Unlocking Success: A Comprehensive 2024 Review of Prosperity Home Mortgage

Your Path to Homeownership Starts Here: If you’re in the market for a new home, Prosperity Home Mortgage is your go-to lender, renowned for its exceptional customer service and extensive range of home loan options that cater to your financial needs.

Prosperity Home Mortgage LLC stands tall as a national lender, celebrated for its outstanding customer service. In fact, it clinched the top spot in the J.D. Power’s 2024 US Mortgage Origination Satisfaction Study, proving its commitment to customer satisfaction!

This lender doesn’t just talk the talk; it walks the walk with a wide array of loan products, fast closings, minimal-documentation options, and 90-day rate locks. Plus, their financial assistance programs for down payments and closing costs can make your dream home a reality!

Curious about mortgage rates? Check out this insightful piece: Should you lock in a mortgage rate? And if so, when?

Why Choose Prosperity Home Mortgage?

• Achieved the top ranking for customer satisfaction among mortgage lenders, as per J.D. Power.

• Delivers down payment assistance, closing cost credits, and programs aimed at lowering rates and fees.

• Experience rapid closing, fast-track options, and minimal-documentation loans designed for efficiency.

• Enjoy mortgage rate locks for up to 90 days—longer options may be available at an extra cost.

• Explore a diverse range of mortgages, including government-backed loans, conventional options, and investment property loans.

Things You Should Know

• Interest rates and fees align with industry norms.

• No home equity loans or HELOC options are available.

• There are no advertised rates to help gauge potential costs.

• Loans are not originated in Hawaii or Iowa.

Explore More: Visit Prosperity Home Mortgage’s website.

Prosperity Home Mortgage specializes in a variety of home loans, including options designed for first-time home buyers. With government-backed programs like FHA, VA, and USDA loans, you’ll find the support you need on your homeownership journey. The unique “Uplift” program can help qualified FHA and VA borrowers secure lower interest rates and fees, and they even offer a remarkable 0%-down FHA loan program!

The lender’s stellar reputation for customer satisfaction, combined with robust down payment assistance, closing cost credits, and buydown options, makes it a fantastic choice for those looking to lower their interest rates—whether temporarily or permanently.

Discover more: How a mortgage rate buydown program works

If you need to access your home equity, Prosperity doesn’t offer home equity loans or HELOCs, but you can consider a cash-out refinance. This involves taking a new mortgage larger than your current one, using the extra funds to pay off your existing loan, and receiving the difference as cash. It’s a flexible way to tap into your home’s value, although it’s essential to weigh the costs, especially in a high-rate environment.

Learn more: Cash-out refinance vs. HELOC — Which should you choose?

Prosperity Home Mortgage provides both fixed and adjustable interest rates, but it’s worth noting that their rate transparency could use some improvement. You won’t find published rates on their website; to discover what rates you qualify for, you’ll need to complete the online application or consult a mortgage expert.

The mortgage industry is constantly evolving. In 2023, Prosperity offered a standard mortgage rate of 6.625% and a typical total loan cost of $6,510.15 to its borrowers. This data helps you gauge how competitive their offerings are!

Ready to take the plunge? Apply for a mortgage with Prosperity through their online application. Start by prequalifying, and once you have a property in mind, you can dive into the application process.

The online application is straightforward—create an account, answer a few key questions about your loan purpose, and upload necessary documents like bank statements, pay stubs, tax returns, and W-2s. It’s a hassle-free way to get started!

Prosperity offers both mortgage preapproval and prequalification options. Prequalification involves sharing basic information and financial documents to see what loan amount you may qualify for, while preapproval requires filling out the full application for a conditional commitment from Prosperity to lend you the funds you need!

Learn more: What documents do I need for mortgage loan preapproval?

Take advantage of Prosperity’s impressive online tools, including three calculators that help estimate your monthly payments, provide a detailed financial breakdown, and assist with rent vs. buy analyses. Additionally, their Mortgage 101 center is packed with educational videos, a glossary, articles, guides, and checklists to empower you on your home-buying journey. While their blog primarily focuses on the company itself, it’s still a great resource!

Learn more: How much house can you afford? Use our free home affordability calculator.

• Outstanding Customer Service. Prosperity Home Mortgage has achieved the top ranking in J.D. Power’s 2024 Mortgage Origination Satisfaction Study, a testament to their commitment to clients!

• Extensive Online Resources. With a glossary, helpful videos, articles, and three calculators, Prosperity earns top marks in our Online Features category.

• Exceptional Affordability. Prosperity offers all major government-backed loan options and down payment assistance, making it a strong choice for first-time buyers.

• Lack of Rate Transparency. Unfortunately, Prosperity’s website doesn’t display rates, leaving it with a low score in this area.

• No Home Equity Products. Prosperity does not offer home equity lines of credit or home equity loans, limiting your options if you’re looking to leverage your home’s equity.

• Industry-Standard Rates and Fees. Prosperity’s rates and fees are competitive but align with market averages.

Discover how to secure the lowest mortgage rates possible: How to get the lowest mortgage rates possible

When comparing lenders, Rocket Mortgage offers a broader selection of loan types, including home equity loans and unique 1%-down options. However, Prosperity stands out with its USDA mortgage offerings. Both lenders prioritize customer satisfaction, yet Prosperity shines with its top J.D. Power ranking, while Rocket still ranks above average. Keep in mind, Rocket’s rates tend to be lower based on industry data.

Check out a review of Rocket Mortgage: Rocket Mortgage review

Fairway Independent Mortgage also boasts a wider range of home loan options, including specialized products for medical professionals. Although neither lender provides home equity options, Fairway is known for its expertise in FHA loans, which could be a better fit if that’s what you’re seeking.

Learn more about Fairway Independent Mortgage: Fairway Independent Mortgage review

Prosperity Home Mortgage LLC is a proud member of HomeServices of America, a leading national real estate brokerage affiliated with Berkshire Hathaway. This affiliation ensures that you’re backed by a reputable name in the real estate market.

It’s important to note that Prosperity typically doesn’t retain servicing rights on the loans it originates, transferring them to a third party after closing. This standard practice impacts only where you send your payments, not your loan terms or details.

Prosperity Home Mortgage offers a comprehensive suite of loans, including FHA, VA, USDA, conventional options, as well as refinancing opportunities to suit a variety of homeownership needs.

How We Evaluate Lenders:

Our evaluation process uses detailed data from the 2023 Home Mortgage Disclosure Act, encompassing 10 million applications to assess lenders based on five critical categories: Interest rates, Affordability, Loan costs, Rate transparency, and Online features. We ensure every lender is rated fairly and transparently, giving you the insights you need to make informed decisions.

We hold transparency in high regard, which is why our ratings are never influenced by advertisers or sponsorships.

Important Disclosure:

This article has not been reviewed or approved by any advertisers. All financial product details, including rates and fees, are accurate as of the publication date. We recommend visiting the lender’s website for the most current information, as not all available offers are included here.

This article was edited with care to ensure clarity and engagement.