Prosperity Home Mortgage Reviews

Prosperity Home Mortgage doesn’t publish its current mortgage rates. To learn more about its rates, you’ll need to contact Prosperity directly.

Mortgage rates depend on a number of factors, such as your credit history, personal finances, economic conditions, the size of the loan and conditions of the home you want to purchase. The best rates are generally reserved for borrowers with good to excellent credit scores and low debt-to-income (DTI) ratios.

Prosperity offers both fixed-rate and adjustable-rate mortgages (ARMs). The interest rate on a fixed-rate loan will stay the same over the life of the loan, meaning your monthly payments will remain the same too. ARMs typically have a lower fixed rate for a period of time, after which the rate adjusts periodically.

Many borrowers prefer a fixed-rate loan, but an ARM can make sense in certain circumstances. For example, if you plan to move or refinance before the first rate adjustment period, an ARM could save you money in interest. However, if rates go up and you can’t sell or refinance, you could get stuck with higher rates and payments. Your loan officer can help you compare loan options so you can make the right choice.

» MORE: Current mortgage rates — check today’s rates

To get a mortgage through Prosperity Home Mortgage, you first have to create an account. This allows you to save your application and track your process. To apply, you’ll need to supply information about the home you want to buy, your employment and income information, tax returns, details about your co-signer (if applicable) and other documentation.

Note that Prosperity’s XLR8 program can expedite the mortgage approval process for conventional loans. The company says it can verify a borrower’s credit, assets and income with minimal documentation if they connect their bank accounts and employer payroll.

After closing, your loan will typically be transferred to a servicing partner, where you’ll make your mortgage payments. This will not change your loan terms.

Application process features

Some of Prosperity’s application features include:

Prosperity offers purchase and refinance loans. It also has programs to help with closing costs and down payments, and it participates in the HomeReady by Fannie Mae program for qualified buyers.

Purchase loans

Prosperity Home Mortgage offers conventional loans with fixed or adjustable rates. It also offers government-backed home loans, including Federal Housing Administration (FHA), U.S. Department of Veterans Affairs (VA) and U.S. Department of Agriculture (USDA) loans.

Refinance loans

There are a few ways you can refinance your mortgage with Prosperity, including cash-out refinancing and FHA streamlining, which is a quick process that requires no appraisal and incurs no out-of-pocket closing costs for the borrower.

Prosperity Home Mortgage generally doesn’t outline its requirements by loan type on its site, but conventional loans typically require a minimum 3% down payment and a minimum credit score of 620. The company will also look at factors like your employment history, tax returns and DTI ratio to determine how much you can afford to spend on a house.

Typical mortgage requirements by loan type

The table below shows typical mortgage requirements by loan type.

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Prosperity Home Mortgage doesn’t publish its loan origination fees, but it’ll send you a loan estimate that outlines your estimated closing costs within three days of receiving your application. Closing costs typically range from 2% to 5% of the total loan amount.

Some closing costs you might pay include lender’s fees, appraisal fees, real estate taxes, homeowners insurance and mortgage insurance premiums. Some states also require a real estate attorney, in which case you’ll pay attorney’s fees.

To help with some costs, Prosperity offers programs for qualified borrowers such as:

• First-time homebuyer program: Allows 3% down payments
• Uplift program: Lowers rates and fees on FHA and VA loans

Check with your loan officer to see if you qualify for one of its assistance programs.