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Primary Residential Mortgage, Inc. (PRMI) offers many mortgage products, but you won’t learn your potential rates, fees, or other terms without first speaking with a loan officer. While online ratings are high, some borrowers may not feel comfortable applying without first knowing these details.
- Pros & Cons
- Key Takeaways
- Company Overview
Offers loans to buy, renovate, or build a home
Works with investors
Offers reverse mortgages
Does not list rates on its website
Loan officers are not in every state or major city
Not licensed in all 50 states
- You must speak with a loan officer to receive rates and fees.
- PRMI offers a variety of different mortgage products to meet borrower needs.
- Non-traditional loan products are an option for qualified borrowers.
- Customer service is limited to weekday business hours.
Primary Residential Mortgage is based in Salt Lake City, Utah, and it has over 325 branches in 49 states. It was founded in 1998 and has grown to $11.7 billion in yearly funded mortgage volume. Plus, it services $9.3 billion of mortgages each year. The company has won many industry and local awards as a top mortgage lender, as the best company to work for, and for excellence.
Below you’ll find details about Primary Residential Mortgage’s conventional home loans.
- Minimum Credit Score 620
- Maximum Debt-to-Income Ratio 50%
- Minimum Down Payment 3%
- Average Days to Closing 30–45 days
Borrowers seeking to buy or refinance a home have numerous mortgage options with Primary Residential Mortgage. It offers conventional and jumbo mortgages, as well as government-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 speaking with 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, but Investopedia’s own survey found it to be about average for customer satisfaction.
- Offers loans to buy, renovate, or build a home: PRMI has a variety of 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 with PRMI.
- 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 not available 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 it is not licensed in New York state.
Types of Mortgage Loans Offered by Primary Residential Mortgage
- Conventional Loans. Conventional loans are also known as traditional loans; they’re designed for borrowers with good credit, and usually require a 20% down payment. Some conventional loans have down payments as low as 3% when the borrower agrees to pay private mortgage insurance.
- Jumbo Loans. 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, 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 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 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 and Benefits
- Variety of mortgage loan types. Many customers 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 interest rates, fees, and terms until you speak with a loan officer.
- Strong positive customer feedback. Customers 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 Primary Residential Mortgage Loan
If you're ready to apply for a mortgage loan through Primary Residential Mortgage, follow this process.
- Visit the PRMI website.
- 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.
- 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.
During the loan application process, the best approach for customer service is to contact the branch where your loan officer resides. The corporate office is also available through a contact form on the company website.
Once PRMI funds your loan, you can contact customer service by phone at (800) 748-4424 from 7 a.m. to 5:30 p.m. MT, Monday through Friday. PRMI does not offer weekend or evening customer support.
Customers of Primary Residential Mortgage give rave reviews on Zillow. With over 5,800 reviews, it has an average score of 4.98 out of five stars. Many recent reviewers give high praise to the customer support they received, which surpassed their expectations.
Investopedia surveyed 1,195 mortgage customers, asking their opinions about 45 different mortgage lenders. PRMI came in with a rating of 5.9 out of 10 for customer satisfaction, putting it around the middle of the pack.
Customers can manage their mortgage loans online, by phone, or by mail. You can call customer service to service your account during normal business hours. But as mentioned, the lender is not available during the weekend or evening hours.
You can access your payment history, make payments, and perform maintenance on your account through the PRMI online portal. Monthly 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.
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 best mortgage lenders before making a decision.
|Loan Types Offered||Special Features|
|Primary Residential Mortgage||Conventional, Jumbo, VA, FHA, USDA||Offers renovation, investment property, and construction loans|
|Caliber Mortgage||Conventional, Jumbo, VA, FHA, USDA||Special loan programs for self-employed, bad credit, and investors|
|Citi Mortgage||Conventional, Jumbo, VA, FHA||Full-service banking products for customers|
|Finance of America Mortgage||Conventional, Jumbo, VA, FHA, USDA||Offers reverse mortgages for homeowners aged 62+|
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 community.
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 be 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.
How We Review Mortgage Lenders
Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of mortgage lenders. We rated 45 mortgage lenders and collected nearly 1,500 data points, including information about the following:
- Quality of service (customer experience, online applications, benefits/grants, etc.)
- Operational features (state licensing coverage, number of loan officers, etc.)
- Loan types offered (fixed-rate, FHA, USDA, etc.)
- Accessibility (days to closing, minimum debt-to-income ratio, etc.)
We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Mortgage lenders were rated objectively in the categories above to help readers make informed decisions about home loans.
Read more in our full mortgage lender review methodology.