PRMI: One of Utah’s best places to work

Top Workplaces 1Once again, Primary Residential Mortgage, Inc. has been recognized as one of the top places to work in Utah by The Salt Lake Tribune newspaper. This year, the publication named 70 companies and organizations in the state to its annual list. Companies are ranked based on employee input. This year, PRMI is ranked No. 4 among large companies, up from No. 8 last year.

At PRMI, our mission is to help individuals and families nationwide achieve the dream of homeownership through a positive and personal experience. We achieve that by creating an incredible environment for our employees that’s based on mutual trust as well as open and honest communication. Get to know PRMI’s core values and how they help our company be such an incredible place to work and get a home loan:

Teamwork. At PRMI, we believe in the power of teamwork. Working together gives our customers better results than we could ever achieve individually.

Stability. Our decisions are deliberate and careful. They have to make sense today and tomorrow.

Advocacy. We believe that what’s good for our customers is good for us, too. We are allies for our customers—advocating for sensible laws and stronger accountability.

Empowerment. When we are empowered, we do more—for each other and for our customers. We take charge of each situation with a solutions-oriented approach.

Integrity. A dedication to a high level of business ethics guides all of our decisions. When we act with integrity, we build trust by always making the right choice, regardless of circumstance.

Excellence. The pursuit of excellence is a guide to our true potential. We seek to be better, smarter, and more effective people—for ourselves and for our customers.

Happiness. A happy work environment and a great customer experience go hand-in-hand. When we enjoy what we do, it’s easy to deliver a knockout experience.

For more information on the newspaper’s annual ranking, go to this link.

Four reasons for refinancing

9737664 - dollar house isolated over white.With today’s low mortgage rates, refinancing activity is on the rise. Does it make sense for you to refinance your home loan? Here are a few reasons why you may want to consider it:

You want a fixed rate home loan. When you purchased your home, you took out an adjustable-rate mortgage. But you plan on staying in your home over the long term and want the predictability of a fixed-rate home loan.

You want to get rid of your monthly mortgage insurance payment. Generally, private mortgage insurance is required with a down payment of less than 20 percent. In some cases, though, if you have increased your home equity past the 20 percent mark, refinancing can help you get rid of your monthly mortgage insurance premium. It all depends on your home value as determined by an appraisal and your outstanding mortgage balance.

You want to tap your home’s equity. Depending on the amount of equity you have in your home, you may be able to ‘cash-out’ of some of your equity during the refinancing process.

You want to lower your monthly payment. If today’s mortgage rates are lower than when you purchased your home, you may want to refinance to lower your monthly payment. It’s estimated that there are millions of homeowners with higher-rate mortgages who could save money by refinancing.

When it comes to loan terms, you have choices

35806698 - discussion with a real estate agent at the officeWhen financing a home, it’s estimated that 80 percent of all home buyers elect to take out 30-year fixed-rate home loans. It’s a popular option because of the low monthly payments.

Less popular are 15-year and 10-year fixed-rate home loans. The big downside with these shorter-term options are the higher monthly payments. With a 15-year home loan, for example, you can expect to have a monthly payment that’s 28 to 30 percent higher higher than with a 30-year home loan. And, you’re locked into paying that higher payment.

The main advantage of a shorter-term mortgage is the earlier payoff and substantial savings. You’ll pay your home off more quickly and pay significantly less in interest over the life of the loan.

In addition to fixed-rate mortgages, home buyers also have a variety of ARMs to consider. Today’s ARMs are often based on a 30-year repayment schedule with a period of five, seven or 10 years in which the loan’s interest rate remains fixed. After that set period, the rate adjusts. After the adjustment period begins, the loan’s mortgage rate — and the monthly payment — could go up or down.

At Primary Residential Mortgage, we are dedicated to helping our customers find the right loan — and loan term — that’s right for them.

Two simple ways to help keep your family safe

Two simple ways...social postMoving into your new home? Here are two important ways to help keep your family safe for years to come.

Test your smoke alarms and replace batteries. It’s one of the first things you’ll want to do after getting the keys to your new home. The batteries in battery-powered smoke detectors should be changed every six months. The units themselves should be replaced every 10 years. You’ll want to test units monthly. If you aren’t sure how old the smoke detectors are in your new home, replace them. And make sure you have enough smoke detectors. The National Fire Protection Association recommends smoke alarms be installed inside each bedroom, outside each sleeping area and on every level of the home, including the basement.

Check or install carbon monoxide alarms. Carbon monoxide is a silent killer. Make sure your new home has CO detectors on each floor and ensure they are replaced every five years. (Check each alarm’s manufacture date so you know when it’s time for replacement.) You don’t need carbon monoxide detectors only during the winter months — carbon monoxide is a year-round threat.

Is now the time to tap your home’s equity?

House made from dollars. 3D image

Home equity is on the rise. U.S. home owners with mortgages saw their home equity increase by $766.4 billion from the first quarter of 2016 to the first quarter of this year, an increase of 11.2 percent. The average homeowner saw their home equity increase by $13,400 over that time period, according to real estate data provider CoreLogic.

Home equity is basically the difference between your home’s market value the total amount you owe on your mortgage. There are two basic ways to tap your home equity— through a home equity loan (also called a second mortgage) or a home equity line of credit. A loan can provide money in one lump sum, as opposed to a line of credit that can provide access to money you don’t have to use all at once. With the line of credit, you’ll pay interest only on the money you use, not the entire available line.

One of the most popular uses for home equity is to fund home improvements, although the proceeds from a home equity loan (also called a second mortgage) or line of credit typically can be used for a wide variety of things. Home equity loans and lines of credit can be a lower-rate alternative to borrowing money and are potentially tax deductible to homeowners who itemize (it’s always a good idea to check with your tax advisor about your specific situation).

Is now the time to tap your home equity? Stop in and find out more about home equity loans and lines of credit. Click here to find a PRMI location near you.

Millions of Americans could still benefit by refinancing

23972653 - stopwatch with time to refinance slogan on a blue background.A new report shows that as many 4.5 million homeowners could benefit financially by refinancing their properties at today’s mortgage rates. The savings? As much as $400 or more per month. Surprised? Don’t be. Home loan rates are still near historic lows. In fact, rates have been so favorable for so long that many homeowners don’t realize just how attractive today’s mortgage rates are. In the early 1970s, for example, mortgage rates were in the 7 percent to 8 percent range. In the early 1980s, mortgage rates rose to more than 18 percent! In the 1990s, mortgage rates ranged from around 7 percent to more than 10 percent. Rates didn’t start dipping into historically low territory until around 2012. Low mortgage rates make it an attractive time for some families to buy or to refinance their home loans. Many people still have higher-rate mortgages and refinancing could make sense for them, both as a way to lower the amount they pay each month and/or to eliminate mortgage insurance. Questions about refinancing? Visit a PRMI office near you.

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 lower than many types of conventional loans.

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!