United Wholesale Mortgage Heloc: A Review of Wholesale Lender Services and Product Mix

United Wholesale Mortgage (UWM) offers a Home Equity Line of Credit (HELOC) product that allows homeowners to borrow against the equity in their home. UWM's HELOC product offers a competitive interest rate and flexible repayment terms.

UWM's HELOC product has a minimum loan amount of $25,000 and a maximum loan amount of $500,000, with a maximum loan-to-value (LTV) ratio of 80%. This means that homeowners can borrow up to 80% of their home's value, minus any outstanding mortgage balance.

Homeowners can access their HELOC funds through a variety of methods, including checks, online banking, and mobile banking.

Take a look at this: How Do I Know If I Have a Heloc Loan

United Wholesale Mortgage works with mortgage brokers to facilitate mortgage loans. You'll need to work with a mortgage broker to get a mortgage from this lender. Mortgage brokers compare loan options from many different lenders and guide borrowers through the approval process.

Worth a look: Professional Indemnity Insurance for Finance Brokers

Working with a wholesale lender like United Wholesale Mortgage requires a mortgage broker.

To get a mortgage from United Wholesale Mortgage, you'll need to work with a mortgage broker who guides you through the approval process. Mortgage brokers compare loan options from many different lenders to find the best fit for you.

A mortgage broker acts as your advocate, helping you navigate the complex world of mortgage lending and ensuring you get the best deal possible.

Explore further: How to Use a Heloc to Your Advantage

United Mortgage Services is a subsidiary of United Wholesale Mortgage, offering a range of mortgage services to its customers.

United Mortgage Services provides mortgage processing and underwriting services to its customers, allowing them to streamline their mortgage operations and reduce costs.

The company's mortgage services include loan origination, processing, and underwriting, as well as loan closing and funding.

United Mortgage Services also offers a range of mortgage products, including conventional, FHA, and VA loans.

These mortgage products are designed to meet the unique needs of its customers, whether they are homebuyers, homeowners, or investors.

UWM offers a range of refinancing options, including rate-and-term refinances and cash-out refinances, even for borrowers with little equity.

These options can help you lower your monthly payments, switch to a more favorable loan term, or tap into your home's equity for other expenses.

For example, you can refinance your mortgage to take advantage of a lower interest rate or to change the length of your loan term.

UWM also provides Home Equity Lines of Credit (HELOCs), including traditional HELOCs that allow you to borrow against your home's equity.

A piggyback HELOC can be taken out with your main mortgage to help cover your down payment, providing an additional source of funding for your home purchase.

United Wholesale Mortgage offers both rate-and-term and cash-out refinance options, including loans for borrowers with little equity.

Their mortgage rates are around average compared to other lenders, but be aware that the lender doesn't publish its current rates online, so you'll need to get preapproved through a mortgage broker to find out what rate you might get.

The average borrower paying origination charges for a conventional mortgage from UWM in 2023 was $5,466, which is slightly high compared to other lenders.

Here's a breakdown of the average fees for different loan sizes:

Jumbo loans can be a great option for those who need a larger loan amount, but you'll need a good credit score to qualify. In fact, you'll need a credit score of 660 or higher to get a jumbo loan through UWM, which can go up to $3.5 million.

If you're considering a jumbo loan, it's essential to understand the fees and rates involved. For example, the average fees for jumbo loans are around $14,836, and the average rate is around 6.60%.

Here's a breakdown of the average loan sizes and fees for different loan ranges:

Keep in mind that these are just averages, and your actual fees and rates may vary depending on your individual circumstances.

High fees can be a significant concern when shopping for a mortgage. United Wholesale Mortgage's origination charges are slightly high, with an average borrower paying $5,466 in 2023, according to HMDA data.

Comparing rates from multiple lenders can help you avoid high fees. By working with a mortgage broker, you can see if there's another lender that can offer a better rate.

Origination charges can add up quickly, so it's essential to factor them into your budget.

On a similar theme: High Dti Heloc Lenders near Me

The calculator used by United Wholesale Mortgage is not an official calculator, but rather a tool that uses SimulatedRate technology and basic math to estimate mortgage payments.

It relies on simulations and user inputs to provide these estimates.

The default purchase price used in these calculations is based on the median sales price across the US for 2022Q4, according to FRED.

United Wholesale Mortgage's average total fees were $10,432, which is higher compared to other lenders. This is a significant amount to consider when evaluating the overall cost of a home equity loan.

The data shows that the most frequently occurring range of origination fees (closing costs) for United Wholesale Mortgage were in the $5k+ bucket, with 111,690 originations. This suggests that many borrowers are paying high fees for their loans.

Here's a breakdown of the origination fees/closing costs for United Wholesale Mortgage:

The average total origination fees for 30-year fixed-rate mortgages across all lenders were $9,089. This is a lower average compared to United Wholesale Mortgage's $10,432.

United Wholesale Mortgage's interest rates and loan sizing trends in 2023 reveal some interesting insights. Their average interest rate for loans was 6.73%, with the most frequently originated rate bucket being 6-7% at 131,648 originations.

The company also placed a strong emphasis on $200k-400k loans, with 135,663 originations totaling $40,203,025,000 in origination value. This loan size range had an average loan amount of $296,345 and average fees of $9,379.

Here's a breakdown of the loan size ranges and their corresponding originations, total values, and average loan amounts:

United Wholesale Mortgage's average interest rate for loans in 2023 was 6.73%, which is right around average compared to other lenders.

The most frequently originated interest rate bucket for loans was 6-7%, with a whopping 131,648 originations. This rate bucket accounted for a significant portion of the total loan value, with a total value of $49,428,260,000.

In comparison, the 5-6% interest rate bucket had 76,702 originations, while the 7-8% bucket had 65,027 originations. The 4-5% bucket had the fewest originations, with only 3,686 loans.

Here's a breakdown of the interest rate buckets:

Keep in mind that these numbers are based on 2023 data, and interest rates may have changed since then.

Loan Sizing plays a crucial role in determining the overall cost and feasibility of a loan. United Wholesale Mortgage's data reveals some interesting trends in loan sizing.

The majority of originations in 2023 were in the $200k-400k range, with 135,663 loans totaling $40,203,025,000 in origination value. This range is significantly larger than any other loan size category.

Breaking down the data further, we can see that the average loan size in this range was $296,345, with average fees of $9,379 and an average interest rate of 6.63%.

Here's a summary of the average loan details for each loan size category:

The numbers clearly show that larger loan sizes come with higher average fees and interest rates.

United Wholesale Mortgage lent most frequently to those with incomes in the $100k-150k range, with 78,727 originations.

The average loan amount for applicants in this income bracket was $379,653, with average fees of $10,920 and an average interest rate of 6.70%.

Applicants with incomes between $150k-250k received the second most originations, with 58,854 loans.

These applicants had an average loan amount of $480,572, with average fees of $11,701 and an average interest rate of 6.82%.

The income bands with the fewest originations were $50k or less, with 19,677 loans, and $250k+, with 28,626 loans.

Here's a breakdown of the originations by income band: