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 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, Denver, Phoenix, and Vallejo among others. We have data for 50 markets. (Some data included below & more in-depth data is available with an active subscription.)Prime Choice Funding has an above 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% | 4/18/24 |
| 30 Year Conventional Refi | 6.32% | 4/18/24 |
| 30 Year Cash-out Refi | 6.53% | 4/18/24 |
| 30 Year FHA Purchase | 7.14% | 4/18/24 |
| 30 Year FHA Refi | 7.26% | 4/18/24 |
| 30 Year VA Purchase | 6.23% | 4/18/24 |
| 30 Year VA Refi | 5.90% | 4/18/24 |
| 15 Year Conventional Refi | 5.73% | 4/18/24 |
| 15 Year Cash-out Refi | 5.73% | 4/18/24 |
| 15 Year FHA Purchase | 5.68% | 4/18/24 |
| 15 Year VA Refi | 5.71% | 4/18/24 |
| 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
117Origination Dollar Volume (All Markets)
$32,615,000Awards
Prime Choice Funding - 2018
Prime Choice Funding is a 2018 , due to their low .
For 2018, less than of lenders were eligible for this award.
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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) | 10 | $3,790,000 | $379,000 | $7,462 | 4.78% |
| RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) | 11 | $2,805,000 | $255,000 | $7,081 | 5.12% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 7 | $2,345,000 | $335,000 | $10,893 | 4.55% |
| PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) | 9 | $2,115,000 | $235,000 | $7,798 | 4.67% |
| VALLEJO, CA (FHA|USDA|VA) | 3 | $1,485,000 | $495,000 | $16,919 | 4.83% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 4 | $1,190,000 | $297,500 | $6,936 | 4.44% |
| PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) | 3 | $1,145,000 | $381,667 | $5,444 | 4.67% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 4 | $1,110,000 | $277,500 | $6,489 | 4.81% |
| SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) | 3 | $995,000 | $331,667 | $7,013 | 4.54% |
| SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) | 2 | $900,000 | $450,000 | $4,408 | 4.81% |
| San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) | 2 | $820,000 | $410,000 | $5,002 | 4.69% |
| Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) | 3 | $805,000 | $268,333 | $8,131 | 4.63% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $740,000 | $370,000 | $10,191 | 4.69% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 3 | $695,000 | $231,667 | $8,652 | 4.17% |
| BOISE CITY, ID (FHA|USDA|VA) | 2 | $670,000 | $335,000 | $11,740 | 4.81% |
| STOCKTON, CA (FHA|USDA|VA) | 2 | $640,000 | $320,000 | $7,615 | 4.75% |
| ALBUQUERQUE, NM (FHA|USDA|VA) | 3 | $605,000 | $201,667 | $9,794 | 4.54% |
| BEND, OR (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $8,570 | 4.50% |
| VIRGINIA BEACH-NORFOLK-NEWPORT NEWS, VA-NC (FHA|USDA|VA) | 2 | $560,000 | $280,000 | $4,540 | 4.25% |
| YUMA, AZ (FHA|USDA|VA) | 2 | $540,000 | $270,000 | $9,934 | 4.25% |
| MANCHESTER-NASHUA, NH (FHA|USDA|VA) | 2 | $510,000 | $255,000 | $11,268 | 4.81% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 2 | $460,000 | $230,000 | $6,461 | 4.81% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 3 | $455,000 | $151,667 | $6,590 | 4.79% |
| MERCED, CA (FHA|USDA|VA) | 2 | $450,000 | $225,000 | $5,721 | 4.88% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 2 | $400,000 | $200,000 | $6,412 | 4.63% |
| CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) | 2 | $390,000 | $195,000 | $3,402 | 4.81% |
| DURHAM-CHAPEL HILL, NC (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $14,366 | 3.75% |
| BRUNSWICK, GA (FHA|USDA|VA) | 1 | $385,000 | $385,000 | $5,720 | 4.50% |
| VISALIA, CA (FHA|USDA|VA) | 2 | $370,000 | $185,000 | $3,697 | 5.31% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $14,668 | 4.75% |
| Blackfoot, ID (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $11,873 | 3.88% |
| LaGrange, GA-AL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $3,083 | 4.75% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 1 | $265,000 | $265,000 | $2,872 | 5.00% |
| OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $7,016 | 4.88% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $6,769 | 4.99% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $14,553 | 5.38% |
| Detroit-Warren-Dearborn, MI (FHA|USDA|VA) | 1 | $225,000 | $225,000 | $9,606 | 4.75% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $2,435 | 4.75% |
| Sanford, NC (FHA|USDA|VA) | 1 | $205,000 | $205,000 | $11,972 | 4.50% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $5,722 | 4.38% |
| LOGAN, UT-ID (FHA|USDA|VA) | 1 | $185,000 | $185,000 | $8,885 | 5.25% |
| EL CENTRO, CA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,049 | 4.50% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,315 | 4.38% |
| Clearlake, CA (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $2,855 | 4.75% |
| LAKE HAVASU CITY-KINGMAN, AZ (FHA|USDA|VA) | 1 | $165,000 | $165,000 | $7,870 | 4.75% |
| Mountain Home, ID (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $6,155 | 5.38% |
| WARNER ROBINS, GA (FHA|USDA|VA) | 1 | $145,000 | $145,000 | $4,764 | 4.75% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $4,379 | 4.50% |
| HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) | 1 | $125,000 | $125,000 | $4,516 | 4.75% |
| CLARKSVILLE, TN-KY (FHA|USDA|VA) | 1 | $115,000 | $115,000 | $4,480 | 4.50% |
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.
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Product Mix
| Loan Type | Originations | Total Value | Avg. Loan | Avg. Fees | Avg. Rate |
|---|---|---|---|---|---|
| VA | 66 | $18,460,000 | $279,697 | $8,903 | 4.60% |
| Conventional | 40 | $10,560,000 | $264,000 | $5,238 | 5.00% |
| FHA | 11 | $3,595,000 | $326,818 | $9,638 | 4.34% |
For 2018, Prime Choice Funding's most frequently originated type of loan was VA, with 66 originations. Their 2nd most popular type was Conventional, with 40 originations.
Loan Reason
For 2018, Prime Choice Funding's most frequently cited loan purpose was Cash Out Refi, with 95 originations. The 2nd most popular reason was Home Purchase, with 11 originations.
Loan Duration/Length
For 2018, Prime Choice Funding's most frequently cited loan duration was 30 Year, with 112 originations. The 2nd most popular length was Other, with 3 originations.
Origination Fees/Closing Costs
Prime Choice Funding's average total fees were $7,800, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 33 originations.
Interest Rates
| Loan Rate | Originations | Total Value | Average Loan |
|---|---|---|---|
| 4-5% | 85 | $23,475,000 | $276,176 |
| 5-6% | 24 | $6,850,000 | $285,417 |
| 3-4% | 8 | $2,290,000 | $286,250 |
During 2018, Prime Choice Funding's average interest rate for loans was 4.72%, while their most frequently originated rate bucket for loans was 4-5%, with 85 originations.
Loan Sizing
2018 saw Prime Choice Funding place emphasis on $200k-400k loans with 71 originations, totaling $20,195,000 in origination value.
Applicant Income
Prime Choice Funding lent most frequently to those with incomes in the $50k-75k range, with 30 originations. The second most popular income band? $75k-100k, with 30 originations.
Applicant Debt to Income Ratio
Prime Choice Funding lent most frequently to those with DTI ratios of 50-60%, with 20 originations. The next most common DTI ratio? 30-36%, with 14 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications98.56%
Prime Choice Funding has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick Rate
Approvals leading to origination23.93%
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 | 117 | $32,615,000 | $278,761 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| Single Family (1-4 Units):Site-Built | 117 | $32,615,000 | $278,761 |