Prosperity Home Mortgage based out of Chantilly, Virginia originally got started in the Carolinas back in 2006.
While that was probably the last good year for the mortgage industry before the Great Recession, the independent mortgage banker was able to weather the storm and come out bigger and stronger.
Today, they are one of the largest mortgage lenders in the United States, having originated roughly $6 billion in home loans in 2019.
They operate exclusively via the retail direct-to-consumer channel in 44 states (and D.C.) with 700 branch locations nationwide.
Interestingly, they are a wholly owned subsidiary of The Long & Foster Companies, which is a part of HomeServices of America, a Berkshire Hathaway affiliate, so they appear to have a strong connection to the real estate industry.
Let’s learn more about why Prosperity Home Mortgage could be a good choice for your next mortgage.
Prosperity Home Mortgage Quick Facts
- Formed in 2006 in the Carolinas, currently based out of Chantilly, Virginia
- More than 700 brick-and-mortar branch locations nationwide and 350+ loan consultants
- 11 regional offices that process, underwrite, and close loans
- Closed roughly $6 billion in home loans during 2019 via retail channel
- Also operate a family of local brands including Edina Realty Mortgage, FM Lending Services, DFW Texas Mortgage, and Long Mortgage
Part of the HomeServices family of mortgage companies, a Berkshire Hathaway Affiliate
As noted, Prosperity Home Mortgage is a relatively young mortgage company, having been formed in 2006.
However, they’ve already managed to fund more than $6 billion in home loans in a single calendar year, which makes them one of the largest mortgage lenders in the nation.
A good portion of that volume came from lending in their home state of Virginia, which accounted for roughly 20% of that total.
They also did quite a bit of mortgage lending in nearby Maryland and North Carolina, as well as Minnesota.
PHM has several smaller, local mortgage brands, including Edina Realty Mortgage, which serves home buyers in Minnesota and Wisconsin, FM Lending Services, a mortgage banker located in North Carolina, DFW Texas Mortgage, and Long Mortgage based out of Tucson, Arizona.
Overall, their area of focus seems to be the Mid-Atlantic, Northeast and Midwest, though there’s a good chance they’ll expand further west as time goes on.
Roughly two-thirds of 2019 origination volume was conventional loans, and about 93% was 30-year fixed product.
The HomeServices family of mortgage companies includes Prosperity, HomeServices Lending, and Trident Mortgage Company, which collectively funded $10.2 billion in 2019
How to Get a Home Loan with Prosperity Home Mortgage
- You can apply directly via their website’s digital mortgage application powered by Ellie Mae
- Or download their smartphone app and apply from the palm of your hands
- Also have 700 locations nationwide if you want to work with someone nearby
- Currently not available in Alaska, Idaho, Iowa, Nevada, New Mexico, and New York
If you want to apply with Prosperity Home Mortgage, they’ve got an Ellie Mae-powered digital mortgage application located right on their website.
Simply hit the big “Apply Now” button and you can get started right away without any assistance from a loan officer.
Alternatively, you can use the branch locator on their website to find a brick-and-mortar location near you if you want to visit an office or speak to a human being.
The locator also lists the employees that work in a given branch, which allows you to go to their own personal website and apply.
So if you’ve been referred to someone, or know who you want to work with, this can be a handy tool.
Once you apply, you’ll be able to upload documents and link financial accounts for a faster and more accurate loan experience.
The company also has a free smartphone app that lets you apply, contact a loan consultant, use calculators, and upload key documents once approved.
You can also track your loan progress via the app as it advances through the process.
At last glance, they are licensed in 44 states and the District of Columbia, with the exceptions being Alaska, Idaho, Iowa, Nevada, New Mexico, and New York.
Prosperity Home Mortgage Loan Options
- Home purchase loans, refinance loans, cash out refinancing
- Conventional loans (those backed by Fannie Mae or Freddie Mac)
- Government loans (FHA, USDA, VA)
- Jumbo loans up to $3 million loan amounts
- Interest-only loans
- Fixed-rate and adjustable-rate options available
They are a full-service mortgage banker that specializes in both home purchase loans, thanks to their strong link to real estate agents, and mortgage refinance loans.
You can get financing on a single-family home, condo, townhouse, or multi-unit property. It can be a primary residence, vacation home, or investment property.
As mentioned, about two-thirds of their production was conventional loan lending. But they also did about 10% of volume each in FHA loans, VA loans, and jumbo loans.
So beyond stuff backed by Fannie Mae and Freddie Mac, including the 3% down HomeReady loan program, you can also get a government-backed home loan, a jumbo loan, or even a USDA loan if you live in a rural area.
Their more unique offerings include an interest-only jumbo loan – they offer loan amounts as high as $3 million, which should cover the majority of borrowers out there.
Most of the loans they close are 30-year fixed mortgages, though they also offer 15-year fixed mortgages and adjustable-rate mortgages.
You can get a 5/1, 7/1, or 10/1 ARM if you don’t plan to keep your property/home loan for that long and want to save some money.
Prosperity Home Mortgage Rates
At the moment, they don’t appear to advertise their mortgage rates on their website or elsewhere. So you’ll need to contact them to get pricing while comparison shopping.
The same goes for lender fees, which are not disclosed upfront on their website.
Be sure to inquire with a loan officer while mortgage rate shopping and get the APR, which factors in the both the fees and the interest rate.
It’s unclear what lender fees they charge, such as loan origination, underwriting, and processing.
As such, it’s impossible to know how competitive they are until comparing their rates and fees to other mortgage lenders.
Remember, the more quotes you receive, the better deal you’ll get, which is proven by real studies from Freddie Mac.
Prosperity Home Mortgage Reviews
They tout their 4.88 out of 5-star rating with SocialSurvey, which is based on a whopping 36,000+ customer reviews.
Clearly a large sample size there to have near-perfection, so they must be doing something right.
Similarly, they have a 4.97 out of 5-star rating on Zillow, which again is pretty much as good as it gets.
On Zillow, you can see individual loan officer reviews as well if you want to know how a specific individual has performed.
Most of the Zillow reviews highlight the fact that both the mortgage rate and closing costs were lower than originally expected.
Prosperity Home Mortgage has been an accredited business with the Better Business Bureau for many years and currently has an A+ rating.
Prosperity Home Mortgage Pros and Cons
The Good
Can apply directly online via digital application
Lots of branch locations to choose from if you prefer a human touch
Excellent customer reviews
Plenty of different loan programs to choose from
Free mortgage calculators and tutorials on their website
Free smartphone app with ability to track loan progress
The Potential Not-so-Good
Not licensed in all 50 states
Do not advertise their mortgage rates
Do not disclose their lender fees on website