Primary Residential Mortgage (PRMI) Mortgage Review 2026
PRMI, rated 3/5 stars by LendingTree experts, is a solid option for borrowers who are looking for a government-backed loan or prefer access to a local branch for in-person service.
PRMI offers a variety of home loans but does not provide home equity loans or lines of credit. You can refinance a current mortgage, and PRMI offers reverse mortgages for customers age 62 or older. Additionally, the company also offers programs designed to assist buyers with lower credit scores or financial limitations, including FHA and USDA loans. Operating through a nationwide network of local branches, PRMI offers borrowers in-person consultations with lenders and basic online tools for applications and loan management.
See how we reached our verdict below.
- In-person and over-the-phone services are robust–over 244 branches nationwide
- Multiple government-backed loan options
- Offers prequalification (soft credit check)
- Doesn’t publish rates, fees or other eligibility requirements online
- Must submit personal data to get mortgage loan details
- Does not offer home equity loans or home equity lines of credit
PRMI mortgage overview
Primary Residential Mortgage Inc (PRMI) was founded in 1998 and offers a brick-and-mortar or digital mortgage experience to customers in 49 states (excluding New York) and the District of Columbia. PRMI is headquartered in Salt Lake City and currently has over 244 branches nationwide
- Areas of service: 49 states and the District of Columbia
- Digital service: PRMI offers digital mortgage services and branch operations
- Headquarters: 1480 North 2200 West Salt Lake City, UT 84116
- Website: PrimeRes.com
PRMI rates and fees
Rates
You won’t find mortgage rates on Primary Residential Mortgage (PRMI)’s website, but by analyzing data released by the Home Mortgage Disclosure Act (HMDA), we found that PRMI’s rates were among the lowest.
In 2024, PRMI had an average rate spread of 0.08 points below the average prime offer rate (APOR) across all approved loans. The APOR is an indicator of the lowest rates that lenders may offer highly qualified borrowers in the current market.
Similar rate spreads include First Federal Bank (-0.08, a match for PRMI) and Veterans United, which posted a spread of -0.12 percentage points across all loan types.
Fees
PRMI doesn’t share fees on its website, so borrowers need to provide some basic financial information and speak with a loan officer to learn more about fees and closing costs.
Based on HMDA 2024 data, PRMI borrowers paid an average of $7,813 in total loan costs, including $4,078 in origination fees, which are on the higher side. For comparison, average origination fees at Chase Bank are about $2,600, while Wells Fargo’s average is $3,028—both much lower than the average paid by PRMI borrowers.
What types of mortgage loans does PRMI offer?
PRMI offers a variety of home loans, including:
PRMI offers both fixed-rate and adjustable-rate conventional loans with 15- or 30-year terms (in rare cases, 50-year terms), and a PRMI advisor can help you decide which is right for your budget and lifestyle. If you’re a first-time homebuyer, you may be able to qualify for a conventional loan with as little as 3% down, but any amount under 20% requires you to purchase mortgage insurance. In addition to purchase loans, PRMI also offers refinancing options for existing conventional loans.
Conventional loan qualification requirements
- There is no set minimum credit score listed on PRMI’s website; lenders typically require at least 620 for a conventional loan
- First-time homebuyers may qualify for a 3% down payment; repeat buyers may qualify for a 5% down payment
FHA loans are backed by the Federal Housing Administration and are a good choice for first-time homebuyers and other borrowers with lower credit scores or limited down payment savings. PRMI offers FHA purchase loans and FHA refinancing to its customers.
FHA loan qualification requirements
- Minimum credit score:580 (in some cases, a lender will approve a 500 score, if you can put 10% down)
- Minimum down payment: 3.5%
- The home must be used as your primary residence
PRMI offers VA loans backed by the U.S. Department of Veterans Affairs. These mortgages are designed to help current and former members of the military become homeowners. VA loans don’t require the purchase of private mortgage insurance (PMI), but most of the time, you’ll have to pay a one-time VA loan funding fee.
VA loan qualification requirements
- You must be an active or retired military member
- The home must be used as your primary residence
- Typically, borrowers with full VA loan entitlement don’t need a down payment
- PRMI offers VA refinancing
- VA loans don’t have a minimum credit score requirement, but most lenders want to see at least 620; some will accept lower scores. PRMI doesn’t list credit score requirements on its website. You will have to call a local PRMI lender for details.
If you are interested in buying in a rural or semi-rural area, PRMI offers USDA loans guaranteed by the U.S. Department of Agriculture (USDA). There are strict eligibility requirements for using a USDA loan, mainly that your preferred home’s location must be on the USDA’s eligibility map. These loans are a good option for lower- to moderate-income homebuyers who can’t afford a down payment.
USDA loan qualification requirements
- No minimum credit score requirement
- Must purchase in a USDA-eligible location
- Must meet the USDA loan requirements, including an income cap for potential buyers
A jumbo loan is typically used to purchase a higher-priced (and often larger) home that exceeds federal conforming loan limits depending on where you buy.
PRMI does not disclose down payment requirements or other qualification details for its jumbo loan programs, so you’ll need to contact a local PRMI mortgage advisor for more information.
Jumbo loan qualification requirements
- PRMI doesn’t list its requirements online
- May require a 700 credit score
PRMI mortgage qualifications
| Credit score minimum | Conventional: Typically 620 to 640 VA: Typically 500 FHA: Typically 500 USDA: Not specified |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
| Conventional: Not specified FHA: Not specified VA: Not specified USDA: Not specified |
| Down payment minimum | Conventional: Typically 3% FHA: Typically 3.5% VA: Typically 0% for eligible borrowers USDA: Typically 0% for eligible borrowers |
Don’t know your credit score? Get your free score on LendingTree Spring today.
If you’re considering a home loan from PRMI, eligibility details aren’t listed online—you’ll need to speak with a loan advisor. However, according to 2024 HMDA data, PRMI approved 92.8% of applicants and denied just 7.2% on all loans. By comparison, that is much higher than for digital-only lender AmeriSave, which denied 81.9% of home loans, and similar to First Federal Bank, which approved 87.2% of home loans.
To qualify for a mortgage and secure better rates, paying down debt, saving for a down payment, and improving your credit can help—especially by lowering your debt-to-income (DTI) ratio. Among PRMI-approved borrowers, 39.4% had a DTI above 43%, while 44.2% had a DTI below 40%, suggesting PRMI may be more flexible with buyers carrying some debts.
How does PRMI compare to other lenders?
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our PRMI summary |
Expert review from LendingTree.
Read our PRMI vs. First Federal Bank comparison |
Expert review from LendingTree.
Read our PRMI vs. Alliant comparison |
| Minimum credit score | Not specified | 580 to 680 | Not specified |
| Minimum down payment | Does not specify | 0% to 5% | 0% to 5% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2024. The higher the number, the more expensive the loan.
| -0.08% | -0.08% | 0.35% |
| Loan products and programs |
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| Better for: | Borrowers who want the option to meet in person with their lender and are interested in a variety of loan products, but don’t need home equity loans or HELOC products. | Borrowers who prefer using a bank versus solely a mortgage lender and who are interested in government-backed loans with lower rates, like a USDA, FHA or VA loan. | Borrowers who don’t mind joining a credit union and want an all-digital experience, versus connecting in person with a loan advisor. |
PRMI vs. First Federal Bank
If you are looking for a government-backed loan, both PRMI and First Federal Bank offer multiple options, including FHA renovation loans, and both lenders have identical rate spreads. However, there are big differences between the two: First Federal is a bank, not just a mortgage lender, meaning you can access more services if you choose, whereas PRMI is a full-service direct lender. Neither option offers a robust digital experience nor 24/7 customer service, but PRMI has an app—First Federal doesn’t.
Read more in our full First Federal Bank mortgage review.
PRMI vs. Alliant Credit Union
Alliant is an online credit union; unlike PRMI, it offers financing options, such as home equity lines of credit, which you can use to pay for home renovation projects, consolidate debt, or spend however you want. Because PRMI doesn’t advertise its rates or eligibility requirements online, it isn’t possible to compare cost savings between the two lenders. But if you don’t want to join a credit union or prefer a more personalized (non-digital) loan process experience, PRMI may be the better choice.
Read more in our full Alliant Credit Union mortgage review.
How to apply for a PRMI mortgage
1. Choose your loan type
PRMI doesn’t list loans directly on its homepage. To get started, go to the homepage and either click “Get a Loan” or “Find an Advisor.”
If you choose “Get a Loan,” you’ll be taken to another page with two options: “I’m a First Time Buyer” or “I’ve Purchased Before.” Regardless of which option you select, you will eventually be directed to the “Find an Advisor” search tool. PRMI encourages connecting with a loan advisor, and the digital map and search feature—available on most pages—allows you to find an advisor using your ZIP code or by searching for a specific advisor’s name.
After entering your information, you’ll be redirected to a local or regional office page, which includes an “Apply Now” button. Clicking this will take you to a page to provide some basic details. Once submitted, a loan advisor will contact you to discuss your options and guide you through PRMI’s application process.
2. Get prequalified
To begin the prequalification process, you will need to talk or meet with a PRMI loan advisor who will review your preliminary financial information and typically run a soft credit check. After you’re prequalified, you can ask for a prequalification letter outlining the amount of mortgage you may be eligible for.
3. Submit a loan application
After speaking with your loan advisor, you can apply for preapproval by submitting required documents, including pay stubs, W-2s and bank statements, and agreeing to a hard check on your credit. Your loan advisor will review your file and contact you to discuss loan options and rates.
You may request a preapproval letter or early underwriting for conditional approval, subject to appraisal and title verification, which can put you in a competitive position to make an offer on a home. You should also ask your advisor about rate-lock options, as they aren’t specified on the PRMI website.
Learn more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with PRMI?
PRMI may not disclose extensive information on its website, but it is safe to get prequalified or preapproved through one of its highly trained loan advisors. PRMI offers both prequalification and preapproval. You’ll be asked to provide your basic financial details online or over the phone to allow the PRMI loan advisor to look for loan programs you may be eligible for.
If you are prequalified for a loan, your loan advisor will provide a prequalification letter for you to use during your house hunt. Using a prequalification letter can help you better understand how much house you can afford. The prequalification process usually involves a soft credit check to verify the information you provide.
Preapproval, on the other hand, usually requires a hard credit check, which you must authorize the lender to run. While a hard credit check may cause a small, temporary impact on your credit score, a preapproval letter can give buyers a significant advantage. In many cases, real estate agents and sellers prefer—or require—preapproval before moving forward. Contacting a PRMI loan advisor is the first step in either process.
PRMI’s customer service experience
PRMI is all about its customer service, and you can’t go anywhere on the website without being prompted to contact a loan advisor in your region. If you have already closed a loan with this lender and have questions, you can contact its customer service department Monday through Friday, from 7 a.m. until 5:30 p.m. Mountain Time.
- Phone: 800-748-4424
- Online: Use the PRMI portal to connect with customer service
- By mail: Primary Residential Mortgage, Inc., P.O. Box 593, Salt Lake City, UT 84110
Unlike many lenders, PRMI doesn’t offer chat or video call features, but it does have a mobile app for Apple (4.9 stars) and Android (no ratings available).
How LendingTree experts rated PRMI
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
PRMI’s scorecard:
❌ Publishes rates online
✅ Offers standard mortgage products
⭕ Includes detailed product info online
✅ Shares resources about mortgage lending
⭕ Provides an online application
Frequently asked questions
PRMI’s digital presence appears basic compared to other lenders. While its regional branch pages may offer some educational resources or online mortgage calculators, there are relatively few digital features available.
PRMI states on its website that it prioritizes one-on-one connections between customers and loan advisors–for a more personalized experience versus a digital one. Users may need to do some digging to find information on regional branch sites, which are not all uniform, and the main website is not particularly intuitive. That said, PRMI does not position itself as a digital-first lender.
PRMI is a legitimate mortgage lender founded in 1998 in Salt Lake City. It is licensed to operate in 49 states and the District of Columbia. You can view more info about PRMI’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Applying for a preapproval or a home loan with PRMI (or any lender doing a hard credit pull) can temporarily cause a small dip in your credit score, and taking out a mortgage can temporarily lower your score — it’s a common occurrence. However, LendingTree’s credit score research shows that credit scores are unlikely to drop by more than 20 points on average, and they usually recover to pre-loan levels within a year.
PRMI is not accredited by the Better Business Bureau (BBB), but it holds a B- rating based on 12 negative, one- and two-star reviews on the BBB website, which criticize customer service and loan servicing. Given the company’s nationwide presence, this is a relatively small number of complaints. PRMI also has a 2.5-star rating on Trustpilot based on 11 reviews, most of which mention billing issues. The complaints are worth noting, but the total number of reviews is a relatively small sample compared with the 10,484 loans PRMI approved and processed in 2024, so the ratings may not reflect the typical customer experience.