When you’ve utilized for a house Mortgage lately, you might have additionally heard from “Prime Alternative Funding.”

They’re considered one of many lenders that can usually attain out (through snail mail) to get your enterprise when you’ve indicated that you simply’re curious about refinancing.

The family-owned lender is massive on mortgage refinances, with such loans accounting for practically all of their enterprise.

So in case you’re an present house owner on the lookout for a decrease rate of interest and/or money out, they is likely to be a consideration.

Their declare to fame is that Million Greenback Itemizing’s Josh Altman is a spokesperson. The tagline, “Go together with the crew Josh Altman trusts” could 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)
• At the moment licensed to do enterprise in 35 states and D.C.
• Funded $2.1 billion in residence loans final yr
• Roughly 95% of enterprise made up mortgage refinances
• Practically half of general mortgage quantity comes from residence 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.

Which means 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 yr, they mustered over $2.1 billion in residence mortgage quantity, with about half coming from the Golden State.

And roughly 95% of their enterprise consisted of mortgage refinances, with the rest residence buy loans.

In the meanwhile, 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 finest described as a reduction, on-line mortgage lender that makes a speciality of refis.

Learn how to Apply with Prime Alternative Funding

To start, you may both give them a name instantly and communicate with a licensed mortgage officer about pricing and eligibility.

Or you may fill out a brief type on their web site to get at present’s charges and join with a mortgage officer. There may be additionally an internet mortgage officer listing if you wish to learn bios and hand-select somebody.

Assuming you want what you hear, you may proceed to the digital mortgage utility that’s powered by ICE Mortgage Expertise.

Most elements of the mortgage course of could be accomplished electronically. Except for the app itself, this contains the power to e-sign disclosures, present e-consent, and add any crucial paperwork.

As soon as your mortgage is submitted, you’ll be capable of test standing 24/7, obtain the appraisal, fulfill situations electronically, and attain out to your lending crew with questions.

They seem to make it very simple to shut a mortgage because of their use of the newest know-how.

It is likely to be potential to depend on e-mail/textual content from begin to end, aside from the precise signing of mortgage paperwork.

Mortgage Applications Provided by Prime Alternative Funding

• Residence buy loans
• Residence 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
• Residence fairness loans
• Financial institution assertion applications
• No earnings documentation loans
• Asset utilization
• Overseas nationwide loans
• Recent Begin loans (current BK or foreclosures)
• Mounted-rate and adjustable-rate choices with numerous mortgage phrases

One space the place Prime Alternative Funding is their lending menu, which is seemingly infinite.

They seem to supply absolutely anything you could possibly ask for, aside from USDA loans, that are reserved for rural householders.

You may get a house buy mortgage, residence renovation mortgage, refinance, or residence fairness mortgage.

PCF gives all the key mortgage varieties together with conforming loans, jumbos, FHA loans, VA loans, and their suite of “Versatile Alternative” options.

It contains choices for self-employed debtors, investor options, asset utilization, loans for international nationals, financial institution assertion loans, and extra.

All in all, you need to discover what you’re on the lookout for mortgage product-wise. Each fixed-rate and adjustable-rate choices can be found.

They usually lend on all property varieties, together with condos, multi-unit funding properties, and extra.

Prime Alternative Funding Mortgage Charges

They are saying you may evaluate charges at no cost on their web site by requesting at present’s charges. However so as to take action, it’s important to present your treasured contact info.

That’s the draw back. The upside is they could 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 is likely to be handed onto you. In fact, you’ll both have to fill out that on-line type or name them as much as discover out.

Whilst you’re at it, make sure to inquire about lender charges as effectively. My assumption is they provide lender credit to offset each lender and third-party charges.

However do take the time to test and to match their charges/charges with different banks, lenders, and mortgage brokers.

Prime Alternative Funding Critiques

On Google, they’ve a 4.7-star score from a whopping 1,250+ buyer opinions, which is a big sufficient pattern dimension to belief.

Additionally they have a 4.8 out of 5 score on LendingTree, together with a 96% advisable 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 an internet site the place people go solely to complain.

Nonetheless, additionally they maintain an ‘F’ score 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 pink flag to think about, although it seems it was resolved and hopefully up to now. They usually is likely to 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 may very well be a great, dare I say, selection.

My expectation is that they’re additionally a reduction mortgage lender, so if charges/charges are aggressive, they is likely to be value testing.

Whereas they do provide residence 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

The Good

• Can apply for a house mortgage on-line in minutes
• Supply a digital mortgage utility
• Tons of mortgage applications to select from together with residence fairness loans
• Even have choices for self-employed debtors and people with current credit score occasions
• Glorious buyer opinions throughout rankings web sites
• Free mortgage calculators and mortgage glossary on their web site

The Possibly Not

• Not licensed in all states
• At the moment have a low score with the BBB
• Would not have bodily branches
• Don’t provide USDA loans