Primary Residential Mortgage Review 2022

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Primary Residential Mortgage Review 2022

Primary Residential Mortgage offers a wide range of mortgage choices for borrowers looking to purchase or refinance a house. It provides FHA, VA, and USDA government-backed loans in addition to conventional and jumbo mortgages.

The company’s website is devoid of information on prices, fees, and terms. But before interacting with a loan officer, you may finish your application online. To assist consumers, PRMI has locations in practically every state and more than 2,000 staff members. Although PRMI and its loan officers had a near-perfect Zillow rating, according to Investopedia’s own poll, consumer satisfaction with PRMI and its loan officers was just average.

Pros Explained

  • Offers loans to buy, renovate, or build a home: PRMI has a variety of mortgage loans to fit every borrower’s needs, including traditional purchase, renovation, and one-time-close construction loans.
  • Works with investors: If you’re looking to buy an investment property, PRMI offers several affordable financing options.
  • Offers reverse mortgages: Seniors ages 62 and up can access their equity and eliminate monthly payments with a reverse mortgage with PRMI.

Cons Explained

  • Does not list rates on its website: Borrowers who want to shop for rates must speak with a loan officer to discuss options because rates are not available online.
  • Loan officers are not in every state or major city: You must contact a loan officer to apply for a mortgage. Loan officers are spread throughout the U.S. and may not be local to where you live. For example, there are no loan officers in Vermont, New Hampshire, or Massachusetts.
  • Not licensed in all 50 states: PRMI is licensed in 49 states and D.C., but it is not licensed in New York state.

Types of Mortgage Loans Offered by Primary Residential Mortgage

  • Conventional Loans. Conventional loans are also known as traditional loans; they’re designed for borrowers with good credit, and usually require a 20% down payment. Some conventional loans have down payments as low as 3% when the borrower agrees to pay private mortgage insurance.
  • Large Loans Larger loans that exceed conforming lending restrictions are referred to as jumbo loans. These loans often demand a greater down payment, more liquid assets, and stronger credit.
  • FHA loans For customers with worse credit, the FHA offers this mortgage program; down payments start at 3.5%.
  • a VA loan. VA loans are available to qualifying family members, active service personnel, and veterans for as little as 0% down.
  • A USDA loan. This government-sponsored initiative promotes financing in rural communities with no cash reserves and as low as 0% down.
  • Mortgages in reverse. With a reverse mortgage, seniors may access the equity in their homes and stop making mortgage payments for as long as they remain occupants.
  • loan for renovations. By adding the cost of required repairs in the loan amount, this mortgage scheme encourages borrowers to purchase foreclosed houses.
  • Loans for construction. With a one-time-close construction loan, you may make one loan payment to cover both the cost of buying the property and building the house. The financing becomes a permanent loan, much like a conventional mortgage, after construction is finished.
  • Loans for investment property. These loans may be used by investors to buy rental properties for their portfolios.
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Primary Residential Mortgage Features and Benefits

  • several sorts of mortgage loans. There are probably many clients who can locate a solution that suits them.
  • straightforward online application Before meeting with a loan officer, interested applicants may quickly fill out an online application. However, unless you talk with a loan officer, you cannot check interest rates, fees, and conditions.
  • strong customer endorsements. Online reviews from customers are largely favorable. This comments plus the many regional and industry honors (listed on its website) suggest that PRMI would be a great business to deal with.

How to Apply for a Primary Residential Mortgage Loan

Follow this procedure if you’re prepared to submit an application for a mortgage loan via Primary Residential Mortgage.

  1. Visit the PRMI website.
  2. Locate a local adviser in your region. All of the loans made by PRMI are created through regional branch offices. To find an advisor by zip code or agent name, click “Find an Advisor.”
  3. Together with a loan officer, complete the application. Give a loan officer your information over the phone or in person. They’ll explain the steps you need to take, accept your application, and go through the different loan alternatives, rates, and conditions with you.

Customer Service

Contacting the branch where your loan officer is located is the best course of action for customer support throughout the loan application process. On the business website, there is a contact form that may be used to reach the corporate headquarters.

You may call customer support at (800) 748-4424 from 7 a.m. to 5:30 p.m. MT, Monday through Friday, once PRMI funds your loan. PRMI doesn’t provide after hours or on the weekends.

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Customer Satisfaction

Zillow users are gushing about Primary Residential Mortgage. It has had over 5,800 reviews and an overall rating of 4.98. Recent reviews have been quite complimentary about the exceptional customer service they experienced.

1,195 mortgage clients were polled by Investopedia to get their thoughts on 45 different mortgage providers. PRMI scored 5.9 out of 10, placing it in the center of the field for customer satisfaction.

Account Management

Mortgage loan management is available to customers by phone, mail, or internet. During regular business hours, contact customer care to manage your account. However, as already indicated, the lender is not accessible on weekends or in the evenings.

The PRMI web portal allows you to manage your account, make payments, and see your payment history. Online users may also see or download monthly statements.

Customers of PRMI cannot download applications on their phones. In the Apple App Store, there is a PRMI mobile app, although it serves as a quick-reference manual for loan originators.

Alternative Choices

Numerous mortgage packages that Primary Residential Mortgage provides may be tailored to the requirements of most clients. You may not feel confident applying for a mortgage, however, since the company’s website does not show rates, fees, or other details. The ideal strategy is to get quotations from a number of the top mortgage lenders before making a selection in order to secure the best mortgage rates and conditions.

Loan Types OfferedSpecial Features
Primary Residential MortgageConventional, Jumbo, VA, FHA, USDAOffers renovation, investment property, and construction loans
Caliber MortgageConventional, Jumbo, VA, FHA, USDASpecial loan programs for self-employed, bad credit, and investors
Citi MortgageConventional, Jumbo, VA, FHAFull-service banking products for customers
Finance of America MortgageConventional, Jumbo, VA, FHA, USDAOffers reverse mortgages for homeowners aged 62+

With the exception of New York, Primary Residential Mortgage is an independent mortgage originator. It has a fantastic selection of mortgage products, and online customer reviews and accolades from the industry show what a good firm it is for customers, staff, and the neighborhood.

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Online completion of mortgage applications by borrowers aids in streamlining the loan application procedure. But you won’t learn about rates, charges, and other details until you talk to a loan officer. Even if it makes sense to reserve individualized rate quotations until after you apply, businesses like PRMI ought should be allowed to provide general rate and charge details up front. This would save applicants from spending time on a mortgage that would not fulfill their needs.

How We Review Mortgage Lenders

Investopedia is committed to provide customers objective, in-depth assessments of mortgage lenders. With the help of approximately 1,500 data points, we evaluated 45 mortgage lenders and learned the following:

  • Customer satisfaction, online applications, perks and awards, etc.)
  • functional aspects (state licensing coverage, number of loan officers, etc.)
  • offered loan products (fixed-rate, FHA, USDA, etc.)
  • Accessibility (days to closure, minimal debt-to-income ratio, etc) (days to closing, minimum debt-to-income ratio, etc.)

In order to find out which characteristics clients think are most important and how pleased they are with different lenders, we also polled 1,195 mortgage borrowers. To aid readers in making wise judgments regarding house loans, mortgage lenders were objectively appraised in the aforementioned areas.

Read more in our full mortgage lender review methodology.

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