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United Wholesale Mortgage Review 2023

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At a glance

United Wholesale Mortgage

Editor's take

A top lender in terms of volume, United Wholesale Mortgage wants your business, as evidenced by its aggressive price promotions. But unlike other large lenders, this company doesn’t deal directly with you. Instead, United Wholesale Mortgage operates through a network of mortgage brokers.

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3.8
Rating: 3.8 stars out of 5
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Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing; home equity lines of credit (HELOCs)

Credit Good

Min. credit score required

640 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 640 for VA loans

Location

Nationwide availability

Available in all U.S. states

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Min. down payment

3% for conventional conforming loans, 3.5% for FHA loans, none for VA loans

At a glance

United Wholesale Mortgage

3.8

Rating: 3.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing; home equity lines of credit (HELOCs)

Location

Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required

640 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 640 for VA loans

United Wholesale Mortgage overview

Founded in 1986, United Wholesale Mortgage (UWM) is headquartered in Pontiac, Michigan. As its name suggests, UWM is a mortgage wholesaler, meaning it doesn’t deal directly with consumers. Instead, you must apply for a loan through a mortgage broker, and many of the specific loan terms and fees will vary.
 
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Bankrate insight

United Wholesale Mortgage competes hard on price, using its Game On and Control Your Price promotions to drop rates for borrowers.
 

Pros and cons of United Wholesale Mortgage

Pros
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    High loan amounts available for conventional financing

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    Option for low $200 to $350 closing fees

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    Fast turnaround times for new loan originations (14 days or less on average

Cons
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    Doesn't lend directly to borrowers

Our Editor’s Take on United Wholesale Mortgage

A top lender in terms of volume, United Wholesale Mortgage wants your business, as evidenced by its aggressive price promotions. But unlike other large lenders, this company doesn’t deal directly with you. Instead, United Wholesale Mortgage operates through a network of mortgage brokers.

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.

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.

Compare United Wholesale Mortgage to other lenders

United Wholesale Mortgage

Rating: 3.8 stars out of 5
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3.8

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LoanDepot
Rating: 4.4 stars out of 5
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4.4

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Rocket Mortgage
Rating: 4.5 stars out of 5
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4.5

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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing; home equity lines of credit (HELOCs)

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; construction and renovation loans

Loans offered

Conventional, jumbo, FHA, VA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity loan; investment property; flex-term

Min. credit score required

640 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 640 for VA loans

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 620 for VA loans

Min. credit score required

620 for conventional loans, 680 for jumbo loans, 580 for FHA loans, 580 for VA loans

Down payment

3% for conventional conforming loans, 3.5% for FHA loans, none for VA loans

Down payment

3.5% for FHA loans

Down payment

3% for conventional conforming loans, 3.5% for FHA loan, none for VA loans, 10%-15% for jumbo loans

Nationwide availability

Available in all U.S. states

Nationwide availability

Available in all U.S. states

Nationwide availability

Available in all U.S. states

United Wholesale Mortgage customer ratings and reviews

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