, email, or in-person at any of its branches, Monday through Friday.
Which Lender Is Best for Primary Residential Mortgages?
PRMI has received accolades from the industry and has excellent customer service ratings on customer review websites.