PrimeLending Mortgage Review 2024
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Our Take
4.0
PrimeLending stands out for its wide variety of loan types, including non-QM loans and a range of renovation and construction loans. However, the lender lacks some common technical features, such as online rates or a mobile app. Most likely to appeal to home buyers looking for closing cost assistance or purchasing a fixer-upper.
Pros
- Offers closing cost assistance.
- Wide variety of loan types, including non-QM loans.
- Mortgages are available for manufactured homes, including 3D-printed houses.
Cons
- Loans are not available in all states.
- Rates are not posted online.
- Does not have a mobile app.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
PrimeLending is a non-bank subsidiary of PlainsCapital Bank, based in Dallas, Texas. Loans are available in 23 states plus Washington, D.C.
- States where PrimeLending loans are available
Alabama
Arizona
Arkansas
California
Hawaii
Illinois
Iowa
Maine
Maryland
Massachusetts
Michigan
New Hampshire
New Jersey
New Mexico
New York
North Dakota
Oregon
Rhode Island
Texas
Vermont
Washington
Washington, D.C.
West Virginia
Wyoming
🏠Popular loan types include: fixed-rate conventional loans; adjustable-rate loans; refinances (rate-and-term and cash-out); jumbo loans; FHA; VA; construction loans; renovation loans; USDA loans
🔑 Specialty loan options include: bond loans; non-QM loans (bank statement loans, debt service ratio loans, bridge loans)
đź’µ Home equity borrowing options: home equity loans; HELOCs.
Borrowers may be interested in PrimeLending’s “NeighborhoodEdge,” a proprietary closing cost assistance program.
In addition to a number of renovation and repair loans, PrimeLending also offers special construction escrow services, including swimming pool escrow and escrow for small repairs (called EZ “C”onventional).
» MORE: How to apply for a mortgage
How we score PrimeLending mortgages
Every year, NerdWallet writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
PrimeLending has a NerdWallet home loans rating of four stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
Lender’s average mortgage rates and fees score is based on data from its parent company, PlainsCapital.
PrimeLending earned bonus points for offering programs aimed at first-time-homebuyers, as well as loans for manufactured homes and loans with a minimum credit score requirement ≤ 600.
» MORE: How to get the best mortgage rate
What borrowers say about PrimeLending mortgages
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow. We also contacted PrimeLending customer support.
→ Above-average score in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. Mortgage origination covers the initial application through closing day.
Score: 735 out of 1,000. Industry average for origination is 730.
→ Excellent customer rating on Zillow.
Customer rating: 4.98 out of 5, as of the date of publication. Rating reflects more than 22,300 customer reviews.
🤓 Our Nerds say…
Borrowers can contact PrimeLending customer service via phone — there is no live chat feature or in-person service. When we called, we were immediately connected with a representative who was able to answer our questions.
Alternatives to a home loan from PrimeLending
We recommend comparing mortgage rate offers from three or more lenders.
Borrowers looking for a renovation loan will find a range of options at CrossCountry and Guild.
Borrowers who want to take advantage of closing cost or down payment assistance may be a fit for Northpointe.
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
