United Bank Mortgage Rates, Fees, and Loan Options Compared

The bank's mortgage rates are competitive, with rates starting as low as 3.5% for a 30-year fixed-rate loan.

United Bank's mortgage fees are relatively low, with no origination fees for most loan types.

The bank's loan options also include government-backed loans like FHA and VA loans, which can be a good choice for first-time homebuyers or military veterans.

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At United Bank, you have two main mortgage options to choose from: Fixed Rate and Adjustable Rate Loans.

A fixed rate loan provides a sure rate for the life of your loan, which can give you peace of mind and stability in your monthly payments.

With an adjustable rate loan, the rate starts lower and adjusts with the market, potentially offering a lower initial rate but also increasing the risk of higher payments later on.

United Bank has a range of mortgage options to fit your needs, so you can find the one that works best for you.

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United Bank offers a range of mortgage rates, with terms that vary depending on the loan type. The bank provides fixed-rate mortgages with terms ranging from 10 to 30 years.

For example, a 10-year fixed-rate mortgage from United Bank has a minimum loan amount of $50,000 and a maximum loan amount of $250,000. This loan type comes with a 2.5% origination fee.

United Bank's 30-year fixed-rate mortgage has a minimum loan amount of $50,000 and a maximum loan amount of $1 million, with a 1% origination fee.

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Large Loans can be a challenge to navigate, but understanding the basics is key to making an informed decision.

High balance loans are often used for homes with higher price tags, typically above $510,400.

Jumbo loans, on the other hand, are used for much larger purchases, often exceeding $1 million.

These types of loans often come with stricter credit requirements and higher interest rates.

Are you looking for a high balance or jumbo loan? It's essential to work with a lender who has experience with these types of loans.

Explore further: Average 30-year Mortgage Rates Are Creeping Higher as Inflation Persists.

When looking at loan purposes, it's clear that Home Purchase was the most popular reason for a loan in 2023, with 795 originations.

Home Purchase loans had a total value of $535,565,000, with an average loan amount of $673,667 and an average fee of $5,069. The average interest rate for these loans was 7.05%.

Home Improvement was the second most popular reason for a loan, with 370 originations.

Here's a breakdown of the loan purposes:

The average loan amount for Home Improvement loans was $139,108, with an average fee of $4,303 and an average interest rate of 8.93%.

In 2023, United Bank's most frequently cited loan duration was Other, with a whopping 813 originations. This is significantly more than any other loan duration.

The 2nd most popular length was 30 Year, with 515 originations. This is a substantial number, indicating that many people are opting for longer-term loans.

The total value of loans with a 5 Year duration was a staggering $137,900,000. This is a notable figure, highlighting the importance of short-term loans in the market.

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On average, loans with a 5 Year duration had a value of $907,237. This is a significant amount, suggesting that these loans are often used for larger purchases.

Loans with a 30+ year duration had an average value of $524,298. This is a substantial amount, indicating that these loans are often used for major purchases or investments.

Here are the top 5 loan durations by originations:

Loans with a 30 Year duration had an average rate of 6.35%. This is a relatively low interest rate, indicating that these loans are often used for larger purchases or investments.

Loans with a 5 Year duration had an average rate of 7.56%. This is a slightly higher interest rate, suggesting that these loans are often used for shorter-term purposes.

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