We compare mortgage interest rate and loan related closing costs at Prime Choice Funding, Inc. with other lenders for mortgages with similar borrower characteristics:
Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: higher than average (+$485)
Assessment: this lender tends to be a average cost lender.
This scoreboard is based on data reported to FFIEC. In the data, Prime Choice Funding, Inc. originated 151 mortgages, a national market share of 0.0%. It was most active in NH (0.0% market share), NM (0.0% market share), and ID (0.0% market share).
On average, Prime Choice Funding, Inc.’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for Prime Choice Funding, Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $7605, which was higher than those of comparable mortgages at $7120, with a difference of +$485. Overall, we estimate that Prime Choice Funding, Inc. tends to be an average cost lender, with a cost-adjusted-rate difference of +0.03% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Nevertheless, we recommend comparing your rate and fees with at least a few other lenders before signing with Prime Choice Funding, Inc..
Prime Choice Funding, Inc. specialized in mortgage refinancing, and originated Conforming and VA refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:
Mortgage Refinancing from Prime Choice Funding, Inc. compared to other lenders
|Interest Rate Difference||+0.07%||-0.04%|
|Loan Related Closing Cost Difference||+$1086||+$226|
|Cost Adjusted Rate Difference||+0.13%||-0.02%|
Based on the table above, Prime Choice Funding, Inc. is similar to other lenders for VA mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance.
Other information about Prime Choice Funding, Inc.:
Regulator: United States Department of Housing and Urban Development (HUD)
Registered city and state: Tustin, CA, 92780