PRMI Comedy Show Rakes in $19K for Local Veterans

On Saturday, April 18, Primary Residential Mortgage, Inc. hosted a comedy show fundraiser, bringing in $19,000 in donations for a local veteran organization.

More than 250 veterans and Real Estate professionals attended the Funny 4 Funds comedy show held at the West Warwick Elks Lodge on Saturday evening. The event provided the crowd with a night of laughs while raising money with raffle and auction prizes donated by 200 local and New England based businesses. Primary Residential Mortgage was joined by several additional event sponsors from Rhode Island and Massachusetts including Lepizzera & Laprocina Title and Escrow, DiPrete Law Offices, Federated RI Sportsmen's Clubs Inc., Equity Title, RE/MAX, Cranston Fish and Game Association, Kelly Lewis Realty, Richard Palumbo Law, Linear Title, Sammartino & Berg Law.

“I don’t think anyone sponsored this event hoping to get business- I know I didn’t,” said sponsor Paul Laprocina who not only provided a financial sponsorship, but also donated two shark fishing charters that brought in $1,600 as an auction item.  “The event is all about our veterans and what we can do to help them, because they’ve all done so much for us.  That in mind, the auction winner will receive one shark fishing charter for himself and the second shark charter will be for the winner to go out fishing with a boat of veterans so they can see what a difference [Veteran Angler Charters]  makes for our veterans.”

Veteran Angler Charters , a 501c3 non profit, was founded by Kathy Granfield in Connecticut in 2009 and has since expanded into Rhode Island (Captain Randell Bagwell, River Rebel Charters) and Massachusetts (Capt. Mark Pettit, Fire Escape Charters), serving nearly 200 Veterans per year. VA Charters was formed for the purpose of providing therapeutic and recreational fishing excursions to injured and recovering veterans of all branches of the armed forces.  All fishing trips are conducted at no cost to the veterans.


“This is the most money that has ever been raised for us and we are absolutely thrilled,” said Granfield. “With just what was raised during this one event, we will be able to take hundreds of veterans fishing this season. Words cannot describe what this means.


According to Granfield, there are several organizations that offer opportunities for outdoor therapeutic recreation but there are none that regularly take veterans out in small groups on private charter boats.   The small group experience provides a unique opportunity for the veterans to relax, reconnect with friends and family, fish, and meet other veterans who truly understand their service experience.

“Everyone had a great time and we were astonished to see how much was raised when the check was presented to Kathy at the end of the night,” said Cosmo Laurelli, Branch Manager for Primary Residential Mortgage, Inc. “It is so rewarding to know that we could do our part in helping our veterans.”






PRMI Loan Officers Named "5 Star Professional" Award Recipients

In April, Senior Loan Officers Kyle Travers, Mary O'Donnell, and Ken Cesaro of Primary Residential Mortgage in Rhode Island were named 5 Star Professionals of 2015.

The mortgage professional award, showcased in Rhode Island Monthly, is given to Loan Officers who have been nominated and selected  for providing superior service and "professional excellence" in the industry. The designation of a "5 Star Professional" assists consumers in selecting a service professional that other consumers have indicated provides exceptional client satisfaction and service.


Kyle Travers, Sr. Loan Officer
NMLS 23208


Mary O'Donnell, Sr. Loan Officer


Ken Cesaro, Sr. Loan Officer




Save Big on Purchase or Refi With FHA Reduced Mortgage Insurance Premium in 2015

Applying for an FHA mortgage on a new purchase or refinance after January 26, 2015 could save you hundreds of dollars per month and thousands of dollars over the life of the loan on your current or new purchase home mortgage insurance premium (MIP).


For all purchase and refinance FHA loans with a term greater than 15 years, approved borrowers will see a .5% MIP reduction. In plain terms, the reduction in MIP is similar to lowering your mortgage interest rate by half of a percent.


Current FHA loan holders may benefit by considering a streamline refinance to gain monthly and annual savings with the reduced MIP, while rates remain at an all time low. With a streamline refinance, borrowers are not required to appraise their home or verify income.

How You Can Save With a Streamline Refinance today

 Below is an example of the savings that an average current FHA loan holder may expect to see with a streamline refinance and an MIP reduction.


Your Current FHA Loan

Streamline Refinance After 1/26/15

Loan Amount



Interest Rate












Principal & Insurance












Total Monthly Payment




Total Monthly Savings with Streamline Refinance: $202.05


 5 Things to Know About the FHA Mortgage Insurance Reduction:


         For all FHA loans the insurance premium will be reduced by 50 basis points (0.5%) on both purchase and refinance transactions.


         Applies to all purchase or refinance FHA loans with terms greater than 15 years.


         There is no change in premium for loans with a term of 15 years or less.
The reduction affects all loan types with the exception of FHA streamline refinances made before May 31, 2009.
There is no change to the 1.75% upfront mortgage insurance premium.


         With a streamline refinance, there is no appraisal or income verification required.


Call me today to see how I can help you lower your MIP and monthly mortgage payment!

Jonathan Joubert, SR. Loan Officer
NMLS 19727
Direct: 401-490-7126
Email: jjoubert@primeres.com




Primary Residential Mortgage Hosts Grand Opening for Newport, RI Office


Primary Residential Mortgage, Inc., one of the premier mortgage lenders in the country, announces the grand opening of a new branch in Newport, Rhode Island. The Grand Opening and ribbon cutting ceremony will be held in partnership with the Newport Chamber of Commerce, on Wednesday, October 22, from 4-6pm. Business professionals and the public are welcome to attend (RSVP required).


Branch Manager Richard Brandariz is a born and raised native of Aquidneck Island, and is actively involved in the community of Portsmouth. Brandariz currently sits on the Portsmouth Pop Warner Football Board, as well as the Portsmouth Youth Basketball Board. He has also coached Pop Warner football, and Portsmouth basketball and baseball for the last five years. Rich also finds time to volunteer and be a part of the Portsmouth Rotary Club and Newport’s “Rebuilding Together” project which annually rehabilitates a home for community members who do not have the funds to upkeep their residence. Finally, Rich is a member of the United Congregational Church in Middletown, RI.


Utilizing in-house processing and underwriting, Brandariz and his team with Primary Residential Mortgage will assist home buyers with the purchase or refinance of a home using programs such as the new first time buyer tax credit, FHA, VA, USDA, 203k or conventional mortgages.


Anyone interested in attending Grand Opening for the new office of Primary Residential Mortgage on October 22nd should RSVP to Sara Bagwell at sbagwell@primeres.com or call 401-490-7112 for more information.


About Primary Residential Mortgage, Inc.:  Founded in 2001, Primary Residential Mortgage, Inc. is the premier lender in the mortgage industry.  With over 275 branches across the US and with unsurpassed service and dedication to their borrowers, the company has been able to steadily elevate as a leader in residential mortgage lending. Rhode Island Licensed Lender, Department of Business Regulation Division of Banking, Licensed as PRMI, INC. Lender 20041715LL. Equal Opportunity Lender. Branch NMLS#1234030. PRMI NMLS# 3094.


Ken Cesaro Tries to Outsmart the #IceBucketChallenge



I challenge YOU to take the ALS Ice Bucket Challenge with me!

Post videos on Facebook to join me in raising awareness and money for ALS.




--Ken Cesaro


For more info on the Ice Bucket Challenge, visit the ALS website


4 Things to Avoid While Applying for a Mortgage

Don’t Apply for New Credit/ Make Big Purchases

We know you’re excited about getting into your new home. But don’t jump the gun by going out to buy all new furniture or appliances. Applying for new credit, co-signing for credit, or opening up new credit cards could potentially adversely affect your rate or get your loan denied.  Making this type of change could dramatically impact your debt to income ratio if you apply and/or use new credit. Your Loan Originator will be notified of any new credit or applications, which will have to be explained and documented and may delay the process of your loan application.


Don’t Close Out Credit

Closing credit or banking accounts will ­­­­­­­­­­­negatively impact credit scores and should be avoided during the mortgage application process.


Don’t Move Your Money Around/ Make Large Deposits

Though you are not technically opening or closing accounts, moving large sums of money around within banking accounts or making cash deposits, large deposits or withdrawals can raise a red flag in the process. You must work with your Loan Originator to document any and all movement or large deposits.


Don’t Quit or Switch Your Job

This can seem like a simple “don’t” on the list, but in addition to credit, your savings, investments and income are also very important factors for a mortgage approval.  Your lender will verify employment up until the day of the closing.

As always, your Licensed Loan Originator is there to help you have a successful and seamless close on your mortgage. Be sure to discuss your unique situation with your lender.





Waiting to Buy a Home Could Cost You Cold, Hard Cash

“I’m going to wait until the interest rates and housing prices go down before I buy a house”

“It’s just not the right time”

“I don’t think I can afford it”

We’ve heard it all before. Excuse after excuse as to why people wait to achieve the dream of home ownership. We know the idea of buying a home can be intimidating, but the fact is the cost of waiting to buy could potentially be costing you thousands of dollars. To demonstrate our point, the chart below shows a 10% increase in Rhode Island housing prices, with the interest rate rising about 1% over the past year.


As you can see, the cost of waiting only one year will increase your monthly payment by $205.35. That’s $73,926 over 30 years! With this trend continuing (and economists and industry experts believe it will), interest rates and housing prices will rise through 2015.What does this mean to the potential home buyer? Waiting to buy doesn’t just cost you dollars and cents. It costs you the opportunity for a better home and may even prevent you from qualifying for a loan for suitable housing. It’s not all bad, though. The real estate market is forecasted to retain healthy gains in 2014, despite steady increases of home prices and interest rates. So, whether you’re a first time home buyer or just looking for a new place to call home, the time to buy is now.




5 Factors that Determine Your Credit Score

I’ve been a licensed Loan Originator for 13 years and the most common misconception I’ve found among my clients is how credit scores work. To keep you on top of your credit while you prepare to refinance or purchase a home, you should be aware of thefive factors that determine credit score.

1.Payment history is a large factor and the one that first comes to mind when thinking about credit scores. Your payment history is the number one thing that will be evaluated for a credit score which determines whether or not you are capable of repaying debt.

2.Outstanding debt is almost as heavily weighted in the credit score calculation as payment history. Outstanding debt is not only based on how many credit cards and how much debt you have, but also whether or not you’ve reached your credit limits. For example, person “A” has maxed out a $500 limit credit card. Person “B” has a $20,000 balance with a $50,000 limit. Though person “B” physically has more financial debt, person “A” will have a lower credit score based on his/her ability to manage available credit.

3.Duration of credit, or the amount of time you’ve had a credit card or loan, is also an element in determining your credit score. Keeping your accounts open and active is important in building credit. Most importantly, closing credit card accounts can adversely affect your credit score because it shortens the length of your credit history.

4.Frequent inquiries for new credit card accounts in a short period of time can also have a negative impact on your credit score.

5.Type of credit is the final main factor in determining a credit score. While all credit may seem the same, a the use of a store credit card (i.e. Macy’s) is weighted differently than installment debt (student loan, vehicle loan or mortgage) because an installment loan has a defined end date, unlike a credit card.



FHA Back to Work Program Can Put Borrowers In A Home Just 12 Months Following Short Sale, Foreclosure

Under the new federal program called "Back to Work - Extenuating Circumstances", if you have had a foreclosure, short sale, deed-in-lieu of foreclosure, or have declared bankruptcy you may qualify for a new home loan if you are back to work and can document the extenuating circumstances.

Do you or your past clients qualify?

Can you explain and provide documentation of mortgage/credit problems resulting from financial hardship?

Have you re-established a responsible credit history?

Are you willing to complete HUD approved housing counseling prior to applying for a new FHA mortgage?

You may qualify!


Call Ken at (401) 641-0019 for more information!




Win $200 for Your Best Halloween Costume from Primary Residential Mortgage!

So you think you, your child or your furry friend has the best Halloween costume out there?
Show it off and earn votes for your chance to win $200!


Whether you'll be rocking the town with a little Elvis impersonator or picking up treats with a ghoulish zombie this Halloween, we want to see pictures of your best dressed trick-or-treater! Just snap a photo on or before Halloween and submit it for your chance to win! You can submit as many photos as you like by Saturday, November 2. Then you and everyone else can vote for your favorite entries! Voting begins on October 8th and concludes on November 8th, so get your photos in early to help you get more votes by the deadline!



Entries can be submitted via Facebook, Twitter or Instagram.

To submit through Facebook, visit Facebook.com/PrimaryLocal or click here.

To submit through Twitter, please tweet photos with #HalloweenCostumeContest

To submit through Instagram, please use #CostumeContest2013


The photograph with the most votes by Friday, November 8th will take home the top prize- a $200 Visa Gift Card. The shot with the second highest number of votes will be awarded a $50 Visa Gift Card!


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