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 gathers mortgage lender information through a variety of means, including direct contact with lenders, regulatory filings and assessments by reputable third parties. Our research takes into account three main factors: affordability, availability and borrower experience.

  Bankrate's mortgage reporters and editors have decades of experience covering the mortgage industry. Based on the three main criteria, our team evaluated more than 85 lenders, assigning each a Bankrate Score out of five stars. Here's how we assess each factor:

  • Affordability: Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) the 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: What loan programs does the lender offer, and how quickly will your application be approved and processed? We evaluate lenders for loan timelines and diversity of mortgage products.
  • Borrower experience: Finally, we delve into what it's like to deal with the lender as a consumer, including the lender's application process and availability of customer service support. .

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

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 3/5

Affordability differs from lender to lender, so comparing costs is key.

Because it’s a wholesale lender, United Wholesale Mortgage doesn’t advertise 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, and charges a $34 credit check fee. It 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.

In terms of affordability, UWM can help you save with its Conventional 1% Down program, which helps cover 2 percent of your down payment (up to a $4,000 limit), provided you qualify.

Availability: 5/5

This factor 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

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 might be less convenient, 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

United Wholesale Mortgage isn’t a direct-to-consumer lender, so you won’t be able to apply for a loan by calling the lender or visiting its website. To get access to its programs, you’ll need to work with a mortgage broker.

Regardless of which lender you choose to work with, here are some tips to prepare for the process:

1. 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.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with United Wholesale Mortgage

United Wholesale Mortgage can help with refinancing, but as is the case with buying a home, you won’t be able to apply for a mortgage with this lender directly

Special programs offered by United Wholesale Mortgage

Game On program

Launched in 2022, this promotion promises to drop your interest rate by half a point to a full point.

Control Your Price program

This program, started in early 2023, piggybacks on the Game On promotion, giving mortgage brokers additional flexibility to cut rates.

Conventional 1% Down program

Typically, you’ll need at least 3 percent down for a conventional loan. United Wholesale Mortgage’s Conventional 1% Down program eliminates that requirement. If you’re eligible, you’ll only need to provide 1 percent down, while the lender provides the remaining 2 percent, up to $4,000. (That means the down payment benefit maxes out at $200,000; a borrower who takes a $400,000 loan under the program would get 1 percent of the down payment from United Wholesale Mortgage, and would need to come up with 2 percent.)