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Prospect Mortgage Review

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PROS / Prospect Mortgage offers loans for refurbishing your new or existing home.

CONS / It has higher-than-average bank fees.

 VERDICT / Prospect Mortgage typically charges higher fees than other home refinance companies, its agents are well trained, and it offers multiple conventional and government-program loans, including loans for fixer-uppers.

Prospect Mortgage offers mortgages and home refinancing loans across the nation. It has local agents who are knowledgeable and trained in the latest mortgage regulations. It can work with people who have a lower credit score, and it offers both fixed- and adjustable-rate loans for 15- or 30-year terms. It offers home refinancing, including consolidating a first and second mortgage into a single low-rate loan.

Prospect Mortgage

This mortgage company can't provide construction loans, although it can broker one for you with a different bank. However, it does provide rehab mortgages, which allows you to purchase a fixer-upper that includes money for refurbishing the house.

  1. This score is based on the types of rates and fees companies offer associated with mortgage refinancing.
    Higher is Better.
  2. 10 Prospect Mortgage
  3. 100%
  4. 80%
  5. 60%
  6. Category Average

We were unable to evaluate Prospect Mortgage on its rates because it does not post fees online and is reluctant to give quotes over the phone without getting more specifics than we could provide.

Most companies give an estimate with the caveat that the numbers may change in the actual prequalification process. However, we did learn that Prospect charges fees at closing that are much higher than the industry average.

Prospect Mortgage can provide loans in any state and Washington DC. There's no national phone number to contact when looking for a loan, but the website has a locator function. We put in multiple zip codes and found several agents that could service each one. We called local agencies across the nation and had to leave messages in most cases. When we did connect with someone, we found the agents helpful and knowledgeable about the loans and laws in their area. In fact, at one point, a receptionist told us that agents were attending a conference about upcoming Federal Housing Administration changes. This is one of two mortgage companies that mentioned the changes to us.

The website has a link to its real estate partner as well as to guides, which are short articles with general information on key topics. You can also find a checklist of what you need for the application process and mortgage calculators. Of course, interest rates change daily, so the calculators can only give approximates.


Prospect Mortgage has agents across the nation and can provide mortgages and refinancing in all 50 states and Washington DC. While it doesn't reveal interest rates until it knows your specific information, it does have higher-than-average bank fees. However, its agents are knowledgeable and trained in current regulations. In addition, it offers rehab loans, making it a prime choice if you are looking to purchase a fixer-upper or want to refinance with extra money to improve your existing home.

Prospect Mortgage