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PrimeLending is a Dallas-based subsidiary of PlainsCapital Bank. This lender operates in all 50 states and is renowned for its extensive product menu, online mortgage process, and top-notch customer service.
PrimeLending operates a robust online platform and offers an extensive product menu to serve borrowers of every stripe.
The lender is renowned for its customer service and primarily builds its business by word of mouth instead of nationwide advertising.
In addition to its online application and e-closing tools, you have access to helpful loan officers and advisers during extended hours.
Borrowers can also use the platform’s online calculators, blog, and knowledgebase to learn about the home buying process and costs.
That said, PrimeLending doesn’t allow you to shop rates online. And if you’re in the market for a home equity loan, you’ll have to turn to another lender or settle for a cash-out refinance.
PrimeLending boasts an impressive array of more than 400 mortgage products and programs. If you need to purchase, build, renovate, or refinance your home, PrimeLending can help. Currently, the lender’s menu includes:
You can also select from the lender’s niche loan menu, which includes options like energy-efficient mortgages, refinancing for fixer-uppers or putting in a swimming pool, and purchase loans for manufactured housing.
Unfortunately, PrimeLending doesn’t offer sample mortgage rates or rate quotes online. If you need a quick quote, you’ll have to contact a loan officer. Otherwise, you can begin by clicking “Get Started” on the company’s website.
After that, it’s just a matter of completing the streamlined mortgage application and uploading any required documents, such as tax returns, paystubs, and bank statements.
In some cases, you may qualify to use an “alternative doc” program that uses information such as bank statements instead of tax returns. The lender will then issue a preapproval to begin searching for a home.
When you’re ready, it’s time to submit a purchase agreement and receive a loan estimate. PrimeLending’s platform will walk you through the underwriting process, including appraisals and inspections.
Once you’ve received your closing date, you can set up an eClosing option to sign your documents from the comfort of your living room.
Because PrimeLending doesn’t advertise daily rates, you’ll have to contact an officer for a rate quote.
When it comes to terms, PrimeLending offers the standard 15- and 30-year fixed terms, as well as a variety of customizable fixed- and adjustable-rate options.
PrimeLending also doesn’t list its costs online. However, borrowers have reported that you may pay application, appraisal, credit report, title insurance, and recording fees, among others. All told, you can expect to pay anywhere from 2-6% in fees and closing costs.
That said, eligible homebuyers may qualify for down payment or closing cost assistance, such as with the lender’s NeighborhoodEdge program.
On the other hand, you may also pay increased costs if you spring for discount points or PrimeLending’s float-down rate lock option.
PrimeLending offers refinancing for all the major loans it sells, including fixed- and adjustable-rate conventional, jumbo, and government loans.
Refinances usually carry fees around 2-5% of the loan cost, though you can roll these into your loan.
PrimeLending’s website is easy to navigate and offers a comprehensive look at their mortgage products.
You can apply and connect with a loan officer in minutes. And if you need guides, calculators, or blog posts, they offer those, too!
PrimeLending’s float-down rate lock allows you to lock in your interest rate for up to 180 days.
Then, if a lower rate comes available within 21 days of closing, you can snag it before you sign the dotted line.
Note that you may pay extra for the float-down feature or rate locks lasting longer than 90 days.
PrimeLending is licensed to lend in all 50 states, which means that no matter where you are, you can access their unique slate loans.
PrimeLending doesn’t list customer service hours on its website. That said, a company representative has noted that its mobile-friendly systems permit loan officers to work evenings and weekends, allowing for greater access and flexibility.
PrimeLending does carry two glaring drawbacks. The first is the lender’s lack of online sample rates.
This can prove a hassle if you’re just rate shopping and don’t want to spend time talking to a loan officer.
Secondly, the lender doesn’t offer any home equity loans or lines of credit (HELOCs) for borrowers who need to pull cash from their homes. Instead, you’ll have to make do with a cash-out refinance or find another lender.
Rocket Mortgage is operated by Quicken Loans. This online-only, self-service-heavy website offers perks like near-instant preapproval, 90-day rate locks, and a top-notch asset retrieval system.
That said, you’ll have to contend with a lack of second mortgages and longer-than-average closing times. Moreover, customized interest rate quotes require a hard credit check.
>> More: Rocket Mortgage Review
Better.com is another online-only lender that offers exceptional customer service, hefty savings, and a quick closing period.
And like PrimeLending, Better offers loans for borrowers across the debt and credit spectrums.
That said, Better’s loan menu is lacking compared to many other lenders, as they don’t offer key government-backed loans or reverse mortgages.
>> More: Better Mortgage Review
North American Savings Bank, or NASB, is an FDIC-backed bank and home loan lender that operates a robust online portal in addition to its Kansas City-based brick-and-mortar branches.
The bank focuses on VA loans, though it offers a variety of conventional and government-backed loans.
Unfortunately, some of the lender’s products, services, and financial programs are limited to the Kansas City area.
>> More: NASB Mortgage Review
New American Funding is a family-owned mortgage company that offers perks like alternative credit data processing, manual underwriting, and low-down payment mortgages.
It offers a stout menu in 48 states and prides itself on serving underserved communities, including Black and Hispanic buyers with nontraditional credit histories.
However, many of its products carry higher-than-average interest rates, and you have to call by phone if you want HELOCs or jumbo loans.
>> More: New American Funding Mortgage Review
PrimeLending doesn’t publish its mortgage qualification criterion online. But typically, borrowers report that the online mortgage lender requires a credit score of 620, 3-5% down, and a debt-to-income ratio of 43% on conventional loans.
Credit requirements reportedly range from 580 to 640 with 0-3.5% down if you want FHA, VA, or USDA loans.
And for jumbo loans, you’ll have to front as much as 20% with a credit score around 700.
PrimeLending’s credit score requirements reportedly range from 580 to 640 for conventional loans, with jumbo loans carrying a requirement of 700 or higher.
PrimeLending offers an enormous loan menu packed with refinancing options, including cash-out refinancing. Most lenders will pay 2-5% in fees for mortgage refinancing, putting them right in line with other refinancing lenders. For many borrowers, this makes them an excellent loan refinancer.
Yes! PrimeLending is a direct mortgage lender.
PrimeLending boasts impressive online abilities, an enormous loan menu, and knowledgeable loan officers. Many low-income borrowers will also benefit from perks like closing cost assistance and various down payment options. And if you need unusual loans or customizable terms, PrimeLending has your back.
In 2020, PrimeLending’s average 30-year interest rates were slightly higher than its major competitors, though roughly in line with the national average.
PrimeLending might be a great fit if you’re after a specialty mortgage lender that operates primarily online.
With various down payment options, closing cost assistance programs, and niche products, they serve a wide range of customers who may struggle to find suitable loans elsewhere. These are just a few of the reasons why PrimeLending is one of the best mortgage lenders around.
That said, they don’t advertise their rates online, so if you’re rate shopping, you’ll need to call first.
Jordan Blansit is a Senior Writer, Researcher, & Product Analyst for SimpleMoneyLyfe with an inexplicable predilection for mortgages, investing, and personal finance. When she’s not click-clacketing from the comfort of her living room, you can find her in the California Redwoods or Oregon Siskiyous. Jordan’s areas of expertise are mortgages, personal loans, credit cards, and investing.
