Prosperity Home Loan Review: A Berkshire Hathaway Backed Mortgage Company
Prosperity mortgage based away from Chantilly, Virginia initially got were only available in the Carolinas right right back.
While which was most likely the final good 12 months for the home loan industry ahead of the Great Recession, the separate home loan banker surely could weather the storm and turn out larger and more powerful.
Today, these are generally among the mortgage lenders that are largest in america, having originated approximately $6 billion in mortgages.
They run solely through the direct-to-consumer that is retail in 44 states (and D.C.) with 700 branch locations nationwide.
Interestingly, they have been a wholly owned subsidiary of this longer & Foster organizations, which will be an integral part of HomeServices of America, a Berkshire Hathaway affiliate, so they really seem to have a solid link with the real estate business.
Let’s find out about why Prosperity home loan could possibly be a choice that is good the next home loan.
Prosperity Mortgage Quick Facts
- Created in the Carolinas, currently based away from Chantilly, Virginia
- A lot more than 700 brick-and-mortar branch areas nationwide and 350+ loan professionals
- 11 local workplaces that procedure, underwrite, and loans that are close
- Closed approximately $6 billion in mortgage loans during via retail channel
- Also operate a household of neighborhood brands including Edina Realty Mortgage, FM Lending solutions, DFW Texas Mortgage, and Long Mortgage the main HomeServices category of home loan businesses, a Berkshire Hathaway Internet
As noted, Prosperity home loan is a reasonably young home loan business, having been created.
Nevertheless, they’ve already managed to finance a lot more than $6 billion in mortgage loans in one twelve months, making them among the mortgage lenders that are largest within the country.
A good percentage of that amount came from financing within their house state of Virginia, which taken into account approximately 20% of this total.
In addition they did a substantial amount of home loan lending in nearby Maryland and new york, in addition to Minnesota.
PHM has a few smaller, regional home loan brands, including Edina Realty Mortgage, which acts house purchasers in Minnesota and Wisconsin, FM Lending Services, a home loan banker positioned in new york, DFW Texas Mortgage, and Long Mortgage based away from Tucson, Arizona.
Overall, their part of focus is apparently the Mid-Atlantic, Northeast and Midwest, though there’s a good opportunity they’ll expand further west as time goes by.
Roughly two-thirds origination amount had been old-fashioned loans, and about 93percent ended up being 30-year product that is fixed.
The HomeServices group of home loan organizations includes Prosperity, HomeServices Lending, and Trident Mortgage business, which collectively funded $10.2 billion
Ways to get a true mortgage loan with Prosperity home loan
- It is possible to use straight via their website’s mortgage that is digital running on Ellie Mae
- Or install their app that is smartphone and through the palm of one’s fingers
- Likewise have 700 locations nationwide should you want to make use of some body nearby
- Presently maybe perhaps maybe not for sale in Alaska, Idaho, Iowa, Nevada, brand brand New Mexico, and ny
If you wish to use with Prosperity home loan, they’ve got an Ellie Mae-powered digital home loan application located directly on their web site.
Merely hit the“Apply that is big” button and you may begin straight away without the some help from a loan officer.
Instead, you need to use the branch locator on their site to locate a brick-and-mortar location in your area should you want to go to an workplace or talk to a person.
The locator also lists the staff that really work with an offered branch, that allows you to definitely head to their very own website that is personal apply.
Therefore you want to work with, this can be a handy tool if you’ve been referred to someone, or know who.
As soon as you use, you’ll be able to upload papers and connect financial accounts for the quicker and more accurate loan experience.
The business has also a free smartphone app that lets you use, contact that loan consultant, usage calculators, and upload key documents once authorized.
You may also monitor your loan progress through the application since it advances through the method.
At final look, they’ve been certified in 44 states therefore the District of Columbia, utilizing the exceptions being Alaska, Idaho, Iowa, Nevada, brand New Mexico, and ny.
Prosperity Mortgage Loan Alternatives
- Residence purchase loans, refinance loans, money away refinancing
- Mainstream loans (those supported by Fannie Mae or Freddie Mac)
- Federal Government loans (FHA, USDA, VA)
- Jumbo loans as much as $3 million loan quantities
- Interest-only loans
- Fixed-rate and adjustable-rate possibilities
These are generally a full-service home loan banker that focuses primarily on both house purchase loans, by way of their strong connect to realtors, and mortgage refinance loans.