PrimeLending Mortgage Review 2022

Good for: borrowers looking for closing cost assistance, as well as those seeking to renovate or to build a new home.
Jan 5, 2022

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Our Take

3.5

NerdWallet rating 

The bottom line:

PrimeLending offers an extensive range of purchase and refinance loans, including an array of renovation loan options, but you can't shop its mortgage rates online.

PrimeLending
PrimeLending: NMLS#13649
Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • Full online application includes document uploads and automated loan updates.
  • Offers a "float-down" interest rate lock.
  • Offers a proprietary closing-cost assistance program.
  • Uses an "alternative doc" program, using bank statements rather than tax returns to analyze applicants' finances.

Cons

  • No online mortgage rates — you have to contact the lender for information.
  • Doesn't offer home equity products.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA

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Full Review

What mortgage borrowers say:

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from Zillow.

  • PrimeLending receives a 4.9, as of the date of publication, according to customer reviews on Zillow. Scores are out of 5, and reflect more than 20,000 customer reviews.

Variety of loan types: 5 of 5 stars

PrimeLending offers niche loan products, including energy-efficient mortgages, FHA 203(k) renovation loans and pool escrow loans. It also offers mortgages on manufactured homes and home construction loans, in addition to a full slate of standard loan offerings — but not home equity products.

Ease of application: 5 of 5 stars

PrimeLending's loan process can be completed entirely online, allowing you to upload documents directly into a secure system, use e-signature and receive reminders and updates along the way.

Mortgage rates and fees: 2 of 5 stars

  • PrimeLending earns 2 of 5 stars for average origination fee.

  • PrimeLending earns 2 of 5 stars for offered mortgage rates compared with the best available rates on comparable loans.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Mortgage rate transparency: 1 of 5 stars

The lender prefers to provide personalized rate quotes to applicants rather than post generic interest rates on its site.

Notably, PrimeLending offers a "float-down" interest rate option. If you've already locked in a loan rate but interest rates fall before closing, you have the option to snag the lower rate. The float-down option may require an additional fee.

More from NerdWallet

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).