Are you in the market for a new home? Or maybe you’re considering renovating your current family home. Rest assured that Prime Lending has the solution for you, no matter if your buying, refinancing, or trading. They’ve got you covered.
Each home loan is as unique as the property it is helping to secure. At Prime Lending, the experts will help simplify the entire process for you, keep you updated along the way, and generally show you just how easy it can be to get a home loan.
Prime Lending - Home Loans Made Simple
Initially founded in 1986, today the Prime Lending team has grown into a network of over 1,500 loan officers across the United States. During the past four decades, they have helped over half a million Americans secure home loans. They have an A+ rating with the better business bureau, five out of five stars from Zillow, and a 96 percent customer satisfaction rate.
Superior customer service is one of the most critical aspects of doing business as far as Prime Lending is concerned. When you work with Prime Lending, you’ll develop a personal relationship with a home loan expert who’ll fully support you through the entire process.
Securing a home loan is one of the biggest steps that we take as adult individuals. Not only in becoming the owner of our very own home but also in attaining a higher level of financial stability as well.
At Prime Lending, each step of the home loan process is presented in a clear and transparent manner so that there is absolutely no room for misunderstanding. Let’s take a closer look at how precisely the Prime Lending home loan process works.
Prime Lending home loan process
The first step to a home loan with Prime Lending is the application. It is quick, easy, and online. So there is no hassle involved. Once the form is complete, Prime Lending home loan experts will be able to show you your options as well as provide you with an estimate.
The second step is confirming information about the property you wish to purchase, refinish, refinance or trade. The professionals at Prime Lending will have the home in question appraised and let you know the results as soon as possible.
Step number three is the reviewing and finalizing of your home loan details. All documents will need to be gone over, at which time some final questions will be presented to you. Once this is done, your rate will be locked in, and you’ll receive a closing date for your home loan.
The fourth and final step of the Prime Lending home loan process is the signing and actual closing of the deal. After signing your contract, as well as paying the closing fees, you’ll officially be the proud owner of your new home or the recipient of the funds to refinish or refinance your home.
Refinancing your home with Prime Lending
As mentioned above, Prime Lending’s business doesn’t revolve strictly around loans for buying homes. It also involves working with those who wish to refinance their homes. Whether to lower mortgage payments or to secure the capital to make costly renovations, Prime Lending has what you need.
The Prime Lending experts work with a variety of loan types for refinancing your home. Have no doubt, regardless of your situation; they have a feasible solution for your unique circumstances. From typical 15 and 30 year fixed rate loans, ARMs, and jumbos to several forms of government-issued home loans.
Refinancing your home can free up a significant portion of your monthly income and give you greater financial flexibility. Interested in crunching your numbers? Visit the Prime Lending Refinance Calculator and find out how beneficial refinancing could be for you. Or, visit their list of mortgage services to learn more about the many options for refinancing your home.
Other types of home loans offered by Prime Lending
So far we’ve talked in depth about conventional home loans and refinancing options. However, Prime Lending has a lot more to offer than just those opportunities. Here is a quick glance at several other forms of loans they have available for your convenience:
FHA Home Loans are for home buyers, first-time or otherwise, with poor credit and limited income offering much more relaxed requirements as well as lower down payments. The government regulates these type of loans, which offer lower down payments (as little as 3.5 percent).
Jumbo Loans are for home buyers aiming to purchase a home with a worth of roughly half a million dollars or higher. This sort of loan helps the buyers to lower the down payment required for expensive properties.
USDA Home Loans are another form of government regulated home loan for buyers with poor credit and limited income. These loans are designed specifically to help those purchasing property in rural areas and small towns. The entire purchase is covered by the mortgage, doing away with the need for a downpayment altogether.
VA Loans are versatile home loans set up and regulated by the government on behalf of service members, past or current. Stipulations of VA loans include everything from low to no down payment, reduced interest rates, closing cost coverage and more.
How Your Credit Rating Impacts Your Mortgage Rate
Most financial institutions offering home loans base their approval on your FICO credit score. In the United States, for example, the lowest credit rating you can have to receive a home loan successfully is 580. A credit score which would also make you potentially eligible for an FHA loan.
The higher your credit score, the lower the interest rate you will be eligible for when applying for a home loan. Your annual income, monthly cash flow and expenses, assets, and property type are additional aspects that will weigh in on your home loan approval decision.
Keeping a decent credit score is a critical aspect of personal finances in general. It will not only dictate if you can receive a home loan but is going to be the deciding factor in many future financial options as well. Take control of your mortgage payment by controlling your credit score.
Want to know more about the impact of decreasing down payments or mortgage rates? Visit the Prime Lending Mortgage Calculator to see how your numbers look.
Tips for First-Time Home Buyers
Buying a home is by far the single most significant purchase of most people’s entire lives. It is a massive investment in you and your family's future. It can also be an extraordinarily costly and nerve-wracking process if you’re not careful.
Here are some great tips for first-time home buyers that will help to create the smoothest experience possible:
Pay down your current debt and then avoid creating new credit lines. No new loans, no new credit cards. Also, check your credit score and maintain a 580 or higher.
Start saving for a down payment and closing costs right away. Follow up by setting aside separate savings for move-in expenses as soon as possible.
Research state and federal home loan programs for assistance, because you never know what you may be eligible for until you look. New options are becoming available all the time. Also, make sure you research and compare all available mortgage options, including rates.
Serious-minded buyers should consider attaining a pre-approval letter to ease the first-time home buying experience. Merely showing the potential seller your letter of pre-approval can hold a lot more weight than you may think. Once you’ve attained a pre-approval letter, be sure to shop for a home at or under your pre-approval limit.
It is crucial to plan and make your purchase based on the future. Don’t sweat the small stuff like trim shape or carpet color. You can always change aesthetics later once you become the owner.
Finally, be ready and willing to negotiate and compromise with the seller. Remember that the best deals are always mutually beneficial. And whatever you do, don’t forget to acquire home insurance before moving in, just in case of natural disasters or break-ins.
Connect with Professionals at Prime Lending Today
For further information, connect with an experienced home loan officer from Prime Lending to discuss all the available options. What are you waiting for? Get the ball rolling by taking the next step towards achieving a home loan from the professionals at Prime Lending. Happy home hunting!
Have you been a home loan recipient through Prime Lending in the past? We’d love to hear all about your experience, good or bad. Please feel free to leave a comment in the box below!