PrimeLending will give an accurate estimate of what is affordable and the best part is, there is never a charge to get prequalified with PrimeLending – there is literally nothing to lose but everything to gain!The perks of prequalification are plentiful, but here are some highlights:Prequalification is a smart move, but the most secure step you can take is obtaining conditional approval. The PrimeLending mortgage application process. The PrimeLending float down option is the answer. If rates go up yours does not, if they go down we will lower the rate. PrimeLending offers a streamlined application process with its proprietary digital tool, Loanplicity℠. When you get approved for a mortgage loan, the terms are based on a specific, agreed-upon interest rate. With low down payments and underwriting for self-employed people, PrimeLending is a good option for first-time homebuyers and small business owners. To be eligible for this program the borrower signs a float down authorization form which gives us confidence they are proceeding with PrimeLending for their mortgage. The float-down option is especially helpful when rates change dramatically because of volatile economic conditions like they are now with the COVID-19 pandemic. Please contact your PrimeLending loan officer for more details.I am a committed professional who puts my clients' best interests and satisfaction above all else. But that can mean starting over with another lender, potentially losing the house you made an offer on. The property must be in a low-to-moderate census tract area in one of the 50 states.The maximum loan-to-value (LTV) is generally 80% — but in some cases, PrimeLending allows up to 97% LTV.

They choose to integrate a mortgage rate lock float down option in their mortgage to take advantage of recent falling mortgage rates. All other trademarks identified and contained herein are the property of their respective owners and their use herein does not imply sponsorship or endorsement of their products or services.This website marketing is not intended to offer loan services for properties in New York The float down option enables us to issue a lower interest rate if the market rates dip after you’ve already locked in your initial rate. You may not use, display or reproduce them without the prior written consent of PrimeLending.

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The next time you hear about rising or falling interest rates, don’t worry, we have the answers. Additionally, PrimeLending offers a Float-Down option in case rates drop after you lock your rate. The Benefits of Getting Prequalified* for a Home Mortgage Loanhttps://blog.primelending.com/wp-content/uploads/2015/04/blog-logo.png Float-Downs Compared to Rate Locks A float-down provides the same upside protection as a rate lock, plus an option to reduce the rate if market rates decline. PrimeLending’s Float-Down Option is a simple and flexible way to avoid having to go back to square one.There’s a fee attached to this option, but it can be a good idea if you plan to get prequalified and not make a purchase right away.In accordance with Section 326 of the USA PATRIOT Act of 2001, PrimeLending NMLS: 13649 is required to obtain a copy of the documents used in identifying our new account customers. Kimberly is also a language lover and aspiring polyglot.PrimeLending is a versatile lender with low down payment options, financing for self-employed borrowers and the ability to lend in all 50 states and the District of Columbia. We have purchased 2 homes also with them. She has written extensively about the real estate and finance industries. Further, you may not remove, obscure, or otherwise modify any copyright, trademark, confidentiality or other proprietary rights notices displayed on, embedded in, or otherwise appearing in any Content offered by, viewed on, or received through this site. Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDAWhich states do not have a PrimeLending branch location? If you’ve already locked in a loan rate, but interest rates fall before closing, you have the option to snag the lower rate. This notice is being provided to you for adequate notice given under this act. Highly recommended!! Linda T. Flagstaff, AZ from Google Closed August 2020 PrimeLending was absolutely AMAZING to work with. Its closing cost assistance program is an attractive benefit for government-insured loans in low-tract census areas. There’s never a charge to get prequalified with PrimeLending.Being prequalified means there’s been a review of your income, credit and debt information; you become preapproved after all your information is “verified” and “approved.” Preapproval is a step above prequalification, and it takes a little longer to obtain, but the higher level of approval you have, the more power you have at the bargaining table because sellers know your offer will likely close without trouble or delay. About Myron. * Float down option may require additional fees and restrictions. While we may receive revenue and referral fees from advertising and affiliate links, advertisers do not approve our reviews.We endeavor to ensure that the information on this site is current and accurate If rates fall after locking in a PrimeLending mortgage, the float-down option allows a borrower to get a lower rate. Equal Housing Lender and the PrimeLending disclaimer for applicable state and federal laws, including PrimeLending NMLS # 13649.In accordance with Section 326 of the USA PATRIOT Act of 2001, PrimeLending is required to obtain a copy of the documents used in identifying our new account customers. We may also receive compensation if you click on certain links posted on our site. PRIMELENDING A PLAINSCAPITAL COMPANY® and HOME LOANS MADE SIMPLESM are trademarks, service marks, or registered trademarks or service marks of PrimeLending, a Plains Capital Company.

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