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The bottom line: PrimeLending Mortgages is a good mortgage lender for renovation loan borrowers and those who value a simple online experience. But you won’t be able to see this lender’s rates without talking to a loan officer or submitting an application.
Overall lender rating
FeatureInsider rating (out of 5)Loan types4Affordability4Customer satisfaction4.5Trustworthiness5Total4.38
Pros and cons
ProsCons
Multiple renovation loans available, including FHA 203(k) and VA renovation loans
Hybrid closing enables you to have a quick closing appointment
Easily apply online
Lender fees are waived for VA loan borrowers
Lacks rate transparency
Doesn’t provide information about its lender fees online
PrimeLending mortgage interest rates and fees
PrimeLending lacks transparency when it comes to its interest rates and lender fees.
Many lenders provide a handful of sample rates on their websites to give potential borrowers an idea of the rates they offer, and some even have tools that let you get a customized rate without having to provide any personal information.
To get a rate estimate from this lender, you’ll need to speak to a loan officer on the phone or start an application.
PrimeLending vs. Wells Fargo
PrimeLending
Wells Fargo
Types of mortgages
Conforming, FHA, VA, USDA, jumbo, new construction, renovation
Types of mortgages
Conforming, jumbo, VA, FHA, USDA, new construction, Dream. Plan. Home. Mortgage
Standout feature
Renovation loans
Standout feature
Dream. Plan. Home. Mortgage
PrimeLending MortgagesWells Fargo Mortgage
Both PrimeLending and Wells Fargo are affordable options in their own ways, and which one is better for you will depend on your needs.
Wells Fargo’s Dream. Plan. Home. Mortgage is a good mortgage program for first-time homebuyers who might struggle to qualify for a regular mortgage, since it accepts borrowers with low scores and limited credit histories.
For those who are considering purchasing a fixer upper, any of PrimeLending’s ample renovation loan offerings could be a good fit.
PrimeLending vs. Rocket Mortgage
PrimeLending
Rocket Mortgage
Types of mortgages
Conforming, FHA, VA, USDA, jumbo, new construction, renovation
Types of mortgages
Conforming, jumbo, FHA, VA
Standout feature
Renovation loans
Standout feature
Customer service
PrimeLending MortgagesRocket Mortgage FHA mortgage
PrimeLending has a wider variety of loan types, including new construction and renovation loans, compared to Rocket Mortgage. But if you don’t need a more niche type of mortgage, Rocket Mortgage is a solid option thanks to its reputation for good customer service and an easy online process. Rocket is one of Personal Finance Insider’s best mortgage lenders.
How PrimeLending works
This lender’s digital capabilities make for a convenient application process — you can even take pictures of your documents and upload them from your mobile device. Once you’re ready to close, you can sign most of your documents prior to your closing appointment using your smartphone or computer. This hybrid process allows for a quicker in-person closing.
PrimeLending lends in all 50 states, and it has physical branches throughout the country.
This lender offers a variety of mortgages, including conforming, FHA, VA, USDA, jumbo, new construction, and renovation mortgages. You can also refinance your mortgage with PrimeLending. It offers rate-and-term refinancing, cash-out, and the ability to refinance into a renovation loan if you want to make repairs or upgrades to your current home.
To get a conforming mortgage with PrimeLending, you’ll need at least a 620 credit score and a down payment of at least 3%.
You can get started with PrimeLending online or over the phone. You can also use its search tool to find a branch or loan officer in your area.
Is PrimeLending trustworthy?
PrimeLending currently has an A+ rating from the Better Business Bureau. BBB grades are based on honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
This lender has very positive customer reviews on its Zillow lender profile, earning an average rating of 4.99 out of 5 stars, from over 22,000 reviews.
PrimeLending also ranks No. 9 in the J.D. Power 2023 Mortgage Origination Satisfaction Study.
PrimeLending FAQ
Is PrimeLending a good company?
PrimeLending has a lot of positive online customer reviews, a great rating from the BBB, and a good variety of affordable mortgage options.
It might be a good fit for you, but it’s always a good idea to shop around and get preapproved with multiple lenders before committing to one. Comparing offers from two or three different lenders can help you better understand which lender can offer you the best deal overall.
Who owns PrimeLending?
PrimeLending is a subsidiary of PlainsCapital Bank.
Does PrimeLending offer down payment assistance?
PrimeLending doesn’t offer its own down payment assistance program, but it does let borrowers use down payment assistance from other entities on its mortgages.
It also offers low down payment mortgage options. You can put 3% down with a conforming mortgage, 3.5% down with an FHA mortgage, and 0% down with a USDA or VA mortgage.