Borrowers seeking to buy or refinance a home have numerous mortgage options with 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 about rates, fees, and terms. However, you can complete your application online before speaking with a loan officer. PRMI has branches in almost every state and more than 2,000 employees to serve customers. Customers enjoy working with PRMI and its loan officers based on its near-perfect rating on Zillow, but Investopedia’s own survey found it to be about average for customer satisfaction.1

Pros Explained

• Offers loans to buy, renovate, or build a home: PRMI has a variety of mortgage loans to fit every borrower's needs, including traditional purchase, renovation, and one-time-close construction loans.
• Works with investors: If you're looking to buy an investment property, PRMI offers several affordable financing options.
• Offers reverse mortgages: Seniors ages 63 and up can access their equity and eliminate monthly payments with a reverse mortgage with PRMI.

Cons Explained

• Does not list rates on its website: Borrowers who want to shop for rates must speak with a loan officer to discuss options because rates are not available online.
• Loan officers are not in every state or major city: You must contact a loan officer to apply for a mortgage. Loan officers are spread throughout the U.S. and may not be local to where you live. For example, there are no loan officers in Vermont, New Hampshire, or Massachusetts.2
• Not licensed in all 50 states: PRMI is licensed in 49 states and D.C., but it is not licensed in New York state.3

Types of Mortgage Loans Offered by Primary Residential Mortgage

• Conventional Loans. Conventional loans are also known as traditional loans; they’re designed for borrowers with good credit, and usually 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. Jumbo loans are larger loans that exceed conforming loan limits. These mortgages typically require a bigger down payment, higher cash reserves, and better credit.
• FHA Loans. The FHA provides this mortgage program for borrowers with worse 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.
• USDA Loans. This government-sponsored program encourages lending in rural areas with as little as 0% down and no cash reserves.
• Reverse Mortgages. Reverse mortgages allow seniors ages 63 and older to pull cash 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 buy distressed homes by including the cost of necessary repairs in the loan amount.
• Construction Loans. A one-time-close construction loan lets you finance the acquisition of the land and construction of the home with one loan payment. Upon completion of construction, the loan converts into a permanent loan like a traditional mortgage.
• Investment Property Loans. Investors can use these loans to purchase investment properties that are rented to tenants.

Primary Residential Mortgage Features and Benefits

• Variety of mortgage loan types. Many customers are likely to find an option that works for them.
• Simple online application. Interested borrowers can complete an online application in minutes before speaking to a loan officer. However, you cannot review interest rates, fees, and terms until you speak with a loan officer.
• Strong positive customer feedback. Customers who share their experiences online are overwhelmingly positive. With this feedback and numerous local and industry awards (as indicated on its website), PRMI seems to be a fantastic company to work with.

How to Apply for a Primary Residential Mortgage Loan

If you're ready to apply for a mortgage loan through Primary Residential Mortgage, follow this process.

1. Visit the PRMI website.
2. Find an advisor in your local area. PRMI originates all of its loans through local branch offices. Select "Find an Advisor" to search by zip code or by agent's 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 corporate office is also available through a contact form on the company website.

Once PRMI funds 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 weekend or evening customer support.

Customer Satisfaction

Customers of Primary Residential Mortgage give rave reviews on Zillow. With over 5,800 reviews, it has an average score of 4.98 out of five stars. Many recent reviewers give high praise to the customer support they received, which surpassed their expectations.1

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

Account Management

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

You can access your payment history, make payments, and perform maintenance on your account through the PRMI online portal. Monthly statements are also available to view or download online.

Alternative Choices

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

How We Review Mortgage Lenders

Investopedia is dedicated to providing consumers with unbiased, comprehensive reviews of mortgage lenders. We rated 45 mortgage lenders and collected nearly 1,500 data points, including information about the following:

• Quality of service (customer experience, online applications, benefits/grants, etc.)
• Operational features (state licensing coverage, number of loan officers, etc.)
• Loan types offered (fixed-rate, FHA, USDA, etc.)
• Accessibility (days to closing, minimum debt-to-income ratio, etc.)

We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Mortgage lenders were rated objectively in the categories above to help readers make informed decisions about home loans.