In case you’ve utilized for a house mortgage not too long ago, you’ll have additionally heard from “Prime Alternative Funding.”
They’re one among many lenders that may typically attain out (through snail mail) to get your enterprise when you’ve indicated that you simply’re excited about refinancing.
The family-owned lender is huge on mortgage refinances, with such loans accounting for almost all of their enterprise.
So in case you’re an present house owner searching for a decrease rate of interest and/or money out, they may be a consideration.
Their declare to fame is that Million Greenback Itemizing’s Josh Altman is a spokesperson. The tagline, “Go along with the staff Josh Altman trusts” will be discovered on the PCF web site.
Prime Alternative Funding Quick Info
- Direct-to-consumer mortgage lender
- Based in 2007, headquartered in Tustin, CA (Orange County)
- Presently licensed to do enterprise in 35 states and D.C.
- Funded $2.1 billion in house loans final 12 months
- Roughly 95% of enterprise made up mortgage refinances
- Practically half of total mortgage quantity comes from house state of California
Prime Alternative Funding, or PCF for brief, is a direct-to-consumer mortgage lender that operates a name heart in Tustin, CA.
Meaning you’re employed remotely with them to shut your mortgage, versus visiting to a brick-and-mortar location.
The corporate was based in 2007 and is claimed to be family-owned. Final 12 months, they mustered over $2.1 billion in house mortgage quantity, with about half coming from the Golden State.
And roughly 95% of their enterprise consisted of mortgage refinances, with the rest house buy loans.
For the time being, they’re licensed in 35 states and the District of Columbia.
They don’t seem to lend within the states of Hawaii, Iowa, Massachusetts, Mississippi, Missouri, Nebraska, Nevada, New York, Oklahoma, West Virginia, Vermont, Washington, Wisconsin, or the Dakotas.
PCF might be greatest described as a reduction, on-line mortgage lender that makes a speciality of refis.
Find out how to Apply with Prime Alternative Funding
To start, you’ll be able to both give them a name straight and converse with a licensed mortgage officer about pricing and eligibility.
Or you’ll be able to fill out a brief kind on their web site to get at present’s charges and join with a mortgage officer. There’s additionally an internet mortgage officer listing if you wish to learn bios and hand-select somebody.
Assuming you want what you hear, you’ll be able to proceed to the digital mortgage software that’s powered by ICE Mortgage Know-how.
Most facets of the mortgage course of will be accomplished electronically. Except for the app itself, this consists of the power to e-sign disclosures, present e-consent, and add any vital paperwork.
As soon as your mortgage is submitted, you’ll be capable of examine standing 24/7, obtain the appraisal, fulfill situations electronically, and attain out to your lending staff with questions.
They seem to make it very straightforward to shut a mortgage because of their use of the newest know-how.
It may be attainable to depend on e-mail/textual content from begin to end, apart from the precise signing of mortgage paperwork.
Mortgage Packages Supplied by Prime Alternative Funding
- Dwelling buy loans
- Dwelling renovation loans: FHA 203k and Fannie Mae HomeStyle
- Refinance loans: price and time period, money out, streamline
- Conforming loans backed by Fannie Mae and Freddie Mac
- Jumbo loans
- FHA loans
- VA loans
- Dwelling fairness loans
- Financial institution assertion packages
- No earnings documentation loans
- Asset utilization
- Overseas nationwide loans
- Recent Begin loans (latest BK or foreclosures)
- Fastened-rate and adjustable-rate choices with numerous mortgage phrases
One space the place Prime Alternative Funding is their lending menu, which is seemingly limitless.
They seem to supply absolutely anything you might ask for, apart from USDA loans, that are reserved for rural owners.
You will get a house buy mortgage, house renovation mortgage, refinance, or house fairness mortgage.
It consists of choices for self-employed debtors, investor options, asset utilization, loans for international nationals, financial institution assertion loans, and extra.
All in all, it is best to discover what you’re searching for mortgage product-wise. Each fixed-rate and adjustable-rate choices can be found.
And so they lend on all property sorts, together with condos, multi-unit funding properties, and extra.
Prime Alternative Funding Mortgage Charges
They are saying you’ll be able to examine charges without cost on their web site by requesting at present’s charges. However so as to take action, you need to present your valuable contact data.
That’s the draw back. The upside is they may have aggressive mortgage charges as a result of they’re a low-cost, direct lender that operates on-line.
The shortage of branches and massive promoting budgets means the financial savings may be handed onto you. After all, you’ll both must fill out that on-line kind or name them as much as discover out.
When you’re at it, be sure you inquire about lender charges as nicely. My assumption is they provide lender credit to offset each lender and third-party charges.
However do take the time to examine and to match their charges/charges with different banks, lenders, and mortgage brokers.
Prime Alternative Funding Opinions
On Google, they’ve a 4.7-star ranking from a whopping 1,250+ buyer opinions, which is a big sufficient pattern measurement to belief.
Additionally they have a 4.8 out of 5 ranking on LendingTree, together with a 96% really useful price. Over at Zillow, it’s a 4.67 out of 5 from about 50 opinions.
Equally, they’ve a 4.82/5 on the Higher Enterprise Bureau web site, spectacular contemplating it’s often a web site the place of us go solely to complain.
Nevertheless, additionally they maintain an ‘F’ ranking with the BBB in the meanwhile, which seems to be associated principally to a consent order with the CFPB associated to deceptive promoting points.
In order that’s one purple flag to think about, although it seems it was resolved and hopefully previously. And so they may be much more cautious going ahead.
In abstract, Prime Alternative Funding is clearly a refinance store, so in case you’re an present house owner they could possibly be , dare I say, selection.
My expectation is that they’re additionally a reduction mortgage lender, so if charges/charges are aggressive, they may be price trying out.
Whereas they do supply house buy loans, chances are you’ll be higher off going to a financial institution or utilizing a mortgage dealer, because it doesn’t appear to be their bread and butter
Prime Alternative Funding Execs and Cons
- Can apply for a house mortgage on-line in minutes
- Provide a digital mortgage software
- Tons of mortgage packages to select from together with house fairness loans
- Even have choices for self-employed debtors and people with latest credit score occasions
- Glorious buyer opinions throughout scores web sites
- Free mortgage calculators and mortgage glossary on their web site
The Perhaps Not
- Not licensed in all states
- Presently have a low ranking with the BBB
- Do not need bodily branches
- Don’t supply USDA loans