The primary residential mortgage offers many options for borrowers looking to purchase or refinance their home. The primary residential mortgage offers conventional, jumbo, VA and USDA loans, along with government-backed FHA and VA loans.
There are no details about rates, fees and conditions on the company website. You can still complete the application before you speak to a loan officer. PRMI is a company with branches located in nearly every state. It also has over 2,000 staff members to assist customers. According to Zillow’s near-perfect ratings, clients love PRMI and their loan officers, yet Investopedia found that customer satisfaction was average.
Benefits explained
- Provides mortgages for home renovations or construction. PRMI offers a wide range of mortgages that can be tailored to the needs of each borrower, such as traditional loans, single closing loans, and loans designed to help you buy a new house.
- Working with Investors If you’re looking to purchase an investment property PRMI has several financing options.
- reverse mortgages Seniors aged 62 and over can eliminate their monthly mortgage payments by obtaining a reverse loan from PRMI.
Disadvantages explained
- It does not list interest rates on the website Borrowers interested in researching rates can speak to a loan officer about their options. Rates aren’t available online.
- There aren’t loan officers in every state or city. You need to contact a lender to get a mortgage. There are loan officers all over the United States, and they may not live near you. There are no loan officers, for example, in Vermont, New Hampshire or Massachusetts.
- PRMI not licensed in all fifty states: In 49 states, including DC and New York State, it is possible to use the PRMI.
The types of mortgages offered by the Primary Residential Mortgage
- Conventional Loans. Traditional loans, also known as conventional loans, are for those with excellent credit. They require 20% of the purchase price and are designed to be used by borrowers who have good credit. Conventional Loans can have down payment as low as 3 % if the borrower is willing to pay for private mortgage insurance.
- Jumbo Loans. The Giant Loans exceed the conforming lending limits. The down payment is usually higher, and the credit score must be better.
- FHA loans. This mortgage program is offered by the FHA to those with less than perfect credit. Down payments as low as 3.5 percent are possible.
- VA loans. Veterans and active duty service members are eligible to borrow VA Loans with as low as zero percent downpayment.
- USDA loans. The government sponsors this program to encourage lending in rural regions with as low as 0% deposit and without cash reserves.
- Reverse Mortgages. The reverse mortgage allows people over 62 to access the equity in their homes and stop paying mortgage payments as long as they continue living there.
- Renovation Loans. The program provides a way for borrowers to buy distressed properties by including in their loan the costs of repairs.
- Construction loans. With a temporary closing ready to build, you can finance both the purchase of land and construction of your house with a single payment. The loan is permanent once the construction has been completed, just like with a mortgage.
- Investment real estate loans. These loans can be used by investors to buy investment properties which are then leased out to tenants.
The Key Benefits and Features of Home Mortgages
- A Variety of Mortgages. Most customers can find a solution that suits them.
- Online application simplified . Borrowers can fill out an application online in just minutes, before they speak to a loan officer. You cannot change the interest rates, fees or terms of the loan until you have spoken with a lender.
- Positive customer feedback. The majority of customers who post their online experiences are positive. PRMI appears to be a great company. Their website lists numerous awards, both local and national.
How to apply for a primary residential mortgage
Follow this procedure if you’re ready to submit a Primary Residential Mortgage application.
- Visit PRMI’s website .
- Find a local advisor . PRMI offers all of its loans via local branches. Search for an advisor by entering a postal code or name.
- Fill out the loan application with an officer. You can give your information to a loan officer over the phone, or you can meet them in person. You’ll be told what to do and how to submit an application. They will also discuss loan terms, interest rates and options.
Customer service
Contacting the office where you loan officer is located will provide the best customer service during the application process. You can also contact the head office via a form found on their website.
After PRMI funds your loan, contact the customer service department by calling (800) 748 4424 between 7 am and 5:30 pm MT Monday to Friday. PRMI doesn’t offer support during weekends and evenings.
Customer satisfaction
Zillow is a great place to find reviews from customers who have taken out a Primary Residential mortgage. It has received over 5,800 ratings, with an average of 4,98 stars. Recent reviewers have raved about how the support received exceeded their expectations.
Investopedia surveyed 1195 mortgage clients, and asked their opinion of 45 mortgage lenders. PRMI received a customer satisfaction score of 5.9/10, which puts it at the middle of its competitors.
Account Management
You can also manage your mortgage online or via phone. During normal working hours, you can contact customer service for account management. As mentioned above, lenders are not available on weekends or in the evenings.
Through the PRMI portal, you can view your payment history and make payments. You can also perform maintenance on your account. Online monthly statements are also available.
PRMI doesn’t offer its clients mobile apps. The Apple App Store has a PRMI app, but this is only meant to be a reference tool for loan originators.
Alternatives
Prime Residential Mortgage has a variety of products to meet the requirements of many borrowers. You may be hesitant to apply for a loan because the website does not include any information about rates, fees or terms. Get quotes before you make a final decision to ensure that your mortgage has the lowest rates and best terms.
| Types of loans offered | Special Features | |
|---|---|---|
| Primary Residential Mortgage | Conventional, Jumbo, VA, FHA, USDA | Offers loans for renovation, real estate investment and construction |
| Mortgage Caliber | Conventional, Jumbo, VA, FHA, USDA | Special loan programs for the self-employed, bad credit and investors |
| Citi Mortgage | Conventional, Jumbo, VA, FHA | Full-service banking products for customers |
| Finance of America Mortgage | Conventional, Jumbo, VA, FHA, USDA | Offers reverse mortgages for homeowners aged 62 and over |
Final Verification
Primary Residential Mortgage, an independent mortgage lender operating across the US except New York. The company offers an impressive range of mortgages, while online reviews from customers and awards in the industry highlight the positive impacts it has on employees, borrowers and the local community.
Online mortgage applications help speed up loan processing. You won’t know the rates and fees until you talk to a loan officer. It’s fair to wait until after you apply to get a custom quote, but companies such as PRMI could provide general pricing and fees up-front. It would prevent borrowers from spending time on a mortgage application that might not be what they expected.
Reviewing Mortgage Lenders
Investopedia strives to provide consumers with objective and comprehensive reviews on mortgage lenders. We evaluated 45 mortgage lenders, and collected almost 1,500 datapoints. This included information about:
- Customer experience (online applications, grants/benefits, etc.).
- Operating characteristics: (e.g., state licensing, number of loan officers)
- What types of loans are available?
- Accessibility (days before closing, minimum debt ratio, etc.)
A survey was also carried out with 1,195 mortgage customers to find out what they thought were the most important features and how satisfied their clients are. The categories have been rated objectively to assist readers in making informed decisions about home loans.
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