PrimeLending Mortgage Rates Reviews

Founded in 1986, this Texas-based lender aims to deliver a simple, transparent, and rewarding mortgage experience for every borrower. 

PrimeLending offers a comprehensive suite of loan products for purchase, refinance and home renovation, and works with real estate professionals, home builders, and other business partners to combine personal loan guidance with local expertise.

Background of PrimeLending

PrimeLending began as a startup company in 1986 in Dallas and has expanded to become the nationwide lender it is today.

Dedicated to making the loan process a simple one for all kinds of borrowers, it offers a selection of loan products for purchase, refinance, renovation, and new construction.

With several down payment and closing cost assistance programs in place, PrimeLending is a great option for borrowers with varying credit histories and financial situations.

While PrimeLending doesn’t necessarily dominate the market, the lender does have exceptionally high customer satisfaction ratings.

As such, the company earns the majority of its business from referrals. The lender’s Southern hospitality and commitment to forging personal and rewarding relationships with customers likely contribute to such shining reviews.

PrimeLending Mortgage Rates

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PrimeLending Loan Specifics

PrimeLending has one of the most comprehensive suites of loan products in the industry, including down payment assistance programs backed by state housing.

This wide selection opens up several options for various borrowing needs, such as buying a home for the first time, investing in a new one, or refinancing or renovating a current property.

Assistance programs, alternative credit reviews, and specialized loans for certain credit histories also make PrimeLending a smart option for borrowers who lack excellent credit scores or require financial support.

Fixed-Rate Loans

These loans have interest rates that will not change at any point during the life of the loan. As such, they are ideal for long-term homeowners looking for stable monthly payments. PrimeLending offers 15 and 30-year fixed-rate mortgages for buying and refinancing a home,

Adjustable-Rate Loans

Better for short-term homeowners or borrowers with future income growth potential, adjustable-rate mortgages (ARM) offer low initial interest rates and then adjust the rates periodically throughout the duration of the loan.

They are labeled with fractions, such as 3/1, meaning the interest rate will remain the same for the first three years and then will adjust based on market rates for the remainder of the loan. PrimeLending has ARM options in varying term lengths for both purchase and refinancing loans.

Jumbo Loans

These high-value loans exceed the conforming loan regulations set by major institutions like Fannie Mae and Freddie Mac. PrimeLending offers several different types of jumbo loans for purchase or refinance, including fixed and adjustable-rate options. Some even cover up to 95 percent of the home’s value with as little as a 5 percent down payment.

FHA Mortgage Loans

These government-insured loans are designed for first-time buyers and homeowners with low to moderate incomes and less-than-excellent credit. FHA loans can require as little as a 3.5 percent down payment, as opposed to the standard 20 percent.

They also offer flexible income and credit requirements, as well as low closing costs. PrimeLending offers FHA mortgages, as well as FHA cash-out,  refinance options, as part of its down payment and closing cost assistance programs.

VA Loans

PrimeLending offers these loans to meet the unique needs of active and retired military. Insured by the U.S. Government’s Department of Veterans Affairs (VA), these loans are available for eligible active or inactive service members and their spouses and offer low-interest rates, low down payments, and closing cost support.

USDA Home Loans

Available to limited income homebuyers in rural areas designated by the United States Department of Agriculture (USDA), these loans offer 100 percent financing and reduced mortgage insurance costs. PrimeLending offers a 30-year fixed-rate USDA loan.

NeighborhoodEdge® Closing Cost Assistance

Exclusive to PrimeLending, this program offers qualified borrowers up to $2,000 in closing costs for properties located in low-to-moderate census tract areas.

Conventional 97

Borrowers with excellent or average credit may be eligible for this assistance loan. Available through Fannie Mae and Freddie Mac, it only requires a 3 percent down payment and applies for borrowers planning to purchase a single-unit primary residence.


Backed by Fannie Mae, this program only requires a 3 percent down payment and offers discounts on mortgage rates and private mortgage insurance. A HomeReady® loan is ideal for multi-generation households and borrowers with incomes below their area average.

Home Possible®

This Freddie Mac mortgage option is ideal for first-time homebuyers, as it only requires a 3 percent down payment.

Renovation Loans

PrimeLending offers several loans for home improvement and renovation, including conventional and government-issued options. The 203K Renovation Loan is one of the lender’s assistance programs, which requires a 3.5 percent minimum down-payment and covers the value of the property plus repair costs.

New Construction Loans

PrimeLending offers initial temporary loans that are then refinanced to become a regular mortgage when the construction is complete.

PrimeLending Mortgage Customer Experience

PrimeLending assigns each borrower an expert loan officer to guide them through the entire process. The lender does not post rates or calculate short-form custom quotes on their site, preferring to offer personalized quotes after applications are submitted.

Interested borrowers can complete their entire application online, and lean on their loan officer for help if they need it.

The online application allows borrowers to set a price range, compare loan options, and choose a down payment amount. From there, PrimeLending can offer a loan recommendation and estimate, as well as inform borrowers if they are pre-qualified for the loan.

Applicants will then need to provide the necessary documentation, including government-issued identification, social security number, income and asset verification documents, W-2 forms, and employment history. Documents can be uploaded directly into the secure system, which can also collect electronic signatures.

The typical closing time for PrimeLending mortgages is 30 days.

This PrimeLending customer experience ranks high against competitors, earning the third-best score in J.D. Power’s 2017 Primary Mortgage Origination Satisfaction Study. Consumers granted the lender four out of five stars in the survey, labeling PrimeLending as “better than most” lenders.

PrimeLending reports a 96 percent customer satisfaction, which is backed by consistent five-star Zillow reviews that cite communication, professionalism, and support as the lender’s strong suits.

PrimeLending Lender Reputation

PrimeLending is a loan provider that has been in business for over 30 years. The lender has a National Mortgage Licensing System and Registry ID number of 13649.

The lender has been accredited since 2015 and boasts an A+ BBB rating. PrimeLending is an Equal Housing Lender and has earned recognition as a leading mortgage lender. NerdWallet also granted the lender an overall rating of four out of five stars.

  • Information collected on Jan. 11, 2019

PrimeLending Mortgage Qualifications

PrimeLending reviews many of the same qualifying factors as other lenders. A credit score is, of course, one of the most important mortgage qualifications. Applicants with credit scores above 670 generally have no problem getting approved, and the lender will likely offer their best mortgage rates to those with excellent credit scores.

Credit score Quality Ease of approval
760+ Excellent Easy
700-759 Good Somewhat easy
621-699 Fair Moderate
620 and below Poor Somewhat difficult
n/a No credit score Difficult

While conventional loans often require a down payment of at least 20 percent, PrimeLending offers a unique advantage: Borrowers who can feasibly pay the 20 percent are not required to pay mortgage insurance.

However, PrimeLending generally approves credit scores as low as 620. The lender also accepts alternative forms of credit in certain circumstances, such as rent payment history and utility bills. Some of the available loan programs also provide relaxed credit standards for borrowers with mortgage payment difficulties.

PrimeLending does also have a robust selection of down payment and closing costs assistance options, making it possible for borrowers who cannot put 20 percent down to secure loans. Many PrimeLending loans allow for down payments as low as 3 percent for qualified borrowers. 

PrimeLending offers competitive rates and extensive support but also charges a lender fee of about $1,000 that borrowers will need to factor into their budget.

PrimeLending Phone Number & Additional Details

  • Homepage URL:
  • Company Phone: 800-317-7463
  • Headquarters Address: 18111 Preston Road, Suite 900, Dallas, Texas 75252

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