Educational Resources

Why PrimeLending?

You need mortgage professionals you can trust. You need a company that values honesty and integrity throughout the entire organization. You need mortgage planning specialists who give you their best consistently. You need to find strength, stability and opportunity—especially now. You need PrimeLending!

When dealing with your home financing, we are not only working with one of your largest personal financial investments; we also are handling one of your biggest dreams. Since we work with matters so close to the heart, we serve you from ours.

With the ability to originate and close loans in 50 states and with over 200 branch locations nationwide, PrimeLending can meet you where you are and help you where you are going. Let us provide you a mortgage without obstacles.

Length Of Your Loan

With the many different loan programs that exist, repayment schedules can vary greatly. Fifteen to thirty years are the most commonly found repayment schedules with the 15 year mortgages typically offering lower interest rates than those found with 30 year mortgages. Likewise, you would pay substantially less in total interest if you were to stay with the 15 year mortgage through the life of the loan.

Deciding What Is Best For You

Again, the same question that applies to whether you pay discount point or whether you choose a fixed or adjustable rate also applies to deciding on the term length of your loan. How long do you plan to own the home?

A shorter term often is the best choice if you plan to own the home for the full life of the loan. Although this can set you up with higher monthly payments, it will decrease your interest rate and reduce the amount of interest you pay over all.

On the flipside, if you have plans to own the home for less than seven years, you may be best served by going with a longer term of repayment. While this could set you up with a slightly higher interest rate, it could provide you with lower monthly payments since they are spread over a longer period of time.

Contact your PrimeLending Loan Officer to determine what would be best for your personal plans and financial goals.