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!

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. We proudly work with the FHA and VA home loan programs. 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!