Borrowers seeking to buy or refinance a home have numerous mortgage options with Primary Residential Mඣortgage. It offers conventional and jumbo mortgages and gover✱nment-backed loans from the FHA, VA, and USDA.

The company's website lacks details about rates, fees, and terms. However, you can complete your application online before contacting a loan officer. PRMI has branches in almost every state and more than 2,000 employees to serve customers. Customers enjoy working with PRMI and its loan officers based on its near-perfect rating on Zillow.

Pros Explained

• Offers loans to buy, renovate, or build a home: PRMI has a variety of 澳洲幸运5官方开奖结果体彩网: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 from 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 unavailable 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 not in New York state.

Types of Moꦯrtgage Loans Offered by Primary Residen𝕴tial Mortgage

• Conventional loans: Conventional loans are also known as traditional loans. They’re designed for borrowers with good credit and usually require a down payment. Some conventional loans have down payments as low as 3% when the borrower agrees to pay private mortgage insurance.
• Jumbo loans: 澳洲幸运5官方开奖结果体彩网:Jumbo loans are larger loans that exceed conforming loan limits. These mortgages typically require a bigger down payment, higher cash reserves, and better credit.
• FHA loans: The FHA provides this mortgage program for borrowers with worse credit; down payments can be as low as 3.5%.
• VA loans: Active duty service members, veterans, and eligible family members can borrow VA loans with as little as 0% down.
• USDA loans: This government-sponsored program encourages lending in rural areas with loans requiring as little as 0% down and no cash reserves.
• Reverse mortgages: Reverse mortgages allow seniors ages 62 and older to pull cash out of their home's equity and eliminate mortgage payments for as long as they live in the home.
• Renovation loans: This mortgage program encourages borrowers to buy distressed homes by including the cost of necessary repairs in the loan amount.
• Construction loans: A one-time-close 澳洲幸运5官方开奖结果体彩网:construction loan lets you finance the acquisition of the land and construction of the home with one loan payment. Upon completion of construction, the loan converts into a permanent loan like a traditional mortgage.
• Investment property loans: Investors can use these loans to purchase investment properties that are rented to tenants.

Primary Residential Mortgage Features

• Variety of mortgage loan types: Many borrowers are likely to find an option that works for them.
• Simple online application: Interested borrowers can complete an online application in minutes before speaking to a loan officer. However, you cannot review 澳洲幸运5官方开奖结果体彩网:interest rates, fees, and terms until you speak with a loan officer.
• Strong positive customer feedback: Borrowers who share their experiences online are overwhelmingly positive. With this feedback and numerous local and industry awards (as indicated on its website), PRMI seems to be a fantastic company to work with.

How to Apply for a Pr▨imary Residential Mortgage Loan

If you're ready to apply for a mortgage loan through Primary Residential Mortgage, follow this process.

1. Visit the PRMI website: You can begin the pre-qualification application online.
2. Find an advisor in your local area: PRMI originates all of its loans through local branch offices. Select "Find an Advisor" to search by ZIP code or by agent's name.
3. Complete the application with a loan officer: Provide your information over the phone or in person with a loan officer. They'll tell you what you need to do, submit your application, and discuss your loan options, rates, and terms.

PRMI Rates and Fees

PRMI does not publish any rates or fees online. You’ll need to work with a loan advisor to get a quote.

Online Experience

The PRMI website doesn’t offer the best navigation, but it is easy for interested borrowers🥂 to fill out a pre-qualification form online. After that point, you will have to work directly with a loan officer in order to move forward. The site does offerﷺ a basic mortgage calculator to help you crunch your numbers. Once you do take a loan, you can make payments or set up automatic payments through your online account. 

Customer Service

During the loan application pro♌cess, the best approach for customer service is to contact the branch where your loan officer works. The corporate office is also available through a on the company website.

Customer Satisfaction

Customers of Primary Residential Mortgage give rave reviews on Zillow. With over 5,900 reviews, it has an average score of 4.97 out of five stars. Many recent reviewers praise the customer support they received, which surpa🉐ssed their expectations.

Account Management

Borrowers can manage the🐈ir mortgage loans online, by phone, or by mail. You can call customer service to service your account during normal business hours. But the lender is not available during weekend or evening hours.

You can access your payment history, ma♎ke payments, and perform maintenance on your account through the PRMI online portal. Monthl⭕y statements are also available to view or download online.

PRMI does not offer mobile apps for its customers. There is a PRMI mobile app in the Apple App Store, but it is intended as a quick reference guide for loan originators.

Otherꦰ Banking Services and Loans Offered by PRMI

PRMI is strictly a mortgage lender and does not offer other ba🃏nking servic𒆙es.

Primary Residential Mortgage offers quite a few mortgage products that meet the needs of most borrowers. However, because the company does not list rates, fees, or other terms on its website, you may not feel comfortable applying for a mortgage. To receive the best rates and terms on your mortgage, the best approach is to get quotes from a few of the 澳洲幸运5官方开奖结果体彩网:best mortgage lenders before making a decision.

Alternative Lenders

The Bottom Line

Primary Residential Mortgage is an independent mortgage originator operating in every U.S. state except New York. It offers a nice variety of mortgage products, and online customer feedback and industry awards highlight the positive impact the company🐻 has on borrowers, employees, and the commu🤪nity.

Borrowers can complete their mortgage applications online, which helps to speed up the loan process. However, you do not receive rates, fees, and other information until you speak with a loan officer. While it is reasonable to withhold personalized rate quotes until after you apply, companies like PRMI should b𒊎e able to provide generic rate and fee information upfront. This would prevent borrowers from wasting time applying for a mortgage that may not meet their expectations.

Frequently Asked Questions (FAQs)

How Long Has Prᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚimary Residential Mort🌠gage Been in Business?

PRMI has been in business since 1998 w🉐hen it was founded.

How Big Is PRMI?

PRMI is a nationw﷽ide company with over 250 branches. It employs more than 2,200 people and is licensed to operate in 49 states.

How Do I Contact Primary Residential Mortgage?

You can contact PRMI by phone Monday through F♏rid𓄧ay, by email, or by visiting a branch.

Is Primary Residential Mortgage a Good Lender?

PRMI has top-notch customer service ratings on customer review 🎐sites and 𒁃has won industry awards.

How We Review Mortgage Lenders

In March 2024, we conducted a consumer survey of 500 current or prospective homebuyers and mortgage borrowers. We asked the▨m 41 questions about their home-buying and mortgage-shopping experience and learned what feat💛ures and services were most important to them. Our research team analyzed the results, and this information fueled our list of 38 mortgage lenders and 55 criteria for our rubric.

We then collected over 2,0🔯00 data points, surveying mortgage lenders and collecting data via websites, media contacts, and customer service between May 31 and June 💜28, 2024. To develop our list of the best mortgage lenders, we weighted 36 of the 55 individual criteria, giving higher weight to those criteria that mean the most to borrowers. The score for each company’s overall star rating is a weighted average of those criteria in the following categories:

• Customer Experience: 48%
• Operational Features: 16% 
• Reputation: 14%
• Loan Types: 11%
• Loan Costs and Requirements: 11%

Read more about our process in our full 澳洲幸运5官方开奖结果体彩网:mortgage lender methodology.