United Wholesale Mortgage overview
United Wholesale Mortgage, as its name suggests, is a mortgage wholesaler, which is a fancy way of saying it does not lend directly to borrowers. Instead, you have to apply for a loan through a mortgage broker, and many of the specific loan terms and fees will vary. Founded in 1986, the lender is headquartered in Pontiac, Michigan, and is one of the top wholesalers in the country.
Borrowers who are working with a mortgage broker
- Rate-and-term, cash-out and streamline refinancing
United Wholesale Mortgage offers the option of a flat closing fee of $200 in most areas where it lends. In Colorado and New Jersey, the closing fee is $300. There’s also a $31 fee for a credit report check.
One notable perk is that United Wholesale Mortgage doesn’t charge an escrow waiver fee on most conventional and VA loans. That means borrowers who choose to waive escrow (pay taxes and insurance on their own) won’t have to pay extra to do so.
United Wholesale Mortgage does not publicize mortgage rates on its website; the broker you work with might.
United Wholesale Mortgage is accredited with the Better Business Bureau, where it has an A+ rating. On Trustpilot, it is rated 3.7 out of five stars. In J.D. Power’s 2021 U.S. Primary Mortgage Servicer Satisfaction Study, it is ranked 17 out of 32.
Borrowers cannot apply directly for loans through United Wholesale Mortgage, but can find a mortgage broker to help at FindAMortgageBroker.com. Depending on the broker you work with, you might be able to get preapproved or prequalified online, but that is outside of United Wholesale Mortgage’s purview. Some of the brokers who work with the lender might also offer other online conveniences and resources like educational tools and paperless documents.
Minimum borrower requirements
United Wholesale Mortgage’s borrower requirements vary by loan type. For a conventional loan, borrowers need a credit score of 640 or higher and a down payment of at least 3 percent. The lender doesn’t publish its debt-to-income (DTI) requirements online, but following Fannie Mae’s guidelines, you’ll generally need a DTI ratio of 43 percent or lower in order to qualify.
Jumbo mortgage borrowers can have a FICO score as low as 680, but borrowers only putting 10 percent down will need a credit score of 720 or higher.
It’s possible to qualify for an FHA loan with a credit score as low as 580. For an FHA loan, you’ll typically need a DTI ratio of 50 percent or less.
VA loans through the lender require a credit score of 640 or higher. There’s a minimum loan amount of $125,000. You’ll also need low debt relative to your income.
There are no credit or minimum down payment requirements for USDA loans, but borrowers must meet income eligibility guidelines and be located in an eligible rural area. To get the best USDA pricing through the lender, however, borrowers need a minimum credit score of 640.
Refinancing with United Wholesale Mortgage
As with purchase loans, all refinancings through United Wholesale Mortgage must be done through a mortgage broker.
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Breakdown of United Wholesale Mortgage overall review score
- Affordability: 3/5
- Availability: 3.8/5
- Borrower experience: 4.7/5
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates 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. Here is our full methodology.