Prime Choice Funding Mortgage Rates, Fees & Info

Irvine, CA

LEI: 5493003B1W77K6SD3U22

Tax ID: 45-0556976

5 stars - Updated: 9/25/23 - out of 5 stars, based on 16 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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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.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

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






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Prime Choice Funding. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

257

Origination Dollar Volume (All Markets)

$101,745,000
Show all (61) awards

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%
Prime Choice Funding's top markets include Los Angeles, Riverside, San Francisco, Phoenix, and San Diego among others.

Their top states include:
  • California (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Texas (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

    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.

    First Credit Union
    Similarity Rank: 100
    Los Angeles Federal Credit Union
    Similarity Rank: 136
    AAXY L.L.C.
    Similarity Rank: 324
    DRAGAS MORTGAGE COMPANY
    Similarity Rank: 361
    PIMA Federal Credit Union
    Similarity Rank: 366
    HENRICO Federal Credit Union
    Similarity Rank: 420
    ARIZONA CENTRAL
    Similarity Rank: 506
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 546
    Cedar Point Federal Credit Union
    Similarity Rank: 546

    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

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Cash Out Refi 136 $51,390,000 $377,868 $8,371 3.29%
    Refi 75 $30,195,000 $402,600 $6,386 3.10%
    Home Purchase 46 $20,160,000 $438,261 $8,039 3.71%

    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

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 229 $93,685,000 $409,105 $7,963 3.36%
    15 Year 12 $3,140,000 $261,667 $5,777 2.67%
    20 Year 11 $3,485,000 $316,818 $5,851 2.97%
    Other 3 $1,085,000 $361,667 $6,643 3.21%
    10 Year 2 $350,000 $175,000 $5,052 2.69%

    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

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 75 $34,465,000 $459,533
    $1k-2k 69 $26,405,000 $382,681
    $<1k 46 $19,090,000 $415,000
    $2k-3k 31 $11,265,000 $363,387
    $4k-5k 21 $6,605,000 $314,524
    $3k-4k 15 $3,915,000 $261,000

    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

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 126 $38,180,000 $303,016 $6,924 3.27%
    $400k-600k 79 $37,985,000 $480,823 $8,268 3.33%
    $600k-1MM 26 $17,670,000 $679,615 $11,205 3.45%
    $100k-200k 23 $3,865,000 $168,043 $4,917 3.28%
    $1MM+ 3 $4,045,000 $1,348,333 $19,054 3.21%

    2022 saw Prime Choice Funding place emphasis on $200k-400k loans with 126 originations, totaling $38,180,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 71 $29,495,000 $415,423 $8,268 3.39%
    $150k-250k 52 $25,660,000 $493,462 $8,207 3.30%
    $50k-75k 50 $14,910,000 $298,200 $7,044 3.30%
    $75k-100k 49 $17,405,000 $355,204 $8,187 3.21%
    $50k or less 23 $7,105,000 $308,913 $4,880 3.13%
    $250k+ 12 $7,170,000 $597,500 $8,985 3.66%

    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

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 32 $13,650,000 $426,563 $7,330 3.35%
    20-30% 25 $9,095,000 $363,800 $6,944 3.19%
    50-60% 25 $9,895,000 $395,800 $11,206 3.31%
    <20% 17 $6,775,000 $398,529 $5,238 3.05%
    42% 16 $4,820,000 $301,250 $7,786 3.17%
    44% 16 $6,030,000 $376,875 $6,390 3.44%
    47% 15 $5,435,000 $362,333 $7,629 3.19%
    49% 14 $5,180,000 $370,000 $5,166 3.43%
    45% 13 $6,755,000 $519,615 $11,180 3.60%
    48% 13 $5,055,000 $388,846 $5,965 3.46%
    43% 13 $5,985,000 $460,385 $8,862 3.53%
    39% 10 $4,460,000 $446,000 $6,793 3.15%
    40% 9 $2,555,000 $283,889 $5,895 3.00%
    46% 7 $2,415,000 $345,000 $5,837 3.27%
    37% 7 $2,995,000 $427,857 $12,246 3.21%
    41% 7 $2,735,000 $390,714 $7,627 3.52%
    38% 7 $2,735,000 $390,714 $10,293 3.53%
    36% 6 $2,320,000 $386,667 $5,183 3.67%
    >60% 5 $2,855,000 $571,000 $10,828 2.85%

    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

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not provided 153 $57,465,000 $375,588 $7,375 3.33%
    White 88 $35,680,000 $405,455 $8,072 3.28%
    Asian 8 $4,360,000 $545,000 $10,195 3.09%
    Black 8 $4,240,000 $530,000 $8,372 3.45%

    Approval Rates

    Total approvals of all applications
    89.28%

    Prime Choice Funding has an average approval rate.

    Pick Rate

    Approvals leading to origination
    42.41%

    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

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    257 $101,745,000 $395,895

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 14 $4,920,000 $351,429 $7,151 2.98%
    40-60% 48 $17,320,000 $360,833 $5,621 3.20%
    60-80% 105 $41,465,000 $394,905 $6,816 3.46%
    80-100% 89 $37,835,000 $425,112 $10,014 3.24%
    Over 100% 1 $205,000 $205,000 $10,451 3.63%