About Preferred Mortgage Service Inc
Preferred Rate, established in 1986, is a prominent mortgage broker offering a wide array of home loan solutions across numerous states. Headquartered in El Segundo, California, the company prides itself on simplifying the home financing process through its knowledgeable loan advisors and advanced digital tools. They are dedicated to helping borrowers navigate diverse financial situations, from first-time homebuyers to seasoned investors.
The lender specializes in a comprehensive suite of loan products including Conventional, FHA, VA, USDA, Jumbo, and various Non-QM options like Bank Statement, DSCR, and Asset Depletion loans. Preferred Rate is committed to providing flexible financing tailored to individual needs, addressing challenges such as low down payments, credit considerations, and unique income verification scenarios for self-employed individuals and investors.
Preferred Rate leverages technology to enhance the borrower experience, offering an intuitive online application, a secure client portal for document management, and e-signatures. Their focus on client satisfaction is reflected in their high ratings across major review platforms and their continuous effort to deliver efficient, transparent, and personalized mortgage services.
The lender specializes in a comprehensive suite of loan products including Conventional, FHA, VA, USDA, Jumbo, and various Non-QM options like Bank Statement, DSCR, and Asset Depletion loans. Preferred Rate is committed to providing flexible financing tailored to individual needs, addressing challenges such as low down payments, credit considerations, and unique income verification scenarios for self-employed individuals and investors.
Preferred Rate leverages technology to enhance the borrower experience, offering an intuitive online application, a secure client portal for document management, and e-signatures. Their focus on client satisfaction is reflected in their high ratings across major review platforms and their continuous effort to deliver efficient, transparent, and personalized mortgage services.
Company Information
Founded: 1986
Lender Type: Mortgage Broker
Headquarters: El Segundo, CA
Licensed In
CACOFLGAILMDMIMNNCNJNVORPASCTNTXUTVAWAWI
Certifications & Credentials
FHA ApprovedVA ApprovedUSDA Approved
Digital Capabilities
Online Application
Mobile App
Digital Document Upload
Online Account Management
Rate Calculator
E-Signature
Real-Time Status Updates
Home Loan Products
Conventional Loan Programs
Loan Types:
ConventionalRefinanceCash-Out Refinance
Rate Types:
Fixed RateAdjustable Rate (ARM)
Property Types:
Single-Family HomeCondoTownhouseMulti-Family (2-4 units)Investment PropertyVacation/Second Home
Occupancy Types:
Primary ResidenceSecond HomeInvestment Property
Employment Types:
W-2 EmployeeSelf-Employed
Income Verification:
Full Documentation
Special Programs:
Low Down Payment ProgramHomeReady ProgramHome Possible Program
Credit Tiers:
Good (680-739)Fair (620-679)
3%
Min Down Payment
97%
Max LTV
620
Min Credit Score
FHA Loan Programs
Loan Types:
FHARefinanceCash-Out Refinance
Rate Types:
Fixed RateAdjustable Rate (ARM)
Property Types:
Single-Family HomeMulti-Family (2-4 units)CondoManufactured/Mobile Home
Occupancy Types:
Primary Residence
Employment Types:
W-2 EmployeeSelf-Employed
Income Verification:
Full Documentation
Special Programs:
First-Time HomebuyerDown Payment AssistanceFHA 203k
Credit Tiers:
Fair (620-679)Poor (580-619)
3.5%
Min Down Payment
580
Min Credit Score
VA Loan Programs
Loan Types:
VARefinanceCash-Out Refinance
Rate Types:
Fixed RateAdjustable Rate (ARM)
Property Types:
Single-Family HomeMulti-Family (2-4 units)Condo
Occupancy Types:
Primary Residence
Employment Types:
W-2 EmployeeSelf-Employed
Income Verification:
Full Documentation
Special Programs:
Veteran ProgramNo PMI Program
Credit Tiers:
Good (680-739)
0
620
Min Credit Score
USDA Loan Programs
Loan Types:
USDA
Rate Types:
Fixed Rate
Property Types:
Single-Family Home
Occupancy Types:
Primary Residence
Employment Types:
W-2 EmployeeSelf-Employed
Income Verification:
Full Documentation
Special Programs:
Low Down Payment Program
Credit Tiers:
Good (680-739)
0
620
Min Credit Score
Jumbo Loan Programs
Loan Types:
JumboRefinanceCash-Out Refinance
Rate Types:
Fixed RateAdjustable Rate (ARM)Interest-Only
Property Types:
Single-Family HomeCondoMulti-Family (2-4 units)Investment PropertyVacation/Second Home
Occupancy Types:
Primary ResidenceSecond HomeInvestment Property
Employment Types:
W-2 EmployeeSelf-EmployedInvestorBusiness Owner
Income Verification:
Full Documentation
Credit Tiers:
Excellent (740+)
90%
Max LTV
DSCR (Debt Service Coverage Ratio) Loans
Loan Types:
DSCRNon-QM
Rate Types:
Fixed Rate
Property Types:
Single-Family HomeMulti-Family (2-4 units)Investment Property
Occupancy Types:
Investment Property
Employment Types:
InvestorBusiness Owner
Income Verification:
No Income Verification
Bank Statement Loans
Loan Types:
Bank StatementNon-QM
Rate Types:
Fixed RateAdjustable Rate (ARM)
Property Types:
Single-Family HomeCondoTownhouseMulti-Family (2-4 units)
Occupancy Types:
Primary ResidenceSecond HomeInvestment Property
Employment Types:
Self-EmployedBusiness Owner
Income Verification:
Bank Statement
Special Programs:
Self-Employed ProgramBank Statement Program
Asset Depletion Loans
Loan Types:
Asset DepletionNon-QM
Rate Types:
Fixed RateAdjustable Rate (ARM)
Property Types:
Single-Family HomeCondoTownhouseMulti-Family (2-4 units)
Occupancy Types:
Primary ResidenceSecond HomeInvestment Property
Employment Types:
RetiredInvestor
Income Verification:
Asset Depletion
Special Programs:
Asset Depletion Program
Home Equity Loans
Loan Types:
HELOCHome Equity Loan
Rate Types:
Fixed RateAdjustable Rate (ARM)
Property Types:
Single-Family HomeCondoTownhouse
Occupancy Types:
Primary Residence
Employment Types:
W-2 EmployeeSelf-EmployedRetired
Income Verification:
Full Documentation
Construction Loans
Loan Types:
Construction
Rate Types:
Fixed RateAdjustable Rate (ARM)
Property Types:
Single-Family Home
Occupancy Types:
Primary Residence
Contact Information
122 S Michigan Ave
Chicago, IL 60603
US
Mailing Address:
Preferred Rate, 20355 Hawthorne Blvd., Suite 200, Torrance, CA 90503
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Business Information
Category: Mortgage Broker
Location: Chicago, IL
Status: Standard
Founded: 1986
Type: Mortgage Broker
NMLS ID: 29548
Profile Views: 1
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