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PrimeLending Mortgage Review 2021

Editorial Note: The content of this article is based on the author’s opinions and recommendations alone. It may not have been previewed, commissioned or otherwise endorsed by any of our network partners.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone. The information in this article is accurate as of the date of publishing.

Established in 1986, PrimeLending is headquartered in Dallas. Since 2000, PrimeLending has been a subsidiary of PlainsCapital Bank, which bills itself as one of the largest independent banks in the United States.

Pros and cons of a PrimeLending mortgage


  • Diverse mortgage product offerings. Conventional and government-backed loans are available for purchase and refinance, as well as construction and renovation loans.
  • Fully digital loan process. Borrowers can start and complete the loan process entirely online, if they choose.
  • Wide array of online mortgage calculators. The website features eight different financial calculators to help borrowers determine the benefits of a variety of different mortgage financing options.


  • Information about eligible properties and borrower requirements not available online. Borrowers will need to contact a loan officer to confirm what types of properties PrimeLending finances and to learn specific guidelines for credit scores, debt-to-income (DTI) ratio and down payment amounts.
  • No home equity loan or home equity line of credit products are offered. PrimeLending only offers cash-out refinance options for borrowers wishing to tap their home’s equity.
  • No loan servicing. PrimeLending transfers most loans after closing, which means borrowers will need to keep track of where to make payments after the loan closes.
  • Rates are not available online. PrimeLending doesn’t publish its interest rates on its website, so you’ll have to speak with a loan officer to get rate information.

Working with PrimeLending

PrimeLending originates loans in all 50 states and the District of Columbia.

PrimeLending mortgage products

Fixed-rate mortgages. PrimeLending offers 30-year fixed and 15-year fixed-rate options on conventional and government-backed programs.

Adjustable-rate mortgages (ARMs). ARMs are available with 3/1, 5/1, 7/1 and 10/1 adjustment options. The first number represents how long the initial rate is fixed. The second digit describes how often the rate can adjust after the fixed-rate period expires.

Conventional loans. Borrowers can choose from fixed-rate and adjustable-rate conventional loan options.

Jumbo loans. Borrowers who need to refinance or buy a home at a loan amount higher than conforming loan limits may be eligible for a jumbo loan with a 20% down payment and a credit score above 700.

FHA loans. PrimeLending offers both fixed- and adjustable-rate loans backed by the Federal Housing Administration (FHA). One FHA ARM option is a 5/1 hybrid ARM with an initial rate that’s fixed for five years, followed by a rate that adjusts annually.

VA loans. Eligible military borrowers may be able to get a loan guaranteed by the U.S. Department of Veterans Affairs (VA). PrimeLending offers fixed-rate and adjustable-rate VA loan options with no down payment requirement for qualified borrowers. VA cash-out refinances and interest rate reduction refinance loans (IRRRL) are also available.

USDA loans. Buyers interested in homes located in designated rural areas may be eligible for a home loan guaranteed by the U.S. Department of Agriculture (USDA). Some USDA loans do not require a down payment.

FHA 203(k) renovation loans. Homebuyers looking to buy fixer-upper homes may be eligible for an FHA 203(k) renovation loan. With a 3.5% down payment, buyers can roll the repair costs and purchase price into one loan.

Editor’s note: PrimeLending doesn’t publish its borrowing requirements or property types on its website. As of this writing, LendingTree did not receive a response to an emailed request for this information.

PrimeLending special mortgage programs

PrimeLending offers several specialty loan programs including options to help borrowers with closing costs and to build or renovate a home.

NeighborhoodEdge® Closing Cost Assistance. PrimeLending offers this exclusive program with up to $2,000 in closing cost assistance for home purchases in all 50 states. Eligible buyers can purchase a home in low- to moderate-income census tracts and use the program to pay closing costs on an FHA, VA or USDA loan.

Construction loans. PrimeLending offers a one-time and two-time close construction loan program for borrowers who want to build a new home. The one-time option allows a borrower to build the home with and then automatically convert to a permanent loan when the construction is complete, paying only one set of closing costs. The two-time close program offers a temporary loan for the construction loan.

Float-down option for rate locks. If rates fall after locking in a PrimeLending mortgage, the float-down option allows a borrower to get a lower rate. Check with a loan officer to find out how much you’ll pay for a float-down rate lock.

The PrimeLending mortgage application process

PrimeLending offers a streamlined application process with its proprietary digital tool, Loanplicity℠.

  • How to apply. An online application allows borrowers to input information for a preapproval, initial loan recommendation and loan estimate.
  • Disclosure process. The initial loan estimate is disclosed once the online application is completed.
  • Submitting loan for approval. Required financial documents can be uploaded securely to the website.
  • Final approval. An appraisal is ordered, and a title search is done on the property. Once all of the documents have been received, the paperwork is reviewed for final approval, and the interest rate is locked.
  • Closing. PrimeLending offers an electronic closing option that allows most of the final documents to be signed via smartphone, computer or tablet.
  • Servicing. PrimeLending does not retain loan servicing, and loans are typically transferred to a new servicer or investor before the first or second payment is due. PrimeLending has partnered with Central Loan Administration and Reporting (Cenlar) for loan servicing under the PrimeLending name.

Communication during the process

Borrowers can communicate online or contact a loan officer at a PrimeLending branch in their area. A team of PrimeLending employees reviews loan documents and is available to answer questions via text, email or phone.

Closing documents are provided via email to review days before the closing is scheduled; lenders are required by federal guidelines to provide the closing disclosure a minimum of three business days before the closing date. PrimeLending offers e-closings to sign most paperwork electronically.


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