Prosperity Home Mortgage stands out as a top choice for borrowers who value strong customer satisfaction and a wide range of loan types. It earned the No. 1 spot in J.D. Power’s 2024 US Mortgage Origination Satisfaction Study, proving its commitment to service. If you’re exploring your options for down payment assistance, refinancing, or first-time home buyer programs, this Prosperity Home Mortgage review 2025 breaks down what you need to know before applying. For foreign investors looking for specialized mortgage solutions, you might also want to check out alternative financing options.
Company Overview
About Prosperity Home Mortgage
Prosperity Home Mortgage LLC is a national mortgage lender owned by HomeServices of America, an affiliate of Berkshire Hathaway. The company has built a reputation for excellent customer service, earning the top spot in J.D. Power’s 2024 US Mortgage Origination Satisfaction Study.
The lender offers numerous mortgage products with features like rapid closings, minimal-documentation loans, and extended rate locks. While Prosperity operates across most of the United States, it currently doesn’t originate loans in Hawaii or Iowa.
Key Benefits and Limitations
Prosperity Home Mortgage offers several advantages for borrowers:
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Ranked No. 1 for customer satisfaction among mortgage lenders by J.D. Power
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Various financial assistance programs for down payments and closing costs
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Fast-track closing options for quicker transactions
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Rate
locks up to 90 days (longer options may be available with fees)
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Diverse loan portfolio including government-backed and conventional loans
However, there are limitations to consider:
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No home equity loans or HELOCs
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Limited rate transparency with no advertised rates online
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Not available in Hawaii or Iowa
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Higher-than-median total loan costs compared to competitors
Loan Products and Services
Prosperity Home Mortgage offers a comprehensive range of mortgage products to meet various homebuying needs. Their loan options include:
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Conventional loans (fixed-rate and adjustable-rate)
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Government-backed loans (FHA, VA, USDA)
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Jumbo loans for high-value properties
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Investment property loans
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Second home loans
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Cash-out refinancing
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Manufactured home loans
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Rate buydown programs
The lender does not offer certain specialty products like construction loans, renovation loans, or home equity products (HELOCs and home equity loans).
First-Time Homebuyer Programs
Prosperity Home Mortgage excels in supporting first-time homebuyers with specialized programs. Their “Uplift” program helps FHA and VA borrowers qualify for lower interest rates and reduced fees. They even offer a 0%-down FHA loan option for qualified buyers.
First-time buyers can benefit from:
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Down payment assistance programs
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Closing cost credits
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Temporary and permanent rate buydown options
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Minimal down payment requirements (as low as 0-3%)
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Government-backed loans with flexible credit requirements
These programs make Prosperity a strong choice for those entering the housing market for the first time, especially buyers with limited savings for upfront costs.
Refinancing Options
Refinancing with Prosperity Home Mortgage offers borrowers ways to potentially lower monthly payments, change loan terms, or access home equity. Their refinance options include:
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Rate-and-term refinancing to secure better interest rates or loan terms
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Cash-out refinancing to tap into home equity
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90-day rate lock protection (with longer options available)
For cash-out refinancing, Prosperity allows qualified homeowners to replace their current mortgage with a larger loan and receive the difference in cash. This can be useful for debt consolidation, home improvements, or other financial needs.
It’s worth noting that Prosperity doesn’t offer home equity loans or HELOCs, limiting options for accessing equity without changing your primary mortgage terms.
Mortgage Rates and Fees
Transparency Issues
One significant drawback of Prosperity Home Mortgage is its lack of rate transparency. The lender doesn’t publish any mortgage rates on its website, making it difficult to comparison shop without submitting a formal application or contacting a mortgage consultant.
This approach forces potential borrowers to:
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Fill out an online application
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Contact a local mortgage consultant
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Provide personal and financial information before seeing rates
Most competitive lenders today offer at least sample rates or rate ranges online, allowing borrowers to get a general idea of pricing before providing personal information. Prosperity’s lack of published rates earned it just 1 star in the rate transparency category.
Rate and Fee Comparison
Based on 2024 Home Mortgage Disclosure Act (HMDA) data, Prosperity Home Mortgage’s rates and fees aren’t particularly competitive compared to industry medians:
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Mortgage rate score: 2 out of 5 stars (below median)
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Total loan costs score: 2 out of 5 stars (higher than median)
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Median mortgage rate offered: 6.625% (below industry median)
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Median total loan cost: $6,768.20 (higher than industry median)
These figures suggest borrowers might pay more in both interest and fees when choosing Prosperity compared to other lenders. The higher costs might be justified by their top-rated customer service, but cost-conscious borrowers should compare offers from multiple lenders.
Rate Buydown Options
To help offset potentially higher baseline rates, Prosperity Home Mortgage offers several rate buydown programs. These allow borrowers to reduce their interest rate either temporarily or permanently.
Temporary buydowns include:
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2-1 buydowns (rate starts 2% lower, increases 1% annually for two years)
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1-0 buydowns (rate starts 1% lower for the first year)
Permanent buydowns involve paying discount points upfront to secure a lower interest rate for the life of the loan. Each point typically costs 1% of the loan amount and reduces the rate by about 0.25%.
These buydown options can be particularly valuable in high-rate environments, giving borrowers flexibility to manage their monthly payments.
Application Process and Tools
Online Application and Preapproval
Prosperity Home Mortgage offers both prequalification and formal preapproval processes for prospective borrowers. The prequalification process is less formal and requires contacting a mortgage consultant to provide basic financial information.
For official preapproval, you’ll need to:
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Create an account on their online portal
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Complete the full application form
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Submit required documentation (pay stubs, tax returns, W-2s, bank statements)
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Receive a conditional commitment letter if approved
The preapproval process helps establish your budget and strengthens your offer when house hunting. Prosperity’s online application system streamlines this process, though you’ll still need to work with a consultant for guidance.
Digital Tools and Resources
Prosperity provides several online calculators and educational resources to help borrowers make informed decisions:
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Monthly payment calculator
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Detailed mortgage breakdown calculator
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Rent vs. buy comparison tool
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Educational videos
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Mortgage glossary
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Articles and guides in their “Mortgage 101” center
While these tools are helpful, they’re somewhat limited compared to more tech-forward lenders. The blog primarily focuses on company news rather than educational content about mortgages and homebuying.
For those seeking additional mortgage education resources, you might want to explore specialized loan programs that provide more in-depth information.
Customer Support Options
Prosperity Home Mortgage earned its top J.D. Power ranking through exceptional customer support. Borrowers can connect with the company through:
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Local mortgage consultants
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Phone support
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Email
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Branch locations
The company takes a relationship-based approach to lending, assigning dedicated mortgage consultants to guide borrowers through the entire process. This personalized support helps explain complex mortgage terms, answer questions, and solve problems that may arise during the application process.
For borrowers who value guidance over self-service, this high-touch approach can be particularly beneficial, especially for first-time homebuyers or those with unique financial situations.
Pros and Cons of Prosperity Home Mortgage
Key Advantages
Prosperity Home Mortgage offers several compelling benefits that might make it the right choice for certain borrowers:
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Top-rated customer service: Ranking #1 in J.D. Power’s satisfaction study demonstrates their commitment to supporting borrowers.
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Financial assistance programs: Various down payment assistance and closing cost credit options help make homeownership more accessible.
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Loan variety: A wide range of mortgage products accommodates different financial situations and property types.
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Fast closing options: Rapid-close and fast-track options can help borrowers in competitive markets.
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Extended rate locks: 90-day rate locks (with options for longer periods) provide security during the homebuying process.
These strengths make Prosperity particularly suitable for first-time homebuyers and those who value guidance through the mortgage process.
Potential Drawbacks
Despite its strengths, Prosperity Home Mortgage has several limitations to consider:
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Poor rate transparency: No published rates make comparison shopping difficult.
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Higher-than-average costs: Both interest rates and fees tend to be less competitive than industry medians.
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Limited home equity options: No home equity loans or HELOCs, only cash-out refinancing.
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Geographic limitations: Not available in Hawaii or Iowa.
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Less tech-forward: While they offer online applications, their digital tools and resources are more limited than some competitors.
Cost-conscious borrowers and those seeking the lowest possible rates might want to explore additional options before committing.
Competitor Comparison
When compared to other major mortgage lenders, Prosperity shows both strengths and weaknesses:
Prosperity vs. Rocket Mortgage:
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Rocket offers more loan options, including home equity products and 1%-down loans
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Prosperity ranks higher in customer satisfaction (#1 vs. #6)
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Rocket typically offers more competitive interest rates
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Both have strong digital application processes
Prosperity vs. Fairway Independent Mortgage:
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Fairway has more specialty loan types (medical professional, renovation loans)
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Prosperity ranks higher in customer satisfaction
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Fairway specializes in FHA loans (over 25% of their volume)
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Neither offers home equity products
For borrowers interested in exploring alternative financing options, especially foreign investors, you might want to apply for specialized loan programs that cater to your specific needs.
In conclusion, Prosperity Home Mortgage stands out for its exceptional customer service and diverse loan options, making it a strong choice for first-time homebuyers and those who value personalized guidance. However, its higher-than-average costs and lack of rate transparency may be drawbacks for some borrowers. As with any major financial decision, comparing offers from multiple lenders is the best way to ensure you’re getting the most favorable terms for your specific situation.