How FHA home loans work their magic

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At Primary Residential Mortgage, we know there are many hardworking families out there who want to buy a home but who don’t have perfect credit or a 20 percent downpayment. We make first-time home buying easier with our FHA loan options. As an established FHA loan lender, our team helps you take the necessary steps to help you finance your own home.

FHA Loans are geared toward hard-working families with low- to moderate incomes. The key advantages to FHA home loans are the easier down payment and credit score requirements. The requirements for FHA loans are much lower than conventional loans. You can qualify with a credit score of at least 640 and a down payment of just 3.5 percent of the final loan amount.

At Primary Residential Mortgage, we also offer the FHA Choice home loan. It is a program specifically designed for borrowers with less-than-perfect credit. With FHA Choice, home buyers can apply for a 30-year mortgage with a fixed rate even if their credit score is in the 500s!

Turn homeownership into a possibility with Primary Residential Mortgage. We are one of the top mortgage companies in the United States, with the national presence to leverage better terms and rates, and the local presence to provide the best experience for our customers. Get started on the path to homeownership today.

PRMI: One of the nation’s top lenders

toplender_verified-company2016For the fourth consecutive year, Primary Residential Mortgage has been named a Scotsman Guide 2016 Top Mortgage Lender in America.

PRMI was selected from hundreds of mortgage companies nationwide for this honor. To be eligible for consideration in Scotsman Guide’s Top Mortgage Lenders rankings, all loan volume had to be from mortgages on one- to four-unit residential properties within the United States. After receiving submissions, Scotsman Guide required written verification of top entrants’ volume from a certified public accountant, the chief financial officer at the company or a similar source. In this year’s report, PRMI is ranked #27 in Overall Volume and #18 in Retail Volume.

“Being named a Top Mortgage Lender for a fourth year is an amazing accomplishment for our team,” said David Zitting, PRMI CEO. “Our goal is to make a customer for life by giving each client a positive and personal experience, which is something our team takes pride in.”

In 2016, PRMI boasted its best year since it began operations in 1998 by funding nearly $6.3 billion in residential loans and helping nearly 29,000 families across the nation with their dreams of homeownership. PRMI has more than 2,000 employees and nearly 300 branches nationwide. The company is licensed in 49 states and serves all segments of the market. For more information on PRMI, visit www.PrimaryResidentialMortgage.com or call 800-255-2792. For more information on the Scotsman Guide rankings, go to this link.

Refinancing: More than just a lower mortgage rate

41487795 - calculator with the word refinance on the displayThink refinancing is only a way to get a lower mortgage rate? Refinancing can help homeowners accomplish other important financial objectives as well. Here are some of the other possible benefits of refinancing:

Cash out on some home equity. If you have enough equity, you may be able to tap it to consolidate debts or pay for home renovations.

Switch from an ARM to a fixed-rate home loan. If you plan to be in your home for a while, refinancing can get you out of an adjustable-rate loan and into a fixed rate one.

Combine a first and second mortgage. Some homeowners refinance to combine a first and second mortgage into one low-rate home loan.

Switch from a 30-year mortgage to a 10-year or 15-year home loan. Switching to a shorter-term home loan can help you pay off your mortgage faster.

Visit one of our convenient offices today to learn whether refinancing makes sense for you. Click here to get started.

Your own Home Safe Home

46571170 - family.At PRMI, we know that home is a great place to relax and enjoy spending time with friends and family. We want your Home Sweet Home to be a safe one. That’s why we wanted to share this springtime home checklist with you. Completing these six tasks each spring can help you and your family be better prepared for the unexpected.

Test your smoke alarms. It’s a good idea to change the batteries in your smoke detectors at least once a year. It’s recommended that smoke detectors be replaced every 10 years.
Test your carbon monoxide detectors. Make sure your carbon monoxide detectors are working properly. Replace older models every 5-7 years. Don’t have them? Install at least two in your home.
Check your fire extinguisher. It’s recommended that you have an extinguisher for each floor of your home. Make sure you know how to use them. (Most people don’t.)
Make and/or review a family escape plan. Does every person who lives in your home know what to do in the event of a fire? A family escape plan is a must for every household.
Make and/or review a family emergency plan. Is your family prepared for a disaster? Get started at Ready.gov.
Check your first aid kit. Do you have a first aid kit for your home? Replace any missing supplies — you never know when you may need them!

The busiest home buying season of the year

10229396 - house in the treesApril, May, June and July are the busiest months of the year for residential real estate. Have you ever wondered why? There are actually a number of reasons why spring and summer are such busy home buying and selling seasons.

One of the biggest reasons is that most children with traditional school schedules are released in May or early June and return to school in August. As a result, many home buyers with children want to schedule moves in June and July. That means starting the home buying process as early as April and May. Many corporate relocations are announced in the first quarter of the year as well, which put home sales and purchases into the spring-summer time period.

Spring and summer are also great times of the year to showcase a property. The grass is getting green again, flowers are blooming and it’s warm outside. And there’s nothing quite like a beautiful lawn and flowering plants and trees to put anyone in the home buying mood. It’s also easier and more enjoyable to shop for a home when the weather is good, especially for those who live in areas with harsh winters. It’s easier to move when the weather is good.

Another reason spring and summer are such popular home buying seasons: Finances. Most Americans receive tax refunds each year, with the average refund check totaling about $3,000. Some families receive refunds of $4,000 to $10,000 or more. That extra cash can provide a much-needed boost to the home buying process. Most families have paid off their holiday bills by spring as well.

This year, another factor is mortgage rates. Home loan rates are still incredibly low, but there’s a fear that rates will start to rise later this year. Low mortgage rates help families stretch their home buying dollars and lock in a low rate for years to come. At Primary Residential Mortgage, we offer a variety of home loan programs. Ready to take the next step toward homeownership? Let us know right here and one of our financial experts will be in touch.

The first step toward pursuing the American Dream

22903134 - usa real estate concept: house against american flagReady to pursue the American Dream of homeownership? Our company has helped more than 200,000 people become homeowners. We would love to help you, too.

We offer a variety of home loan options for home buyers. Don’t think you can apply for a mortgage with a low credit score or a small savings account? Think again! For example, if your credit score is in the 500s, ask us about the low-downpayment FHA Choice home loan program. (The traditional FHA mortgage program has a minimum credit score of 640.) With the FHA Choice program, one of the industry’s lowest credit score requirements means greater accessibility for more families.

We also proudly work with the VA home loan program. If you meet the qualifications, you can enjoy lower closing costs, lower mortgage payments, and the possibility of no down payment. It’s an incredible benefit for military personnel, veterans, and military families.

Buying a home that needs a lot of work can be challenging in more ways than one. That’s why we work the FHA 203(k) home loan program. Eligible borrowers can purchase a fixer-upper with one loan for both the purchase price and improvements. It’s another low-downpayment option that provides our customers with even more flexibility in their home buying choices.

Ever heard of a USDA home loan? It’s not for people buying farms! This no-downpayment program allows eligible borrowers to purchase homes in rural areas. The USDA determines what “rural” means, and that varies widely by state. If the home you’re buying qualifies, it could be a good choice for you and your family.

At PRMI, we also offer conventional loans, jumbo loans, reverse mortgages and more. As one of the top mortgage companies nationwide, we have a full and unwavering commitment to helping you realize your dream of home ownership. And with more than 280 locations and growing, chances are we are convenient to you!

Top honors for our loan originators

29880491 - businessman hand showing excellence word in crystal ballAt PRMI, we are dedicated to excellence. That’s why we’re pleased to announce that more than two dozen of our company’s loan originators have been recognized by three national publications as being among the best loan officers in the country.

The loan officers were selected from thousands of mortgage professionals across the country. These prestigious rankings, compiled by Scotsman Guide, National Mortgage News and Mortgage Executive Magazine, recognize loan originators who distinguished themselves by producing a personal volume of at least $30 million in home loans in 2016. The purpose of these awards is to recognize and celebrate the service, dedication and hard work loan officers put into serving their customers during the home loan process.

“We are extremely proud of our loan officers here at PRMI and to have them listed among the top in the nation really speaks to their ability and dedication to families across America,” said David Zitting, PRMI’s CEO. “We are both honored and privileged that they have chosen to be part of our organization.”

The PRMI loan originators honored are:

Lane Baron (branch #5325) – Mortgage Executive Magazine Top 1%

Nicholas Barta (branch #6066) – Mortgage Executive Magazine Top 1%, National Mortgage News Top Producer, and Scotsman Guide Top Originator

Matthew Belmont (branch #4450) –Mortgage Executive Magazine Top 1%

Brandon Brotsky (branch #4393) – Mortgage Executive Magazine Top 1%

Charles Campbell (branch #6283) – Mortgage Executive Magazine Top 1%

Greg Carll (branch #2260) – Mortgage Executive Magazine Top 1%

Brian Coutu (branch #4116) – Mortgage Executive Magazine Top 1%

Linda Cox (branch #1054) – Mortgage Executive Magazine Top 1%

DeAnn Ellis (branch #5303) – Mortgage Executive Magazine Top 1%

David Epstein (branch 4240) – Scotsman Guide Top Originators

Michael Jones (branch #4237) – Mortgage Executive Magazine Top 1%

Toni Jones (branch #4074) – Mortgage Executive Magazine Top 1%

Michael Koran (branch #2023) – Mortgage Executive Magazine Top 1%

David Lesjak (branch #6066) – Mortgage Executive Magazine Top 1%

Ronald Mammano (branch #2241) – Mortgage Executive Magazine Top 1%, National Mortgage News Top Producer

Dane Moler (branch #2288) – Mortgage Executive Magazine Top 1%

Kent Nielson (branch #4237) – Mortgage Executive Magazine Top 1%

Kenneth O’Brien (branch #4171) – Mortgage Executive Magazine Top 1%

Stacy Orozco (branch #4450) – Mortgage Executive Magazine Top 1%

Kathleen Redman (branch #5391) – Mortgage Executive Magazine Top 1%

Bradley Roche (branch #5397) – Mortgage Executive Magazine Top 1%

Geoff Rooker (branch #4450) – Mortgage Executive Magazine Top 1%

Jeffrey Senker (branch #2297) – Mortgage Executive Magazine Top 1%

Matthew Shanlian (branch #4480) – Mortgage Executive Magazine Top 1%

Dale Stanford (branch #1028) – Mortgage Executive Magazine Top 1%

John Thomas (branch #2007) – Mortgage Executive Magazine Top 1%, National Mortgage News Top Producer and Scotsman Guide Top Originator

Jeffrey Tisdale (branch #4237) – Mortgage Executive Magazine Top 1%

Jonathan Wald (branch #2183) – Mortgage Executive Magazine Top 1%

May: It’s a magic month to sell a home

47945268 - little wooden house in spring with blossom cherry flower sakuraDid you know that April showers bring … a blooming real estate market? Housing website Zillow crunched the numbers and found that homes that are listed for sale in May are likely to sell faster and for a higher price compared with nearly all other times of the year.

In 20 of the 25 largest metro areas, the best month to put a home on the market is April or May, according to Zillow. The company found that homes listed in the first half of May sold nine days faster and for almost 1 percent more money than average listings.

Why is this the case? The low supply of homes on the market in many areas of the country could be pushing the ideal selling window later in the spring. Additionally, many home buyers who start searching for a home in early spring may need to look at several homes and make multiple offers and may still be home shopping weeks later. By May, many buyers want to close a deal as soon as possible so that they can have their family settled by the end of the summer and ready for a new school year.

For more information about the Zillow report, go to this link.

Where in the world is your family moving?

46285504_SDid you know that the average American moves 12 times over a lifetime? That’s a lot of moving around each year! To find out where people are moving, check out the newly-released United Van Lines’ Migration Study. This annual report tracks the states the company’s customers are moving to and from over the course of each year.

The states with the most people moving in are South Dakota, followed by Vermont, Oregon, Idaho, South Carolina, Washington, Washington, D.C., North Carolina, Nevada and Arizona. Markets ‘in balance,’ meaning that there’s about the same number of people moving in as are moving out, include states such as California, New Mexico and Delaware. The survey includes people moving for employment as well as retirees.

Which states are people leaving? New Jersey, Illinois, New York, Connecticut and Kansas round out to the top five states with more people moving away than moving in. For more results of this annual study, go to this link. United Van Lines is the nation’s largest moving company.

If moving is in your future this year, remember that Primary Residential Mortgage has more than 280 locations nationwide. Chances are, we’re somewhere you want to find us. And we’re growing! Stop by and see how we can help you with a wide variety of mortgage needs.

A smooth and stress-free closing experience

39394642_SAt PRMI, we are dedicated to providing a smooth and pleasant closing experience. Are you buying your first home? Here are some of the things you can expect when you meet to finalize your home loan.

A lot of signing and initialing. Carefully read your closing disclosure information. None of the numbers you see at closing should be a surprise. Double check that items such as your loan, loan amount, loan term, estimated total monthly payment and mortgage rate are what you expected. Don’t feel rushed! Take your time to read through all of your paperwork before signing or initialing.

Pay your downpayment and/or closing costs. At closing, you’ll be paying for your share of the closing costs and any down payment. If you need private mortgage insurance, your first month’s premium also will be due. For your closing costs, you’ll need to bring a certified check or cashier’s check. Don’t worry — you’ll get the exact amount you need to bring with you a few days before closing. At closing, you also will be required to show proof of identification, such as your driver’s license or passport to prove that you’re you.

Provide proof of insurance: You’ll also need documentation proving you have obtained homeowner’s insurance, and if it’s also required as a condition of your loan, flood insurance. Most lenders require you pay one-sixth of the annual insurance premium at close, to be placed in your escrow account.

Once you’ve completed the process of closing, your home purchase will be recorded with the appropriate county or other government entity. That’s why your closing costs include a recording/government filing fee. This fee pays for the cost of officially filing your property information at the local county courthouse; includes recording your ownership and transferring taxes and documents to your name. Once that’s done, you get the keys and you’re officially ready to move in.