Primary Residential Mortgage Corporation was founded in May of 1997 and currently services US customers out of over 280 branch locations across 49 states. With headquarters in Salt Lake City, Utah, Primary Residential Mortgage offers a wide range of mortgage loan products for its customer base as highlighted below.
Primary Residential Mortgage Types
Fixed-Rate Mortgage: Primary Residential Mortgage offers a traditional fixed-rate mortgage option with interest rates set for the entire term of the loan. Mortgage term lengths of 15-years or 30-years are available under this program. Customers are required to have credit scores in excess of 620 and provide a down payment of at least 5%.
Jumbo Mortgage: Jumbo loans are available to Primary Residential Mortgage customers for seeking mortgages in excess of $417,000 up to $2 million. Under this program customers are required to have a credit score of 700 or greater and provide a down payment of 20%. Jumbo loans can be structured as fixed or adjustable-rate, with terms of 15-years or 30-years.
Adjustable-Rate Mortgage (ARM): Primary Residential Mortgage adjustable-rate mortgage program comes in four main varieties: 3/1, 5/1, 7/1, and 10/1. Under the ARM program interest rates are locked for an additional period of time (e.g. 3-, 5-, 7-, 10-years) and adjust annually every year throughout the remainder of the term.
Reverse Mortgage: Under Primary Residential Mortgage Reverse Mortgage program, homeowners age 62 or more can efficiently withdraw a portion of their home’s equity while remaining in the home. We discuss the ins and outs of the reverse mortgage process in this article. The main appeal of the reverse mortgage is eliminating monthly mortgage payments, especially for seniors entering prime retirement years.
Home Affordable Refinance Program (HARP): Primary Residential Mortgage participates in the Home Affordable Refinance Program (HARP program), offering low to moderate income families an opportunity to refinance with relaxed requirements. The HARP program is set to expire in September of 2017.
FHA Mortgage Loans: Primary Residential Mortgage offers two programs under the FHA Loan banner. The standard FHA Loan program allows customers with a minimum credit score of 640 to purchase a home with a down payment of just 3.5%. The company’s FHA Choice Loan extends the same benefit down to those with a minimum 500 credit score.
Veteran Affairs (VA) Mortgage Program: Active duty military, veterans or military spouses are eligible for Primary Residential Mortgage VA loans. Under this program, customers are able to finance 100% of the home’s value with 0% down. In addition, customers have lower minimum credit score requirements, pay no PMI insurance, and pay lower interest rate payments on their mortgage.
USDA: For customers looking to purchase a home in a designated rural area, Primary Residential Mortgage offers a USDA mortgage loan. A USDA home mortgage loan is a no down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture. In addition to no down payment, the USDA mortgage loan has low credit score requirements and no PMI insurance needed.
Primary Residential Mortgage Reviews & Complaints
As of 2016, Primary Residential Mortgage maintained an A+ rating according to the Better Business Bureau (BBB). The company does appear to have a large number of complaints registered with the BBB, 39 as of this publication, along with numerous complaints scattered across multiple customer review websites. Issues within the Primary Residential Mortgage application process and mortgage loan servicing appear to make up for the majority of complaints logged into the BBB.
Primary Residential Mortgage Rates
Primary Residential Mortgage appears to offer competitive rates for its mortgage products but as a common practice we suggest homeowners and potential homeowners shop around for the best rates and as such we ecommend checking out our 60-second rate wizard to find the best mortgage rates available for you today.
Primary Residential Mortgage Inc Posts Record Year In 2016
Primary Residential Mortgage Inc posted record breaking financials in 2016. The company funded nearly $6.3 billion in residential home loans for over 29,000 families across the US. In addition Primary Residential Mortgage opened 40 new branch locations and added more than 800 new employees. The company was named one of America’s Top Mortgage Employers by National Mortgage Professional, was a finalist in the Ellie Mae Hall of Fame Mortgage Excellence awards, and was named a Top Workplace in Utah by the Salt Lake Tribune. David Zitting, CEO and President of Primary Residential Mortgage said,”These numbers and accomplishments are a reflection of the incredible strength, dedication and passion of our team members. The future has never been brighter for PRMI and we look forward to another exciting year of great challenges and even greater opportunities.”