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Borrowers looking to purchase or refinance a home have many mortgage options available with a primary residential mortgage. We offer traditional and jumbo mortgages, as well as government-sponsored loans from the FHA, VA, and USDA.
The company’s website lacks details about rates, fees and conditions. However, you can complete your application online before speaking with a loan officer. PRMI has branches in almost every state and more than 2,000 employees serving customers. Based on a near-perfect rating on Zillow, customers enjoy dealing with his PRMI and its loan officers, but Investopedia’s own research shows that customer satisfaction is near-average. I was.
Description of strengths
- Providing loans for the purchase, renovation and construction of homes: PRMI has a variety of mortgage loans to suit every borrower’s needs, including traditional purchases, renovations and one-time construction loans.
- work with investors: If you are looking to purchase an investment property, PRMI offers several affordable financing options.
- Offer Reverse Mortgage: Seniors 63+ can access their equity and eliminate monthly payments with a reverse mortgage with PRMI.
Disadvantage description
- No prices listed on website: Borrowers who wish to purchase interest rates should discuss their options with their loan officer as interest rates are not available online.
- Loan officers are not in every state or major city: To apply for a mortgage, you must contact a loan officer. Loan officers are scattered throughout the United States and may not be near where you live. For example, Vermont, New Hampshire, and Massachusetts do not have loan officers.
- Not licensed in all 50 states: PRMI is licensed in 49 states and DC, but not New York.
Types of Mortgages Offered by Primary Mortgages
- traditional loanTraditional loans are also known as traditional loans. Designed for borrowers with good credit, usually he needs a 20% down payment. Some conventional loans have a down payment as low as 3% of his if the borrower agrees to pay for private her mortgage insurance.
- jumbo loanA jumbo loan is a large loan that exceeds the limits of a matching loan. These mortgages typically require higher down payments, increased cash reserves, and higher credit ratings.
- FHA loanThe FHA offers this mortgage program to borrowers with low credit ratings. Down payment can be as low as 3.5%.
- VA loanActive duty, veterans and eligible family members can take out VA loans at as little as 0% down.
- USDA loanThis government-sponsored program encourages rural lending with as little as 0% down and no cash reserves.
- reverse mortgageA reverse mortgage allows seniors 63 and older to withdraw cash from their home equity and eliminate mortgage payments for as long as they live at home.
- renovation loanThis mortgage program encourages borrowers to purchase distressed homes by including the cost of necessary repairs in the loan amount.
- construction loanA one-time construction loan allows you to finance the acquisition of land and the construction of your home in one loan payment. Once construction is complete, the loan turns into a permanent loan like a traditional mortgage.
- real estate loan for investmentInvestors can use these loans to purchase investment properties that are rented out to tenants.
Key Mortgage Features and Benefits
- different mortgage typesMany customers can find an option that works for them.
- easy online applicationInterested borrowers can complete an online application in minutes before speaking with a loan officer. However, we cannot confirm interest rates, fees, and terms until you speak with a loan officer.
- Strong positive feedback from customersCustomers who share their experiences online are overwhelmingly positive. With this feedback and numerous regional and industry awards (listed on their website), PRMI seems like a great company to work with.
How to Apply for a Primary Mortgage
Follow this process if you are ready to apply for a mortgage through Primary Residential Mortgage.
- Visit the PRMI website.
- Find an advisor in your areaPRMI makes all loans through its local branches. Select Find an Advisor to search by zip code or agent name.
- Complete the application with a loan officerProvide information over the phone or in person with a loan officer. We’ll explain what you need to do, submit your application, and discuss loan options, interest rates, and terms.
customer service
The best way for customer service during the loan application process is to contact the branch where the loan officer resides. The head office is also available through the contact form on the company’s website.
Once PRMI has funded your loan, you can contact customer service by calling (800) 748-4424 Monday through Friday, 7 am to 5:30 pm. PRMI does not provide weekend or overnight customer support.
customer satisfaction
Primary Residential Mortgage customers rave about Zillow. With over 5,800 reviews, it has an average score of 4.98 out of 5 stars. Many recent reviewers have praised the customer support they have received, exceeding expectations.
Investopedia surveyed 1,195 mortgage customers and asked for their opinion on 45 different mortgage lenders. PRMI’s Customer Satisfaction Rating is 5.9 out of 10 for him, roughly in the middle of the pack.
account management
Customers can manage their mortgages online, by phone, or by email. During normal business hours, you can call customer service to service your account. However, as previously mentioned, lenders are not available during weekends or evening hours.
You can access your payment history, make payments, and perform account maintenance through the PRMI online portal. You can also view or download your monthly statement online.
PRMI does not offer a mobile app for its customers. There is a PRMI mobile app on the Apple App Store, which is intended as a quick reference guide for lenders.
another choice
Primary Residential Mortgage offers a significant number of mortgage products that meet the needs of most borrowers. However, the company’s website doesn’t list interest rates, fees, or other terms, so you might be hesitant to apply for a home loan. The best way to get the best interest rates and terms on your mortgage is to get quotes from some of the best mortgage lenders before making a decision.
| Types of Loans Offered | special features | |
|---|---|---|
| primary mortgage | Conventional, Jumbo, VA, FHA, USDA | Providing renovations, investment properties and construction loans |
| caliber mortgage | Conventional, Jumbo, VA, FHA, USDA | Special loan programs for self-employed, bad credit and investors |
| city mortgage | Conventional, Jumbo, VA, FHA | Full-service banking product for customers |
| Finance of America Mortgage | Conventional, Jumbo, VA, FHA, USDA | Offers reverse mortgages to homeowners over 62 |
final verdict
Primary Residential Mortgage is an independent mortgage originator operating in every US state except New York. Offering a wide variety of mortgage products, online customer feedback and industry awards highlight the positive impact the company has on borrowers, employees and communities.
Borrowers can complete mortgage applications online, speeding up the loan process. However, you will not receive rates, fees, and other information until you speak with a loan officer. While it is reasonable to withhold individual fee estimates until after application, companies like PRMI should be able to provide general fee and fee information up front. This prevents borrowers from wasting time applying for mortgages that may not meet their expectations.
How mortgage lenders are screened
Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of mortgage lenders. We evaluated 45 mortgage lenders and collected approximately 1,500 data points including:
- Quality of service (customer experience, online applications, benefits/subsidies, etc.)
- Operational characteristics (state license coverage, number of loan officers, etc.)
- Type of loan offered (fixed rate, FHA, USDA, etc.)
- Accessibility (days to close, minimum debt-to-income ratio, etc.)
We also conducted a survey of 1,195 mortgage borrowers to find out the most important features from a customer’s perspective and how satisfied customers are with various lenders. Mortgage lenders were objectively rated in the above categories to help readers make informed decisions about mortgages.
Learn more about how to review a full mortgage lender.
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