Primary Residential Mortgage
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About Primary Residential Mortgage
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Primary Residential Mortgage (NMLS #3094) is a mortgage lender licensed in 49 states. It is headquartered in Salt Lake City and has more than 250 branches located throughout the country. The company originates a wide variety of purchase and refinance products, with hundreds of loan options. You can apply for a mortgage loan online or in person at a branch location.
Pros & Cons
- Online application process
- Pre-qualification with soft credit pull
- Low down payment options
- Does not publish rates
- Not available in New York
- No home equity loans or HELOCs
Primary Residential Mortgage says its goal is to simplify the homebuying process with an easy online application. Early in the process you consult with a loan officer to tell them about your goals, and they help you find financing. Both pre-qualification and preapproval are available.
Primary Residential Mortgage does not publish its mortgage rates on its site. To see rates, you will have to begin an application by entering your ZIP code and choosing a loan officer in your area.
Data from the Home Mortgage Disclosure Act shows the company’s rates for home purchase loans were on par with national average rates from 2019 to 2021. In 2019, its average rate was 0.07% higher than the national average but in 2020 and 2021 it was slightly lower.
Of course, interest rates depend on a number of variables, both personal (like your credit history) and external (such as economic conditions). Across the industry, the best rates are offered to the most highly qualified borrowers — typically those with a credit score over 700 and a low debt-to-income (DTI) ratio.
Borrowers seeking a conventional loan may have the choice of a loan with a fixed or adjustable rate. An adjustable-rate mortgage (ARM) typically offers a lower introductory rate than a fixed-rate loan, but later adjusts (sometimes up, depending on the index) after a set amount of time (usually three to 10 years). Once these regular adjustments start, your monthly payments will change.
Most homebuyers prefer the stability and predictability of a fixed rate and a monthly payment that never changes. But an ARM can be a good choice in certain circumstances. For example, if you don’t plan on staying in your home for many years, you could sell before the adjustment period begins and potentially save quite a bit of money in interest.
Your loan officer can help you compare the pros and cons of different types of loans for your situation and financial goals.
Primary Residential Mortgage average home purchase rate vs. national average
|Year||Difference from national average|
Primary Residential Mortgage offers both pre-qualifications (with a soft credit check) and preapprovals (with a hard credit check). To get pre-qualified, call Primary Residential Mortgage and answer a handful of questions.
To get preapproved and start a full mortgage application with Primary Residential Mortgage, use the ZIP code lookup tool to choose a loan officer and begin the online application process. You will be asked to share details about yourself and your financial situation, the home you want to purchase and the amount you have available for a down payment. You'll also upload documentation and, based on the information you provide, receive personalized rates.
You can go a step further and request a mortgage commitment letter. This can be useful during the homebuying process. It signals to a seller that you’re a serious, qualified buyer and have financing lined up.
Primary Residential Mortgage application features
|Mobile document upload|
|Publishes minimum rate on website||X|
|Rate lock||Not disclosed|
|Pre-qualification (no hard credit pull)|
|Certified approval letter|
Primary Residential Mortgage offers a broad array of loans, including conventional loans (both fixed- and adjustable-rate), jumbo loans for high-value properties and government-backed loans, including FHA, VA and USDA loans. Loan terms for a fixed-rate conventional mortgage are either 15 or 30 years.
Specialty loans are also available for manufactured homes, new-construction homes and renovations. Reverse mortgages are available for seniors who want to begin extracting home equity. PRMI also advertises a low-credit home loan for borrowers with a less-than-perfect credit score.
In 2021, borrowers initiated 35,575 home purchase applications with Primary Residential Mortgage. Only 2,079 home purchase applications were denied in 2021 (less than 6%). PRMI closed on 25,984 home purchase loans that year.
Loan applications for home purchases only by year
|Home purchase applications||35,575||34,894||26,622|
|Home purchase loans closed||25,984||25,839||19,242|
|Home purchase applications denied||2,079||2,006||1,789|
|Home purchase preapprovals denied||0||0||0|
From 2019 to 2021, a majority of loans made by Primary Residential Mortgage were home purchase loans. In 2021, according to Home Mortgage Disclosure Act data, about 63% of its loans were home purchase loans, and about 37% were for refinancing.
As rates rise in 2022, fewer borrowers are expected to refinance. But there are cases where refinancing may still make sense for you, like if your credit score has improved since you first took out your mortgage and you can qualify for a lower rate.
Home purchase vs. refinance loans by year
|Home purchase loans||63.12%||57.25%||74.81%|
Primary Residential Mortgage doesn’t publish all of its loan requirements online. Typically a credit score of at least 620 and a down payment of 3% are needed for a conventional loan. The company states that it requires proof of income, assets, credit history and employment verification, among other documentation.
Government-backed mortgages, like FHA, VA and USDA loans, typically have lower credit score requirements. FHA loans require a score of at least 500, but you usually need to make a bigger down payment if your credit score is below 580. Credit score minimums for VA and USDA loans vary by lender. VA and USDA loans require no down payment.
PRMI promotes a low-credit loan for borrowers, but it doesn't publish the requirements. You’ll have to start the process and speak with a loan officer to learn the details.
National mortgage requirements by type
|Min. credit score||Min. down payment||Compare with other lenders|
|Conventional||Typically 620||Typically 3%||Mortgage lenders|
|FHA||500||3.5% with 580 credit score||FHA lenders|
|VA||Set by lender (often 580)||0%||VA lenders|
|USDA||Set by lender (often 640)||0%||USDA lenders|
Cost and fees
Primary Residential Mortgage does not disclose its fees and costs online. Most lenders charge between 2% and 5% of the total loan amount for closing costs. These include fees for the appraisal, title insurance, real estate taxes and mortgage insurance premiums.
Early in the process, after you submit your application, you’ll receive a Loan Estimate that will outline estimated loan fees and costs. At least three business days before closing, you’ll receive a Closing Disclosure; it will specify the exact charges associated with your loan, including closing costs.
What is Primary Residential Mortgage?
Primary Residential Mortgage is a mortgage lender licensed in every state except New York. It originates conventional, government-backed and specialty loans. Customers can apply online or in person at one of its 250-plus branch locations.
Is Primary Residential Mortgage legit?
Primary Residential Mortgage, Inc. is a legitimate lender that has been in business since 1998. In both 2020 and 2021, it closed on over 25,000 home purchase loans.
Where is Primary Residential Mortgage available?
Primary Residential Mortgage is licensed in 49 states (not New York). It has over 250 branches across the country.
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- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Sept. 26, 2022.
Primary Residential Mortgage Company Information
- Company Name:
- Primary Residential Mortgage
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