PrimeLending Reviews

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About PrimeLending

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PrimeLending (NMLS #13649) is a subsidiary of PlainsCapital Corp. PrimeLending offers conventional, FHA, VA, USDA, jumbo, new construction and renovation loans to borrowers in all 50 states. You can apply for a mortgage loan online or in person at one of its branch locations.

    Pros & Cons

    • 100% online application
    • In-person branches in 42 states
    • Wide range of loan products, including renovation loans
    • Down payment and closing cost assistance
    • No HELOCs or home equity loans
    • Doesn’t disclose fee information online
    • Borrower support may be closed on weekends


    PrimeLending doesn’t publish its rates online. You have to fill out an online application, speak with a loan officer by phone or visit a branch and give details about your credit history and your purchase in order to get a personalized rate quote.

    For the past three years, PrimeLending has had an average home purchase rate slightly higher than the national average. However, in 2021, the company’s average rate was closer to the national average at the time (about 0.02% higher).

    Remember that rates depend on outside factors, such as the economy. Also, your credit history and debt-to-income ratio impact your interest rate. Generally speaking, borrowers with excellent credit scores (above 800) and low debt-to-income ratios (below 36%) are offered the best rates available. It’s possible that in recent years PrimeLending’s average borrower credit score was slightly lower than the national average, which could have led to higher-than-average interest rates.

    PrimeLending offers both fixed-rate and adjustable-rate mortgages (ARMs). Fixed-rate mortgages offer a predictable monthly payment (the interest rate doesn’t change over the loan term). An ARM may offer a low, fixed rate for a short period of time (maybe five years). After that time has passed, the interest rate will reset and fluctuate yearly or twice a year, depending on the ARM type.

    PrimeLending average home purchase rate vs. national average

    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    To get a mortgage, start by completing the application online on PrimeLending’s website. First, you’ll need to register and create an account with a valid email address and phone number.

    Once you’ve created an account, the company will connect you to a loan officer you can reach out to anytime during the process. The application will ask you to provide information about your loan purpose, income and assets. Be prepared to provide your Social Security number; the company may conduct a credit check at this point to determine your eligibility.

    Within the application portal, you can upload the required financial documents, like W-2s, pay stubs and bank account statements. Once you submit the application, you could receive a preapproval decision fairly quickly, and you can view your loan’s status on the portal. PrimeLending also offers “eClose,” which means you can sign all the required paperwork from your phone or computer on closing day.

    PrimeLending application features

    Loan types

    PrimeLending offers a wide variety of loan options, including conventional loans (with fixed or adjustable rates), FHA loans, VA loans, USDA loans and jumbo loans. Typical fixed-rate mortgages have loan terms of 15 or 30 years. The company also offers loans for home renovations, like FHA 203(k) loans and new construction loans.

    In 2021, potential borrowers initiated 62,089 home purchase applications with PrimeLending. The majority of these applications (about 78%) went on to close, while about 4% (2,279) were denied. The company seems to have a lower denial rate than the industry as a whole, which sits at about 8% for home purchase loans. Less than 0.5% of PrimeLending preapprovals were denied.

    Loan applications for home purchases only by year

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    For the past three years, the majority of loans PrimeLending originated were for home purchases (about 64% last year, up from 60% in 2020). Refinance loans and cash-out refinances accounted for just 36% of the total. At a time when enders were shifting to refinancing industry-wide, PrimeLending remained concentrated on home purchases.

    In 2020 and 2021, borrowers refinanced in record numbers because interest rates were at historic lows. Even a small rate decrease can save you significant money over the life of the loan.

    In 2022, rates have been steadily rising; at the time of publishing, they’ve reached a 10-year high. In fact, 30-year fixed-rate averages soared from nearly 3% in the last quarter of 2021 to almost 6% at the same time in 2022, so fewer borrowers are expected to refinance this year.

    Home purchase vs. refinance loans by year

    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.


    PrimeLending does not disclose its borrower requirements online. However, typically lenders require at least a 620 credit score to qualify for a conventional loan. Government-backed mortgages, like FHA, VA and USDA loans, usually have lower credit score requirements. It’s likely you’ll need at least a 500 to qualify for an FHA loan and 640 for a USDA loan. The VA does not set a minimum credit score requirement, so this may vary by lender.

    Down payment requirements are basically the same across the industry. If your credit score is 580 or above, you’ll need to offer at least 3% down for a conventional loan and 3.5% down for an FHA loan. If your score is between 500 and 579, you’ll need a minimum down payment of 10%. Both VA and USDA loans have no down payment requirements.

    National mortgage requirements by type

    For other loan types, read our jumbo loans guide.

    Costs and fees

    PrimeLending does not post the lender fees it charges for loan originations. Many lenders today charge an origination fee, generally between 0.5% to 1% of the loan amount (although this can vary by lender). The origination fee usually includes other services associated with starting your loan, like processing and underwriting.

    Lender fees, like origination fees, are a small portion of the overall closing costs, which can account for 2% to 5% of the loan amount altogether. Total closing costs include third-party fees for services like title search, home appraisal and pest inspection. There are also prorated charges included for insurance premiums and property taxes.

    You can request an estimate of the closing costs before you finalize your loan, and your lender will give you a document (called the Loan Estimate) outlining all these costs. You can use the Loan Estimate to compare loan options from different lenders.

    Further down the line, three days before your closing, you’ll receive a more specific disclosure that details the final closing costs. It’s important to read over the Closing Disclosure and compare it with the Loan Estimate. If there are any discrepancies, bring them to your lender’s attention immediately so they can be resolved before closing.


    How does PrimeLending work?

    PrimeLending offers several loan options, including conventional loans and government-backed mortgages (FHA, VA, and USDA loans). You can apply for a mortgage loan directly on PrimeLending’s website.

    Create an account and complete the online application by providing information about your loan purpose, co-borrowers, income and assets. Your loan officer’s contact information is provided in the loan portal if you need assistance.

    Is PrimeLending legit?

    PrimeLending is a reputable lender that’s been in business for over 35 years. It’s a part of PlainsCapital Corp., which is based in Dallas. In 2021, PrimeLending originated close to $22 billion in loans.

    Where is PrimeLending available?

    PrimeLending is available in all 50 states and Washington, D.C. The company operates branch locations in 42 states.

    PrimeLending Reviews

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      How do I know I can trust these reviews about PrimeLending?
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      Reviewed Feb. 27, 2023

      My story is probably far too long for this site, so I'll try to keep it brief. After being in contact with Prime Lending mortgage broker for more than a year and having explained to Him very plainly from day one what we needed, Prime Lending dropped our loan and left us high and dry just two days prior to our scheduled closing. Our closing was scheduled and we had already signed the final Closing Disclosure document. We had a place and time all set up to close. We are relocating to AL from TX so the logistics of our move are outrageous. We needed to be able to buy a house in AL before we'd be able to sell our house in TX as we needed to empty our TX house and replace carpets before I could put it on the market.

      We rented a bunch of PODS and had all our house packed up into PODS and moved to storage. When we were told all systems were go for the Friday closing (2/24/23), I made the 650 mile by truck, towing a trailer of my own behind a UHaul, all the way to Alabama. Before I even arrived I was being told that our closing would not happen. Why you ask? Because two days before the closing the loan officer called me claiming he needed me to poduce a lease on our TX house saying I was leasing it out. I told him, as he knew, and as we had told him numerous times, that we had no intention of leasing our house. He said, "Yeah, yeah, that's fine. I just need you to produce a lease and have a friend sign it saying that you are leasing it." Knowing this is credit fraud, I declined.

      He NEVER said in the more than one year we had been in contact with him prior to this deal that such a measure might or would be necessary. He NEVER said during this call that a signed lease was required for us to close on our current loan. In the end, he suddenly claimed that we needed to shift away from the loan product we were supposed to close on that Friday and convert to an FHA loan instead. He claimed it would save us money and require less down, etc, etc. So why did he not just do this from day one as this would have been far closer to what I asked for from day one.

      Well, as it happens, FHA will not approve us as I am disabled and my partner had been out of work for more than a year and had only just started his new position in Huntsville AL. He (my partner) has worked in the same industry for more than 25 years and had a job offer letter outlining his salary, etc., but FHA has a hard rule that anyone out of work for more than 6 months must then work at least 6 months at a new job before they would consider the applicant stably employed.

      So now the loan officer, a Terry **, claimed he needed to switch us over to an USDA loan. Long story short, the USDA has even STRICTER requirements for anyone out of work 6 months or more, requiring they be newly employed at least one year before they would consider them stably employed. So now we are left with no loan. No closing. All our stuff, and I do mean ALL OUR STUFF, is in PODS and we have nowhere to have those PODS delivered. We now will have to pay $2000 a month just for the POD storage!!! We're living in a camper at a campground while we try to do all we can to fix this situation.

      PRIME LENDING left us high and dry. Had the loan broker asked me about or made clear any of the issues which he brought up two days before closing, we would have told him then that we could not do that. We might have been able to arrange to do our relocation differently and I could have remained in Dallas at our house until such time as we were able to make some kind of arrangement in Alabama for housing. Mind you, we're moving a 4 bedroom, 2 bath house! Whatever you do, AVOID THIS COMPANY!!! Prime Lending has caused us so much stress and expense it will probably take us a year or two to financially recover!!! They also made a loan contingent upon our agreeing to commit an illegal act or mortgage fraud!

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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:
        1. NMLS Consumer Access, “ PrimeLending a PlainsCapital Company .” Accessed September 3, 2022.
        2. Federal Reserve Bank of St. Louis, “ 30-Year Fixed Rate Mortgage Average in the United States .” Accessed September 15, 2022.
        3. Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed July 6, 2022.

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