Equity Prime Mortgage offers a broad selection of mortgage products and operates across all 50 states, making it a key lender for borrowers seeking diverse home loan solutions; this page explains who may benefit, core features, and important details about their programs and processes.
Who This Mortgage Is For
Individuals purchasing a first home, moving up, or buying investment properties benefit from Equity Prime Mortgage’s variety of programs.
Borrowers looking to refinance existing mortgages, including those interested in rate-and-term or cash-out options, are served nationwide.
Self-employed applicants, those with non-traditional income, and credit profiles outside “prime” may access specialized loan offerings.
People in all U.S. states, given Equity Prime’s national license coverage, including urban, suburban, and rural areas.
Typically 2%–5% of loan amount (sample/illustrative); varies by state, loan size, and settlement service providers
Prepayment Penalty
Rare for owner-occupied; may apply to some non-QM/investor loans; confirm in official disclosures
Rate Lock
Common lock periods: 30, 45, 60 days (varies by market/lender policy)
Escrow
Property tax and homeowners insurance typically escrowed; rules vary by lender, loan type, and state
Pros
Wide range of programs accommodates differing borrower profiles (first-time, self-employed, investor, etc.).
Conforming and government-backed loans, as well as specialized solutions for unique scenarios.
Available in every U.S. state with in-house operations, improving process consistency.
Ability to refinance or customize loan options based on property type or loan purpose.
Competitive fixed and ARM options may help borrowers align payments with financial goals.
Cons
Pricing, eligibility, and documentation requirements can vary widely by program and state.
Mortgage insurance (PMI/MIP) may add cost if down payment or equity is below standard thresholds.
Closing costs and potential fees may be higher for certain property types or non-conforming loans.
Some specialty and non-QM (non-qualified mortgage) programs may require larger down payments or higher rates.
Interest rates and terms are not publicized upfront; require direct inquiry and official disclosures for details.
Costs, APR & Amortization
Nominal interest rate is what’s advertised, but APR includes points, some closing fees, and certain prepaid costs.
APR is designed to facilitate program comparison—be aware it may not include escrowed taxes, insurance, or some third-party fees.
PMI is added if your down payment is below 20% for most conventional loans; it can often be dropped once sufficient equity builds.
Lender credits can reduce closing costs but may increase the rate; discount points let you buy down your rate upfront.
Escrow accounts collect money for property taxes and insurance alongside the mortgage payment for many loans.
Always compare the full amortization schedule—understand how much of each payment goes toward interest versus principal over time.
Representative example (sample/illustrative):
Example
Loan Amount
Rate
APR
Term
Monthly Principal & Interest
Total Paid
Sample Scenario
$350,000
6.25%
6.51%
30 years
$2,155
$775,832
Fixed vs Adjustable (ARM)
Fixed-rate mortgage provides payment stability; rates and payments remain constant for the full term.
Adjustable-rate mortgage (ARM) offers lower initial rates but can reset after 3, 5, 7, or 10 years—future payments may rise when adjustment occurs.
ARMs utilize an index (e.g., SOFR or CMT), plus a margin; terms specify initial fixed period and reset frequency (e.g., 5/6 ARM resets after 5 years, then every 6 months).
ARM caps control how much the rate can rise at each adjustment (periodic cap) and over the life of the loan (lifetime cap).
Borrowers must weigh greater affordability up front with longer-term payment uncertainty in ARM structures.
Eligibility, Underwriting & Documentation
Lenders consider credit score, debt-to-income (DTI), loan-to-value (LTV), employment history, and income documentation.
Equity Prime Mortgage serves a range of credit profiles; some programs are available for lower scores or substantial alternative documentation.
Appraisal evaluates property value; collateral and title review ensure clear ownership and suitability.
Asset verification for down payment and reserve requirements (bank statements, retirement accounts, etc.).
Documentation standards differ by loan type; government-backed and non-QM loans may have unique expectations—always verify official eligibility standards.
Application, Disclosures & Closing Timeline
Start with pre-qualification for rate and eligibility assessment; pre-approval provides stronger buyer confidence during purchase.
Apply and receive a legally required Loan Estimate (LE) outlining projected costs and APR within 3 business days (U.S. market standard); Closing Disclosure issued prior to signing.
Loan processing includes verification, appraisal, and third-party services; underwriting reviews risk, documentation, and property eligibility.
Upon final approval (“clear to close”), a signing appointment is scheduled. Loan funds are disbursed at or shortly after closing per federal and state requirements.
Government-Backed & Special Programs
Access to FHA, VA, and USDA loan programs if you qualify—these often allow lower down payments, flexible credit underwriting, and may offer reduced mortgage insurance or no PMI for eligible applicants.
Always verify up-to-date qualifications and program limits at official agency pages.
Rate Locks, Points & When to Reprice
Equity Prime Mortgage offers rate lock periods (commonly 30–60 days); locks protect against changes in prevailing rates while the loan closes.
Some programs feature “float-down” options, but availability and cost vary—confirm in writing if offered.
Discount points allow borrowers to lower the note rate by paying up front; conversely, lender credits increase your rate but reduce closing costs.
If the market shifts significantly or material changes occur in your application, repricing may be necessary—review official disclosures before commitment.
Refinance & Remortgage Options
Rate-and-term refinance: replace your current loan with improved rate, term, or type—often to lower payments or switch between fixed/ARM structures.
Cash-out refinance: replace your mortgage with a larger loan, drawing equity as cash for approved purposes (home improvements, debt consolidation, etc.).
Streamline refinance: faster process with reduced documentation for certain government-backed loans (FHA/VA/USDA) under approved circumstances.
Break-even analysis: weigh projected interest savings against new closing costs to estimate when a refinance becomes beneficial—review disclosures for true costs.
Risks & Responsible Borrowing
ARM loans may reset to significantly higher payments; payment shock can threaten affordability if rates rise sharply.
Property values can decline, potentially leading to “negative equity” (owing more than the home is worth).
Defaulting on mortgage obligations results in credit damage and risk of foreclosure.
It is prudent to budget for property taxes, insurance, repairs, and maintenance—escrows do not cover all homeownership costs.
Avoid borrowing up to the maximum approved amount if unable to afford fluctuations in tax, insurance, or rate changes.
Alternatives & Comparisons
Side-by-Side Comparison
Feature
Equity Prime Mortgage
Fixed-Rate Alternative
ARM/HELOC Alternative
Rate Type
Fixed or ARM—borrower chooses
Fixed (principal and interest constant)
Variable (rate and payment may change)
Down Payment
As low as 3%–5% (sample/illustrative), program-specific
Sample: 3%–20% (varies)
Often similar, but some HELOCs may offer up to 90–95% LTV
Insurance (PMI/MIP)
PMI applies above 80% LTV; drops with equity or via refinance, varies by loan
PMI applies above 80% LTV, cancels at 78% (federal rules)
Typically no PMI for stand-alone HELOCs; variable for ARMs
Closing Costs
2%–5% of loan (sample/illustrative)
Similar range; may vary by region and loan size
HELOCs may charge up-front fees or annual fees; ARMs similar to fixed except for reprice risk
Frequently Asked Questions
What types of mortgages does Equity Prime Mortgage offer?
Both conventional and government-backed loan options, including FHA, VA, USDA, and select proprietary/non-QM products.
Fixed-rate, adjustable-rate, cash-out, and investment property loans are available across the U.S.
How is Equity Prime Mortgage regulated and licensed?
Equity Prime Mortgage LLC is licensed to operate in all 50 U.S. states.
It is subject to federal and state lending regulations and must provide official Loan Estimates and disclosures to all applicants.
How can borrowers avoid paying PMI?
Provide a down payment of at least 20% of the purchase price or appraised value for most conventional mortgages.
PMI can be cancelled when sufficient equity is reached (typically 78% LTV, by federal rule), or refinance into a program without mortgage insurance once eligible.
Conclusion & Next Steps
Equity Prime Mortgage is suitable for homebuyers, refinancers, and investors seeking a wide range of home loan choices, including government-backed, conventional, and specialty programs.
Borrowers who need flexibility due to self-employment, unique income, or non-traditional credit circumstances may find appropriate options.
All applicants should review official rate, fee, and eligibility disclosures directly from Equity Prime Mortgage and relevant government regulators.
