Primary Residential Mortgage Review 2022

Borrowers looking to buy or refinance a home have many mortgage options with the 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 on rates, fees, and terms. However, you can complete your application online before speaking to a loan officer. PRMI has branches in almost every state and over 2,000 employees to serve customers. Clients love working with PRMI and its loan officers based on its near-perfect rating on Zillow, but Investopedia’s own survey found it to be average for customer satisfaction.


The benefits explained

  • Offers loans to buy, renovate or build a house: PRMI has a variety of Mortgages to meet every borrower’s needs, including traditional purchase, renovation and single-closing construction loans.
  • Work with investors: If you are looking to buy an investment property, PRMI offers several affordable financing options.
  • Offers reverse mortgages: Seniors 62+ can access their equity and eliminate monthly payments with a reverse mortgage with PRMI.


Disadvantages Explained

  • Doesn’t list rates on its website: Borrowers who wish to research rates should speak with a loan officer to discuss options, as rates are not available online.
  • Loan officers are not in all states or major cities: You must contact a loan officer to apply for a mortgage. Loan officers are spread across the United States 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 allowed in 49 states and DC, but not allowed in New York.


Types of Mortgages Offered by Primary Residential Mortgage

  • Conventional loans. Conventional loans are also called traditional loans; they are designed for borrowers with good credit and generally 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. Giant Loans are larger loans that exceed conforming loan limits. These mortgages generally require a larger down payment, higher cash reserves and better credit.
  • FHA Loans. The FHA offers this mortgage program to borrowers with poorer 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 payment.
  • USDA Loans. This government-sponsored program encourages lending in rural areas with as little as 0% down payment and no cash reserves.
  • Reverse mortgages. Reverse mortgages allow people aged 62 and over to take money 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 purchase distressed homes by including the cost of necessary repairs in the loan amount.
  • Construction loans. A temporary closure ready to build allows you to finance the acquisition of the land and the construction of the house in a single payment. Once construction is complete, the loan becomes a permanent loan like a traditional mortgage.
  • Investment real estate loans. Investors can use these loans to purchase investment properties that are leased to tenants.


Key Features and Advantages of Residential Mortgages

  • Variety of Mortgage Types. Many customers will likely find an option that works for them.
  • Simplified online application. Interested borrowers can complete an online application in minutes before speaking to a loan officer. However, you cannot revise interest ratefees and terms until you speak with a loan officer.
  • Strong positive customer feedback. Customers who share their experiences online are overwhelmingly positive. With these reviews and numerous local and industry awards (as listed on their website), PRMI seems like a fantastic company to work with.


How to Apply for a Primary Residential Mortgage

If you are ready to apply for a mortgage through the Primary Residential Mortgage, follow this process.

  1. Visit the PRMI website.
  2. Find an advisor near you. PRMI makes all its loans through local branches. Select “Find an Advisor” to search by postal code or agent name.
  3. 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.


Customer service

During the loan application process, the best approach for customer service is to contact the branch where your loan officer resides. The head office is also available via a Contact form on the company’s website.

Once PRMI has funded 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 customer support on weekends or evenings.


Client satisfaction

Primary Residential Mortgage customers give rave reviews on Zillow. With over 5,800 reviews, it has an average rating of 4.98 out of five stars. Many recent reviewers rave about the customer support they received, which exceeded their expectations.

Investopedia surveyed 1,195 mortgage customers, asking their opinions of 45 different mortgage lenders. PRMI scored 5.9 out of 10 for customer satisfaction, putting it in the middle of the pack.


Account management

Customers can manage their mortgages online, by phone or by mail. You can call customer service to manage your account during normal business hours. But as mentioned, the lender is not available during weekends or evenings.

You can access your payment history, make payments and perform account maintenance through the PRMI online portal. Monthly statements can also be viewed or downloaded online.

PRMI does not offer mobile applications to its customers. There is a PRMI mobile app in the Apple App Store, but it is meant as a quick reference guide for loan originators.


Alternative choices

Prime Residential Mortgage offers a number of mortgage products that meet the needs of most borrowers. However, since the company does not list rates, fees, or other terms on its website, you may not feel comfortable applying for a mortgage. To get the best rates and terms for your mortgage, the best approach is to get quotes from some of the best mortgage lenders before making a decision.

Types of loans offered Special Features
Primary Residential Mortgage Conventional, Jumbo, VA, FHA, USDA Offers loans for renovation, real estate investment and construction
Mortgage Caliber Conventional, Jumbo, VA, FHA, USDA Special loan programs for the 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 and over

Final verification

Primary Residential Mortgage is an independent mortgage originator operating in all US states except New York. It offers a nice variety of mortgage products, and online customer reviews and industry awards underscore the company’s positive impact on borrowers, employees and the community.

Borrowers can complete their mortgage applications online, helping to speed up the loan process. However, you don’t receive rates, fees, and other information until you speak with a loan officer. While it’s reasonable to withhold custom quotes until you’ve applied, companies like PRMI should be able to provide generic pricing and fee information up front. This would save 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 comprehensive and unbiased reviews of mortgage lenders. We assessed 45 mortgage lenders and collected nearly 1,500 data points, including information on the following:

  • Quality of service (customer experience, online applications, benefits/grants, etc.)
  • Operational characteristics (state licensing coverage, number of loan officers, etc.)
  • Types of loans offered (fixed rate, FHA, USDA, etc.)
  • Accessibility (days before closing, minimum debt ratio, etc.)

We also conducted a survey of 1,195 mortgage borrowers to learn more about the most important characteristics from the customer’s perspective and customer satisfaction with different lenders. Mortgage lenders have been objectively rated in the categories above to help readers make informed home loan decisions.

Find out more in our comprehensive mortgage lender review methodology.