Prime Choice Funding Mortgage Rates, Fees & Info
Irvine, CALEI: 5493003B1W77K6SD3U22
Tax ID: 45-0556976
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Mortgage Data
Review & Overview
Prime Choice Funding is a smaller mortgage company specializing in Cash Out Refi and Refi loans. Prime Choice Funding has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Los Angeles, Riverside, San Francisco, Phoenix, and San Diego among others. We have data for 87 markets. (Some data included below & more in-depth data is available with an active subscription.)Prime Choice Funding has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Prime Choice Funding is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.67% | 9/25/23 |
| 30 Year Conventional Refi | 6.32% | 9/25/23 |
| 30 Year Cash-out Refi | 6.53% | 9/25/23 |
| 30 Year FHA Purchase | 7.14% | 9/25/23 |
| 30 Year FHA Refi | 7.26% | 9/25/23 |
| 30 Year VA Purchase | 6.23% | 9/25/23 |
| 30 Year VA Refi | 5.90% | 9/25/23 |
| 15 Year Conventional Refi | 5.73% | 9/25/23 |
| 15 Year Cash-out Refi | 5.73% | 9/25/23 |
| 15 Year FHA Purchase | 5.68% | 9/25/23 |
| 15 Year VA Refi | 5.71% | 9/25/23 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Prime Choice Funding Mortgage Calculator
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
257Origination Dollar Volume (All Markets)
$101,745,000Awards
Prime Choice Funding - 2022
Prime Choice Funding is a 2022 , due to their low .
For 2022, less than of lenders were eligible for this award.
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Relative Rate
Prime Choice Funding's average 30 year fixed mortgage rate was
3.36%.
The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.
This yields a difference of -1.4%.
Relative Fees (Closing Costs)
Prime Choice Funding's average total fees/closing costs for a 30 year fixed rate
mortgage were $7,963.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $4,750.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 42 | $21,660,000 | $515,714 | $8,852 | 3.46% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 22 | $9,660,000 | $439,091 | $9,119 | 3.54% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 9 | $5,095,000 | $566,111 | $5,979 | 3.36% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 14 | $4,990,000 | $356,429 | $6,448 | 3.46% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 8 | $3,650,000 | $456,250 | $9,074 | 3.17% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 7 | $3,375,000 | $482,143 | $7,993 | 2.84% |
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 9 | $3,235,000 | $359,444 | $7,396 | 3.12% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 8 | $3,180,000 | $397,500 | $4,872 | 3.23% |
| HOUSTON-THE WOODLANDS-SUGAR LAND, TX (FHA|USDA|VA) | 9 | $2,615,000 | $290,556 | $8,759 | 3.46% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 6 | $2,550,000 | $425,000 | $8,739 | 3.48% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 4 | $1,740,000 | $435,000 | $4,474 | 3.00% |
| TUCSON, AZ (FHA|USDA|VA) | 5 | $1,555,000 | $311,000 | $4,254 | 3.22% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 4 | $1,500,000 | $375,000 | $6,265 | 3.03% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 5 | $1,475,000 | $295,000 | $6,433 | 3.40% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 3 | $1,345,000 | $448,333 | $10,559 | 3.21% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 3 | $1,325,000 | $441,667 | $16,332 | 2.67% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 5 | $1,295,000 | $259,000 | $7,818 | 3.35% |
| BRUNSWICK, GA (FHA|USDA|VA) | 2 | $1,230,000 | $615,000 | $6,606 | 4.13% |
| BAKERSFIELD, CA (FHA|USDA|VA) | 3 | $1,025,000 | $341,667 | $6,334 | 2.58% |
| Sandpoint, ID (FHA|USDA|VA) | 2 | $1,000,000 | $500,000 | $28,298 | 2.94% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 2 | $920,000 | $460,000 | $9,480 | 2.81% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 2 | $830,000 | $415,000 | $13,210 | 3.81% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $12,730 | 3.13% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $810,000 | $405,000 | $4,480 | 2.87% |
| SIERRA VISTA-DOUGLAS, AZ (FHA|USDA|VA) | 2 | $800,000 | $400,000 | $5,854 | 3.44% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 2 | $770,000 | $385,000 | $5,937 | 3.56% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $2,208 | 3.19% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $730,000 | $365,000 | $10,715 | 3.31% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 1 | $645,000 | $645,000 | $7,712 | 2.38% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $12,205 | 3.12% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 1 | $605,000 | $605,000 | $6,595 | 2.88% |
| Klamath Falls, OR (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $11,448 | 3.44% |
| Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $4,218 | 3.38% |
| KNOXVILLE, TN (FHA|USDA|VA) | 2 | $570,000 | $285,000 | $2,911 | 2.94% |
| GAINESVILLE, GA (FHA|USDA|VA) | 1 | $545,000 | $545,000 | $136 | 2.75% |
| FRESNO, CA (FHA|USDA|VA) | 2 | $530,000 | $265,000 | $4,449 | 3.43% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $4,251 | 3.06% |
| SANTA FE, NM (FHA|USDA|VA) | 2 | $520,000 | $260,000 | $9,231 | 3.93% |
| Outside of Metro Areas | 2 | $510,000 | $255,000 | $8,351 | 3.25% |
| GREELEY, CO (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $23,516 | 4.75% |
| HOMOSASSA SPRINGS, FL (FHA|USDA|VA) | 1 | $505,000 | $505,000 | $9,264 | 2.25% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $485,000 | $485,000 | $12,315 | 4.25% |
| PITTSBURGH, PA (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $9,353 | 3.25% |
| SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $6,834 | 2.75% |
| Red Wing, MN (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $5,279 | 3.25% |
| EUGENE-SPRINGFIELD, OR (FHA|USDA|VA) | 1 | $435,000 | $435,000 | $7,411 | 2.50% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $4,920 | 3.43% |
| VISALIA, CA (FHA|USDA|VA) | 2 | $430,000 | $215,000 | $3,494 | 3.94% |
| YUBA CITY, CA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $6,071 | 2.88% |
| PORTLAND-SOUTH PORTLAND, ME (FHA|USDA|VA) | 1 | $395,000 | $395,000 | $5,955 | 2.25% |
| MERCED, CA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $1,490 | 3.25% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $6,757 | 2.25% |
| Cañon City, CO (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,721 | 3.25% |
| COLUMBIA, SC (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,050 | 2.38% |
| STOCKTON, CA (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $10,077 | 3.75% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $3,550 | 2.75% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $4,815 | 3.75% |
| WORCESTER, MA-CT (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $8,030 | 2.88% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $10,244 | 2.99% |
| MODESTO, CA (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $4,948 | 3.75% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $335,000 | $335,000 | $2,613 | 2.63% |
| CORPUS CHRISTI, TX (FHA|USDA|VA) | 2 | $330,000 | $165,000 | $6,450 | 3.50% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $5,698 | 3.00% |
| LAFAYETTE, LA (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $4,896 | 4.63% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $3,029 | 2.99% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $9,060 | 2.25% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,640 | 2.99% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,560 | 3.63% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $5,178 | 3.38% |
| COLUMBUS, OH (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $8,481 | 3.13% |
| SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) | 1 | $305,000 | $305,000 | $3,508 | 4.25% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 1 | $285,000 | $285,000 | $8,284 | 4.25% |
| LEWISTON, ID-WA (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $5,875 | 2.99% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 1 | $275,000 | $275,000 | $8,607 | 3.50% |
| LYNCHBURG, VA (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $4,319 | 4.38% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $3,929 | 2.88% |
| Concord, NH (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $11,298 | 2.25% |
| WINCHESTER, VA-WV (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,691 | 3.75% |
| PRESCOTT VALLEY-PRESCOTT, AZ (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $12,416 | 3.63% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $10,451 | 3.63% |
| LONGVIEW, TX (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $8,389 | 1.99% |
| Lufkin, TX (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $6,592 | 3.50% |
| YORK-HANOVER, PA (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $4,285 | 4.00% |
| EL PASO, TX (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,091 | 2.50% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $2,770 | 2.88% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $4,483 | 3.38% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $6,280 | 4.63% |
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We use machine learning to identify the top lenders compared against Prime Choice Funding based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| Conventional | 162 | $62,630,000 | $386,605 | $6,401 | 3.44% |
| VA | 75 | $30,625,000 | $408,333 | $9,480 | 3.03% |
| FHA | 20 | $8,490,000 | $424,500 | $11,966 | 3.33% |
For 2022, Prime Choice Funding's most frequently originated type of loan was Conventional, with 162 originations. Their 2nd most popular type was VA, with 75 originations.
Loan Reason
For 2022, Prime Choice Funding's most frequently cited loan purpose was Cash Out Refi, with 136 originations. The 2nd most popular reason was Refi, with 75 originations.
Loan Duration/Length
For 2022, Prime Choice Funding's most frequently cited loan duration was 30 Year, with 229 originations. The 2nd most popular length was 15 Year, with 12 originations.
Origination Fees/Closing Costs
Prime Choice Funding's average total fees were $7,963, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 75 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3-4% | 125 | $48,805,000 | $390,440 |
| 2.5-3% | 72 | $28,690,000 | $398,472 |
| 4-5% | 30 | $13,060,000 | $435,333 |
| <2.5% | 28 | $10,460,000 | $373,571 |
| 5-6% | 2 | $730,000 | $365,000 |
During 2022, Prime Choice Funding's average interest rate for loans was 3.36%, while their most frequently originated rate bucket for loans was 3-4%, with 125 originations.
Loan Sizing
2022 saw Prime Choice Funding place emphasis on $200k-400k loans with 126 originations, totaling $38,180,000 in origination value.
Applicant Income
Prime Choice Funding lent most frequently to those with incomes in the $100k-150k range, with 71 originations. The second most popular income band? $150k-250k, with 52 originations.
Applicant Debt to Income Ratio
Prime Choice Funding lent most frequently to those with DTI ratios of 30-36%, with 32 originations. The next most common DTI ratio? 20-30%, with 25 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications89.28%
Prime Choice Funding has an average approval rate.
Pick Rate
Approvals leading to origination42.41%
Prime Choice Funding has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 257 | $101,745,000 | $395,895 |