PrimeLending is a residential mortgage company based in Dallas. The firm offers fixed-rate mortgages, adjustable-rate mortgages (ARMs), jumbo loans, FHA loans, VA loans, construction loans and USDA loans. PrimeLending is a wholly owned subsidiary of PlainsCapital Bank, chartered in Texas. It can originate loans nationwide.
In addition to the above mortgage options, PrimeLending also provides its customers with a plethora of refinancing options. In fact, you can refinance fixed-rate, adjustable-rate, jumbo, FHA, VA and USDA loans with the company. It also has an option for a cash-out refinance.
Does PrimeLending Operate in My Area?
PrimeLending originates loans in all 50 states. It is individually licensed in some, and in others it's exempt from licensing because it is a subsidiary of PlainsCapital.
What Kind of Mortgage Can I Get With PrimeLending?
Fixed-rate mortgages: This is a mortgage with one interest rate across the entirety of the loan, meaning the monthly payment never changes. This is by far the most common type of mortgage. Terms of 15 and 30 years are available.
Adjustable-rate mortgages: These loans (also called ARMs) start with a period of a fixed-rate, after which the interest rate can be adjusted. PrimeLending offers 10/1, 7/1, 5/1 and 3/1 ARMs. The first number represents the years until the rate adjusts for the first time, the second how many years in between adjustments thereafter. The total number of years an ARM lasts is typically 30.
Jumbo loans: A jumbo loan works like any other mortgage, but are larger than the conventional loan limit for the customer's given county. For most places, the 2022 limit for non-jumbo loans is $647,200, meaning any mortgages larger than that are considered to be "jumbo." In designated "high-cost" areas, limits can reach as high as $970,800.
FHA loans: This is a loan offered in conjunction with the Federal Housing Administration. A down payment of just 3% is required, and those with past credit problems may be able to get approved.
VA loans: VA loans are backed by the Department of Veterans Affairs (VA) and are designed to help current and former military members buy homes. No down payment is required, and though a VA funding fee must be paid, interest rates tend to be better than conventional loans.
USDA loans: The Department of Agriculture (USDA) created these loans to encourage Americans to move to more rural parts of the country. There is no down payment needed and lower credit scores are often accepted. These loans are only valid in designated rural areas.
What Can You Do Online With PrimeLending
Before you even apply for a loan, PrimeLending has a number of calculators you can use to get a sense of what your mortgage payments might be and how it will fit into your budget. You can then apply for your loan online, including submitting key documents, setting a price range and getting prequalified. Once you have a mortgage, you can make monthly payments online.
There is a PrimeLending app available to download, but it is geared more towards agents and builders than it is towards actual buyers.
Would You Qualify for a Mortgage From PrimeLending?
Generally speaking, PrimeLending requires a FICO score of at least 620 to get a loan, though that may be different for some of the government-backed loans.
A down payment of 20% will mean PrimeLending doesn’t require mortgage insurance. For some qualified buyers a down payment of as low as 3% will be possible.
What’s the Process For Getting a Mortgage With PrimeLending?
First, you’ll fill out an application online and get prequalified. During this stage you’ll be able to compare loan options and choose what type of loan you want to move forward, along with choosing how much of a down payment you will put down.
Next, a professional will appraise your property and verify the legalities of the property. From there your loan will be processed and underwritten. Closing will be scheduled.
PrimeLending does e-closing to make things even easier. You will receive your documents via email and can sign most of them on a smartphone, computer or tablet. Finally, you’ll get your keys and can begin your life in your new home!
How PrimeLending Stacks Up
PrimeLending offers a variety of loan options, so most any borrower will be able to find something that works for them. They are also available in all 50 states, so borrowers across the country can consider working with the company.
The major downside to PrimeLending is that there is not a consumer-focused app, so anyone who prefers to do all of their financial transactions via app may be disappointed.
Tips for Finding the Best Mortgage
- A financial advisor can help with all financial considerations, including buying a home. Finding a qualified financial advisor doesn’t have to be hard. SmartAsset's free tool matches you with up to three financial advisors in your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- Before you decide on a mortgage lender, it can be helpful to get a more comprehensive lay of the land. Check out SmartAsset's mortgage rates page to get started.