Why Finance with Prime Choice?

1. Competitive rates and loan options
2. Extraordinary client care
3. A+ rating with the better business bureau
4. Licensed in 25+ states

Purchase Process

1. Connect with one of our Mortgage Professionals

We will connect you with one of our mortgage experts who will work with you to find the right loan and walk you through the process of securing it from start to finish.

2. Set your goals

Every situation is unique. Some facts that will affect savings are current interest rate, credit scores, income, equity position, and more.

3. Select your loan program

Typically, any second mortgages are paid off through the refinance. We will consolidate both loans into one new first mortgage and you will only have one payment each month. If you’d prefer to keep your second mortgage, we may be able to request your second mortgage lender to remain in second position and allow us to refinance the first loan. This process is called subordination and there is typically a fee charged by the second mortgage lender.

4. Get approved

There are options that may allow you to refinance your loan even if the value of your home is less than what you owe. Call and speak with one of our mortgage professionals to see if you qualify for one of our programs.

5. Submit requested items

Fees associated with refinancing vary from lender to lender. Some typical 3rd party fees include credit report, title, escrow, notary, and recording fees and lender fees such as processing and underwriting. If you are paying points to lower the rate, the cost of each equals 1% of your new loan amount. Aside from the closing fees, there will be prorated pre-paid costs for items such as property taxes, interest, and homeowner’s insurance (if applicable). If you have enough equity in your home, you can add all fees and pre-paid items into your new loan.

6. Close your loan!

Income information is typically required including: 2 recent paystubs, 2 years’ W2s. asset information (ie. Bank statements), your most recent mortgage statement and your homeowner’s insurance declarations page.

Program Options

Fixed Rate

Chose the stability of a traditional, fixed rate mortgage, which is one of the most popular for both refinance and purchase mortgages

Adjustable Rate

An option for those who are planning on staying in their homes short term or would like to lower their payments

FHA

FHA loans offer more flexibility with lower down payment and easy qualification.

VA

Available to all active duty and veteran military members, PCF is authorized to offer incredible programs not available to the general public.

Jumbo

Jumbo loans allow for higher loan amounts. PCF is able to work with you to get the best rate and term for your Jumbo loan

HARP

Are you a responsible homeowner who is close to being underwater or already underwater on your mortgage? A HARP loan could help you refinance to today’s low rates.

Home Equity

A fixed-rate home mortgage that let’s you borrow p to 90% of your home’s equity

Reverse

A unique opportunity available to borrowers 62 and older. Backed by the FHA, you can turn your home’s equity in to cash with no monthly mortgage payment.

Purchase FAQs

1. How do I know the price of the home I can afford?

Price is not the only factor in determining a home’s affordability. Other items include, interest rates, your credit scores, your down payment ability, and if you will qualify with your current monthly obligations. To see what kind of home you can afford, check out our Mortgage Affordability Calculator (link)

2. How long does the process take?

Typical escrows range from 30-60 days. This escrow period is what dictates when your loan will close. PCF can get closed quickly and efficiently and will not have a problem meeting the close of escrow date.

3. How much money do I need to purchase a home?

Typical conventional financing requires a down payment of 10-20%. There are other options available such as FHA programs which require as little as 3.5% down and VA programs (for active and veteran military personnel) which require no money down. There are other fees such as appraisal, closing, credit report, and lender fees which will all be discussed and disclosed early on in the process.