Your Trusted Mortgage Company in Plano, TX

Buying a home is a big commitment; it is likely the most significant financial investment you’ll ever make. Before agreeing to terms on a home loan, be sure to arm yourself with the right information. More importantly, have a seasoned mortgage professional by your side who will guide you through the process and show you the best options based on your unique financial situation.

Seek help from one of the most trusted mortgage lenders. Call PRMI Plano, TX today!

Choose from Our Mortgage Options

We specialize in all types of home loans. Our experienced mortgage loan officers help you determine the type of loan that meets your needs and matches your financial requirements. As Plano and Dallas area residents, we are specialists in the local market and industry. We can advise you on finding the right loan program so you can make a well-informed decision that will work best for you and your family.

Primary Residential Mortgage in Plano, TX provides outstanding programs for government-funded home loans, such as VA, FHA, and USDA mortgages. If you prefer a conventional, reverse, or jumbo loan, we also specialize in those loan programs. Get in touch with our team of mortgage lenders today.

Loan Options:

Jumbo Loans: These loans have higher loan limits that help you purchase high-value Property. Low down payments are possible. *Limited Availability in some areas

New Construction Loans: When you're having trouble finding a home with everything you want, you could opt for a new construction loan in Plano and surrounding areas. 

First-Time Homebuyer: The first house you buy can affect your financial health for the rest of your life. If your starter home is more expensive than you can afford, you could be saddled with debt for decades. It would be difficult to buy a permanent home where you can raise your family in comfort. Be smart and seek a viable first-time homebuyer loan!

Home Loan: Texas A&M University's Real Estate Center Reports that the median price of a single family in Dallas- Fort Worth Area is $255,000. You do not need to have $45,000 (for a down payment) in the bank before buying a home. 

Low Credit Loan: home ownership is a privilege that comes easier to people with high credit scores, and who can afford a down payment for a house. Those with lower credit scores still have hope. However, if your credit score is below 600 you might qualify for a low credit home loan. 

Refinance: Financial circumstances can change over the course of a mortgage term. If your income is lower than when you first bought your home, you might want to reduce your monthly payments. We'll help you adjust your mortgage terms to a more affordable payment schedule. *

When it comes to refinancing your home loan, you can generally reduce your monthly payment amount; however, total finance charges, may be higher over the life of your mortgage loan.

VA Loans: Help make homeownership more attainable for veteran and military service members. The loans are federally insurance and available with no downpayment. *Plus, they do not require private mortgage insurance *

VA home loan purchases, have options for 0% down payment, No private mortgage Insurance requirements, competitive interest rates, with specific qualification requirements. VA Interest rate reduction loans (IRRRL) are only for Veterans who currently have a VA loan, current loan rate restrictions apply, and limits to recoupment of costs and fees apply. VA Cash-out Refinances are available for Veterans with or without current VA loans. Policies and guidelines may vary and are subject to the individual borrower(s) qualification. Program and Lender overlays apply.

FHA Loans: comes with low downpayment options, and lenient credit requirements.  These federally insured loans are designated to help more people achieve their homeownership goals. 

USDA Loans: are government insured loans that help people purchase homes in rural areas. These loans are often available with low or no downpayment. *Closing cost fees may still apply. 

Conventional Loans: offer affordable rates and flexible downpayment options. 

 

 

 

Local Specialists, National Resources

When you work with our Primary Residential Mortgage, Inc. team, you get to work with people who live in your community and know your area well. We’re your neighbors, and we’re passionately invested in your success and the future of our community. We truly want to get to know you and help you today as well as years down the road.

And while you get the benefit of working with locals, you also get the perks of working with a nationwide company with the resources to provide a huge selection of loan options so you can choose the right one for your specific needs.

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Nov 6, 2018 01:51 PM

by: Primary Residential Mortgage, Inc.

With numerous programs out there meant to help buyers get the perfect mortgage situation for them and their families, it can be easy to forget about the simplest loan type out there: The conventional loan. This is the traditional loan many people think about when they first consider a mortgage, and it can be found in both fixed- and adjustable-rate formats.

At Primary Residential Mortgage, we’ll help you find the best mortgage loan and rates, whether it’s through a conventional program or another type. What are some of the benefits of the conventional loan?

No Private Mortgage Insurance

Part of the reason some folks resist the conventional mortgage is the fact that it’s known for requiring a 20 percent down payment upon purchase. This is a big expense for many buyers, and scares some away.

Two things here: Firstly, 20 percent isn’t always required (more on this later in our blog). Secondly, and perhaps most importantly, buyers have to realize there’s a trade-off here. If you can indeed afford the 20 percent down payment through smart savings, you will completely avoid having to take out private mortgage insurance – a requirement often put forth by lenders to protect themselves in case of default.

Property Flexibility

There are certain other types of loans that are only meant for a certain type of property – there are no such restrictions on conventional loans. They can be used for primary residences, rental properties, second homes or any property that requires a mortgage loan.

Refinancing Benefits

In many cases, conventional mortgage formats save money for homeowners during a refinancing situation. This is often the case even when those same buyers have previously used something like the FHA loan program – transitioning to a conventional loan brings a great rate while also eliminating mortgage insurance.

Surprising Qualification Thresholds

As we noted above, it’s something of a myth that you cannot obtain a conventional mortgage without a 20 percent down payment. Many conventional loans allow as little as three percent down, and while you will have to pay mortgage insurance if you can’t come up with 20 percent, there’s a kicker here: As soon as you reach 20 percent equity owned in the home, private mortgage insurance goes away. So even if you’re just a bit shy on the 20 percent figure, know that you won’t be stuck paying private mortgage insurance for long.

For more on how conventional loans can benefit you, or to learn about any of our loan programs, speak to the staff at Primary Residential Mortgage today.