Primary Capital has one major advantage that allows us to offer a smooth purchase mortgage process: we are a direct lender. This means that unlike many other mortgage lenders, we control the process from origination through closing. The result? We guarantee an on-time closing with no unexpected detours along the way. Better yet, with our FREE LOCK, SHOP & DROPSM, we let you lock in an interest rate now, even before you find a property you want. Here’s generally what to expect from the purchase process.
1. Lock in a rate. Take advantage of our FREE LOCK, SHOP & DROPSM Program. With Primary Capital, you can lock a rate before you have an executed contract on a specific property. Unlike other lenders, there is no cost and we offer lock periods up to 180 days. This ensures your rate won’t go up while you find the perfect home and complete the approval process.
2. Apply for Pre-Approval. We offer fast, paperless approvals at your free “ceiling” locked-in rate, therefore a spike in rates will not affect your loan approval. We collect typical information to verify your employment history, income, and assets including your funds needed to close, and we will also pull a credit report.
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Shop for your home. Head out to look for a property, knowing your loan is pre-approved. We will provide you with a written pre-approval letter, which allows you to shop as a “cash buyer”. We will order an appraisal on your home once you have an executed contract. We can refer you to a realtor if you are not already working with one.
4. Drop your rate. We offer the only true FREE Float Down Option available. You’ll have locked your “ceiling” rate initially to ensure that your rate won’t go any higher. Primary Capital will also offer you one free opportunity to drop your rate or “float down” to a lower rate.
5. Close with confidence. You can rest assured: we do not miss closing dates due to factors we control. In addition, we are committed to providing a HUD 1 settlement statement to you one day early so you can review your closing numbers ahead of time. Purchase closings typically take place at the offices of an attorney or settlement agent; however, the paperwork can also be completed at a place of convenience for you.
6. Guaranteed! We are so confident we will close your loan on the scheduled closing date that we back it up with our On-Time Closing GuaranteeSM. If you do not close on time, we’ll pay your first month’s mortgage (principal and interest). See your loan officer for terms and conditions. Not available on all products.