Business Insider's personal finance team compared PrimeLending to the best mortgage lenders and found it to be a standard lender that ranks higher in customer satisfaction.
PrimeLending Mortgages offers a decent range of mortgage options, including renovation loans and loans for 3D printed homes.
620
3%
Conforming, FHA, VA, USDA, jumbo, new construction, renovation, reverse mortgages
- Variety of renovation loan options
- Great customer reviews
- Can’t see rates without submitting an application
- Doesn’t have branches in every state
- Available in all 50 states
- Minimum credit score and down payment displayed are for conforming mortgages
Overview of PrimeLending
Nationwide Lending With Local Branches
PrimeLending operates in all 50 states and Washington, D.C. It also has physical branches throughout the country.
How to Apply
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.
Loan Options
This lender offers a variety of mortgages, including:
- Conforming loans
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
- New construction loans
- Renovation loans
- Reverse mortgages
PrimeLending also says it will provide financing for 3D printed homes.
PrimeLending Mortgage Interest Rates and Fees
According to our review of Home Mortgage Disclosure Act data, PrimeLending's mortgage rates are around average compared to other lenders.
PrimeLending lacks transparency when it comes to its current rates. To get a rate estimate from this lender, you'll need to speak to a loan officer or start an application since it doesn't display sample rates online.
In 2023, the average borrower getting a conventional loan from this lender paid $5,042 in origination charges, according to HMDA data. This is around average compared to other lenders.
PrimeLending Pros and Cons
Pros
- Multiple renovation loans available, including FHA 203(k) and VA renovation loans
- Has great online customer reviews
A Good Lender for Renovation Loan Borrowers
PrimeLending has multiple renovation mortgage options available. A renovation mortgage lets you finance the cost of home upgrades or repairs along with your mortgage or refinance, meaning you'll only have one loan and one monthly payment.
PrimeLending's renovation offerings include both conventional and government-backed loans, as well as a pool escrow loan that rolls the cost of adding a pool to the home into your mortgage.
Cons
- Lacks rate and fee transparency
- Doesn't have physical branches in every state
Doesn't Offer Information About Rates or Fees
Many lenders provide sample rates online or tools that let you explore customized rates without having to apply for preapproval. Some even disclose the fees they charge on their websites or include an estimate of what you'll pay in fees in their customized rate tools. PrimeLending doesn't do this. Based on our review of the most recent HMDA data, this lender's rates and fees are around average.
Is PrimeLending Trustworthy?
PrimeLending has an A+ rating from the Better Business Bureau and no recent major scandals.
What Borrowers Are Saying About PrimeLending
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about PrimeLending's mortgage experience.
Speedy Process With Responsive and Knowledgeable Mortgage Pros
In online reviews, previous borrowers said they had an overall positive experience with PrimeLending. Many talked about how helpful their loan officers were and that they were very communicative and easy to get ahold of. We also saw several borrowers mention that they were able to close surprisingly quickly. We didn't see any negative reviews or comments that indicated a larger issue with the lender.
How PrimeLending Compares
PrimeLending vs. Wells Fargo
Wells Fargo Mortgage is an affordable option thanks to its Dream. Plan. Home. Mortgage, which allows 3% down payments and may come with closing cost assistance. PrimeLending doesn't directly offer closing cost or down payment assistance, but it may be able to connect you with state-provided assistance, depending on what's available in your area.
Wells Fargo has issues with trustworthiness, earning an F rating from the BBB. You might also prefer PrimeLending if you want a renovation loan, since it has many options to choose from.
PrimeLending vs. Rocket Mortgage
Rocket Mortgage is a strong lender thanks to its reputation for good customer service and an easy online process.
Rocket is one of the best mortgage lenders for first-time homebuyers. It has a specialty mortgage product called the ONE+ mortgage which allows a down payment of just 1%. But this lender doesn't offer construction loans, while PrimeLending does.
-
Rocket Mortgage
-
AmeriSave Mortgage Corporation Mortgages
-
New American Funding
PrimeLending FAQs
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 mortgage options.
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.
Are PrimeLending's mortgage rates good?
Based on our review of the latest HMDA data, PrimeLending's rates are around average.
How is PrimeLending's customer service?
PrimeLending ranks high in customer satisfaction, and many previous borrowers say they had a positive experience working with this lender.
Can I get preapproved with PrimeLending?
Yes, you can apply for preapproval online, over the phone, or in person if you live near a PrimeLending branch.
What are some alternatives to PrimeLending?
PrimeLending is a large mortgage lender. As you explore your options, you might want to get quotes from some smaller, local lenders in addition to a larger lender like PrimeLending.
Why You Should Trust Us: How We Reviewed PrimeLending
For our review of PrimeLending, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Our Overall Lender Rating
Loan Types: 4 out of 5
PrimeLending has a wide variety of loan options to choose from, including less common types of mortgages like reverse mortgages and construction loans.
Affordability: 4 out of 5
PrimeLending offers multiple types of low down payment mortgages, including both conventional and government-backed loan options.
Customer Satisfaction: 4.98 out of 5
This lender has very positive customer reviews on its Zillow lender profile, earning an average rating of 4.98 out of 5 stars, from over 22,000 reviews.
Trustworthiness: 5 out of 5
PrimeLending has an A+ rating from the BBB. BBB grades are based on honesty in advertising, transparency about its business practices, and effectiveness in responding to customer complaints.
