PrimeLending Mortgage Rates Reviews

Founded in 1986, this Texas-based lender aims to deliver a simple, transparent, and rewarding mortgage experience for every borrower. 

PrimeLending offers a comprehensive suite of loan products for purchase, refinance, and home renovation, and works with real estate professionals, home builders, and other business partners to combine personal loan guidance with local expertise.

Background of PrimeLending

PrimeLending began as a startup company in 1986 in Dallas and has expanded to become the nationwide lender it is today.

Dedicated to making the loan process a simple one for all kinds of borrowers, it offers a selection of loan products for purchase, refinance, renovation, and new construction.

With several down payments and closing cost assistance programs in place, PrimeLending is a great option for borrowers with varying credit histories and financial situations.

While PrimeLending doesn’t necessarily dominate the market, the lender does have exceptionally high customer satisfaction ratings.

As such, the company earns the majority of its business from referrals. The lender’s Southern hospitality and commitment to forging personal and rewarding relationships with customers likely contribute to such shining reviews.

PrimeLending Mortgage Rates

PrimeLending Loan Specifics

PrimeLending has one of the most comprehensive suites of loan products in the industry, including down payment assistance programs backed by state housing.

This wide selection opens up several options for various borrowing needs, such as buying a home for the first time, investing in a new one, or refinancing or renovating a current property.

Assistance programs, alternative credit reviews, and specialized loans for certain credit histories also make PrimeLending a smart option for borrowers who lack excellent credit scores or require financial support.

Fixed-Rate Loans

These loans have interest rates that will not change at any point during the life of the loan. As such, they are ideal for long-term homeowners looking for stable monthly payments. PrimeLending offers 15 and 30-year fixed-rate mortgages for buying and refinancing a home,

Adjustable-Rate Loans

Better for short-term homeowners or borrowers with future income growth potential, adjustable-rate mortgages (ARM) offer low initial interest rates and then adjust the rates periodically throughout the duration of the loan.

They are labeled with fractions, such as 3/1, meaning the interest rate will remain the same for the first three years and then will adjust based on market rates for the remainder of the loan. PrimeLending has ARM options in varying term lengths for both purchase and refinancing loans.

Jumbo Loans

These high-value loans exceed the conforming loan regulations set by major institutions like Fannie Mae and Freddie Mac.

PrimeLending offers several different types of jumbo loans for purchase or refinance, including fixed and adjustable-rate options. Some even cover up to 95 percent of the home’s value with as little as a 5 percent down payment.

FHA Mortgage Loans

These government-insured loans are designed for first-time buyers and homeowners with low to moderate incomes and less-than-excellent credit. FHA loans can require as little as a 3.5 percent down payment, as opposed to the standard 20 percent.

They also offer flexible income and credit requirements, as well as low closing costs. PrimeLending offers FHA mortgages, as well as FHA cash-out, and refinance options, as part of its down payment and closing cost assistance programs.

VA Loans

PrimeLending offers these loans to meet the unique needs of active and retired military.

Insured by the U.S. Government’s Department of Veterans Affairs (VA), these loans are available for eligible active or inactive service members and their spouses and offer low interest rates, low down payments, and closing cost support.

USDA Home Loans

Available to limited-income homebuyers in rural areas designated by the United States Department of Agriculture (USDA), these loans offer 100 percent financing and reduced mortgage insurance costs. PrimeLending offers a 30-year fixed-rate USDA loan.

NeighborhoodEdge® Closing Cost Assistance

Exclusive to PrimeLending, this program offers qualified borrowers up to $2,000 in closing costs for properties located in low-to-moderate census tract areas.

Conventional 97

Borrowers with excellent or average credit may be eligible for this assistance loan. Available through Fannie Mae and Freddie Mac, it only requires a 3 percent down payment and applies to borrowers planning to purchase a single-unit primary residence.

HomeReady®

Backed by Fannie Mae, this program only requires a 3 percent down payment and offers discounts on mortgage rates and private mortgage insurance. A HomeReady® loan is ideal for multi-generation households and borrowers with incomes below their area average.

Home Possible®

This Freddie Mac mortgage option is ideal for first-time homebuyers, as it only requires a 3 percent down payment.

Renovation Loans

PrimeLending offers several home improvement and renovation loans, including conventional and government-issued options.

The 203K Renovation Loan is one of the lender’s assistance programs, which requires a 3.5 percent minimum down payment and covers the value of the property plus repair costs.

New Construction Loans

PrimeLending offers initial temporary loans that are then refinanced to become regular mortgages when the construction is complete.

PrimeLending Mortgage Customer Experience

PrimeLending assigns each borrower an expert loan officer to guide them through the entire process. The lender does not post rates or calculate short-form custom quotes on their site, preferring to offer personalized quotes after applications are submitted.

Interested borrowers can complete their entire application online, and lean on their loan officer for help if they need it.

The online application allows borrowers to set a price range, compare loan options, and choose a down payment amount. From there, PrimeLending can offer a loan recommendation and estimate, as well as inform borrowers if they are pre-qualified for the loan.

Applicants will then need to provide the necessary documentation, including government-issued identification, social security number, income and asset verification documents, W-2 forms, and employment history.

Documents can be uploaded directly into the secure system, which can also collect electronic signatures.

The typical closing time for PrimeLending mortgages is 30 days.

PrimeLending reports a 4.99 out of 5 stars for customer satisfaction, backed by consistent five-star Zillow reviews that cite communication, professionalism, and support as the lender’s strong suits.

PrimeLending Mortgage Qualifications

PrimeLending reviews many of the same qualifying factors as other lenders. A credit score is, of course, one of the most important mortgage qualifications.

Applicants with credit scores above 670 generally have no problem getting approved, and the lender will likely offer their best mortgage rates to those with excellent credit scores.

Credit score	Quality	Ease of approval
760+	Excellent	Easy
700-759	Good	Somewhat easy
621-699	Fair	Moderate
620 and below	Poor	Somewhat difficult
n/a	No credit score	Difficult

However, PrimeLending generally approves credit scores as low as 620. The lender also accepts alternative forms of credit in certain circumstances, such as rent payment history and utility bills.

Some of the available loan programs also provide relaxed credit standards for borrowers with mortgage payment difficulties.

PrimeLending also has a robust selection of down payment and closing costs assistance options, making it possible for borrowers who cannot put 20 percent down to secure loans. Many PrimeLending loans allow for down payments as low as 3 percent for qualified borrowers. 

PrimeLending offers competitive rates and extensive support but also charges a lender fee of about $1,000 that borrowers will need to factor into their budget.

PrimeLending Phone Number & Additional Details

• Homepage URL: https://www.primelending.com/

• Company Phone: 800-317-7463

• Headquarters Address: 18111 Preston Road, Suite 900, Dallas, Texas 75252

The Bottom Line

PrimeLending, a Texas-based mortgage lender founded in 1986, has established a solid reputation for its expansive suite of loan offerings tailored to a wide variety of borrowing needs.

Whether it’s the traditional fixed-rate mortgage or specialized offerings like FHA and VA loans, PrimeLending caters to both first-time and seasoned homebuyers.

Their high customer satisfaction ratings underscore the company’s commitment to simplifying the loan process and their dedication to providing transparent and personalized guidance.

While they offer competitive rates and a plethora of support options, potential borrowers should consider the lender fee and determine if PrimeLending aligns with their financial goals.

Their long-standing reputation, personalized approach, and comprehensive suite of products make them a notable contender in the mortgage industry.

How We Review Mortgage Lenders: 

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment.

Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

For a deeper understanding of the criteria we use to rate mortgage lenders and our evaluation approach, please refer to our editorial guidelines and full disclaimer.