If you’ve applied for a home loan recently, you may have also heard from “Prime Choice Funding.”
They are one of many lenders that will often reach out (via snail mail) to get your business once you’ve indicated that you’re interested in refinancing.
The family-owned lender is big on mortgage refinances, with such loans accounting for nearly all of their business.
So if you’re an existing homeowner looking for a lower interest rate and/or cash out, they might be a consideration.
Their claim to fame is that Million Dollar Listing’s Josh Altman is a spokesperson. The tagline, “Go with the team Josh Altman trusts” can be found on the PCF website.
Prime Choice Funding Fast Facts
- Direct-to-consumer mortgage lender
- Founded in 2007, headquartered in Tustin, CA (Orange County)
- Currently licensed to do business in 35 states and D.C.
- Funded $2.1 billion in home loans last year
- Roughly 95% of business made up mortgage refinances
- Nearly half of overall loan volume comes from home state of California
Prime Choice Funding, or PCF for short, is a direct-to-consumer mortgage lender that operates a call center in Tustin, CA.
That means you work remotely with them to close your loan, as opposed to visiting to a brick-and-mortar location.
The company was founded in 2007 and is said to be family-owned. Last year, they mustered over $2.1 billion in home loan volume, with about half coming from the Golden State.
And roughly 95% of their business consisted of mortgage refinances, with the remainder home purchase loans.
At the moment, they are licensed in 35 states and the District of Columbia.
They don’t appear to lend in the states of Hawaii, Iowa, Massachusetts, Mississippi, Missouri, Nebraska, Nevada, New York, Oklahoma, West Virginia, Vermont, Washington, Wisconsin, or the Dakotas.
PCF is probably best described as a discount, online mortgage lender that specializes in refis.
How to Apply with Prime Choice Funding
To begin, you can either give them a call directly and speak with a licensed loan officer about pricing and eligibility.
Or you can fill out a short form on their website to get today’s rates and connect with a loan officer. There is also an online loan officer directory if you want to read bios and hand-select someone.
Assuming you like what you hear, you can proceed to the digital loan application that is powered by ICE Mortgage Technology.
Most aspects of the loan process can be completed electronically. Aside from the app itself, this includes the ability to e-sign disclosures, provide e-consent, and upload any necessary documents.
Once your loan is submitted, you’ll be able to check status 24/7, download the appraisal, fulfill conditions electronically, and reach out to your lending team with questions.
They appear to make it very easy to close a loan thanks to their use of the latest technology.
It might be possible to rely on email/text from start to finish, other than the actual signing of loan documents.
Loan Programs Offered by Prime Choice Funding
- Home purchase loans
- Home renovation loans: FHA 203k and Fannie Mae HomeStyle
- Refinance loans: rate and term, cash out, streamline
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo loans
- FHA loans
- VA loans
- Home equity loans
- Bank statement programs
- No income documentation loans
- Asset utilization
- Foreign national loans
- Fresh Start loans (recent BK or foreclosure)
- Fixed-rate and adjustable-rate options with various loan terms
One area where Prime Choice Funding is their lending menu, which is seemingly endless.
They appear to offer just about anything you could ask for, other than USDA loans, which are reserved for rural homeowners.
You can get a home purchase loan, home renovation loan, refinance, or home equity loan.
PCF offers all the major loan types including conforming loans, jumbos, FHA loans, VA loans, and their suite of “Flexible Choice” solutions.
It includes offerings for self-employed borrowers, investor solutions, asset utilization, loans for foreign nationals, bank statement loans, and more.
All in all, you should find what you’re looking for loan product-wise. Both fixed-rate and adjustable-rate options are available.
And they lend on all property types, including condos, multi-unit investment properties, and more.
Prime Choice Funding Mortgage Rates
They say you can compare rates for free on their website by requesting today’s rates. But in order to do so, you have to provide your precious contact information.
That’s the downside. The upside is they might have competitive mortgage rates because they are a low-cost, direct lender that operates online.
The lack of branches and big advertising budgets means the savings might be passed onto you. Of course, you’ll either need to fill out that online form or call them up to find out.
While you’re at it, be sure to inquire about lender fees as well. My assumption is they offer lender credits to offset both lender and third-party fees.
But do take the time to check and to compare their rates/fees with other banks, lenders, and mortgage brokers.
Prime Choice Funding Reviews
On Google, they have a 4.7-star rating from a whopping 1,250+ customer reviews, which is a large enough sample size to trust.
They also have a 4.8 out of 5 rating on LendingTree, along with a 96% recommended rate. Over at Zillow, it’s a 4.67 out of 5 from about 50 reviews.
Similarly, they have a 4.82/5 on the Better Business Bureau website, impressive considering it’s usually a website where folks go only to complain.
However, they also hold an ‘F’ rating with the BBB at the moment, which appears to be related mostly to a consent order with the CFPB related to misleading advertising issues.
So that’s one red flag to consider, though it appears it was resolved and hopefully in the past. And they might be a lot more careful going forward.
In summary, Prime Choice Funding is clearly a refinance shop, so if you’re an existing homeowner they could be a good, dare I say, choice.
My expectation is they’re also a discount mortgage lender, so if rates/fees are competitive, they might be worth checking out.
While they do offer home purchase loans, you may be better off going to a bank or using a mortgage broker, as it doesn’t seem to be their bread and butter
Prime Choice Funding Pros and Cons
- Can apply for a home loan online in minutes
- Offer a digital mortgage application
- Tons of loan programs to choose from including home equity loans
- Also have options for self-employed borrowers and those with recent credit events
- Excellent customer reviews across ratings websites
- Free mortgage calculators and mortgage glossary on their website
The Maybe Not
- Not licensed in all states
- Currently have a low rating with the BBB
- Do not have physical branches
- Do not offer USDA loans