United Wholesale Mortgage Review 2023

How Bankrate scored United Wholesale Mortgage 

To determine United Wholesale Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. (Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews.) We derived its overall score by considering three basic factors.

• Affordability: United Wholesale Mortgage is a wholesale lender; you’ll learn what rate you qualify for via your broker, who might be able to snag you savings on closing costs.
• Availability: UWM works with brokers and borrowers across the U.S., and the lender has added home equity options to its product lineup.
• Borrower experience: Working with a mortgage broker, you might find the financing experience more hands-on compared to that of other lenders.

• Methodology

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

Affordability: 3/5

TLoan cost is a deciding factor for many borrowers.  The affordability nature of loans differ from lender to lender, so comparing costs is key. Because it’s a wholesale lender, United Wholesale Mortgage doesn’t publicize rates on its website. (The broker you work with might, however.) The lender offers the option of a flat closing fee between $200 and $350. There’s also a $34 fee for a credit report check. One other notable perk: UWM doesn’t charge an escrow waiver fee on most conventional loans. That means borrowers who choose to waive escrow (in other words, pay property taxes and insurance on their own) won’t have to pay extra to do so.

Availability: 5/5

Availability factors can make the overall mortgage-application process smoother or more challenging. Brokers who work with United Wholesale Mortgage have access to conventional, FHA, VA and USDA loans, which means you might have several options to suit your credit and financial circumstances. The lender has added home equity solutions to the fold, as well: a standard line of credit and a so-called piggyback line of credit, the latter of which allows borrowers with lower down payments to obtain a purchase loan and line of credit at the same time.

Borrower experience: 4.3/5

Customer experience factors can help you know what to expect when you work with a specific lender. United Wholesale Mortgage is a leading player in the space, with an A+ rating from the Better Business Bureau. You can’t apply directly for loans through United Wholesale Mortgage — you must go through a mortgage broker. While that’s a tad cumbersome, depending on the broker you work with, you might be able to get preapproved or prequalified online. Some of the brokers who work with the lender might also offer other online conveniences and resources like educational tools and paperless underwriting. The lender also offers a fee-free digital payment option.

How to apply for a mortgage with United Wholesale Mortgage

This company doesn’t take applications directly from borrowers; a mortgage broker acts as the go-between. Aside from that, United Wholesale Mortgage’s application process is similar to other lenders’. Here are some tips for streamlining the process:

Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

Gather personal and financial documents. With any lender, you must supply documentation proving your income, assets and debts. These documents typically include:

• Pay stubs from at least the past 30 days
• W-2s from the past two years
• Proof of any other income sources (such as bonuses or commissions, child support or rental revenue)
• Account statements, including checking, CDs and retirement savings, from at least the past two months
• Documents detailing any loans you currently have
• Letters explaining any new loans you’ve taken out recently
• Letters from anyone giving you a gift to use for a down payment
• Court records if you’re recently divorced or dealt with something like bankruptcy or foreclosure
• Contact info for your landlords if the lender wants to verify payment
• ID (such as a driver’s license or passport), so lenders can verify your identity and that you’re a U.S. citizen. Foreign nationals can get financing, but it’s much more complicated.

Those who are self-employed might also need to include additional information and undergo an income audit. This might include asking an accountant to verify your income is stable by speaking with customers; reviewing business records, like P&L statements; or taking other steps.

Provide details about the property. If it’s a purchase mortgage, you’ll need to supply the address of the home you’re buying and submit to an appraisal. If you’re refinancing, you may or may not need an appraisal.

Refinancing with United Wholesale Mortgage

This company refinances existing mortgages, and its refi application process is similar to the purchase application process. Before you start, think about your goals. Are you refinancing mainly to adjust your current mortgage’s rate and term? Or do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can speak more knowledgeably with a mortgage broker and, if you determine UWM offers the right refinance for you, apply with them via the broker.