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United Wholesale Mortgage Review 2024

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At a glance

United Wholesale Mortgage

Editor's take

A top mortgage lender in terms of volume, United Wholesale Mortgage doesn’t deal directly with you as the borrower. Instead, it operates through a network of mortgage brokers, who can connect you with the lender’s extensive lineup of loan products to suit virtually every need.

Bankrate Score
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3.7
Rating: 3.7 stars out of 5
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Customer Rating
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1.4
Rating: 1.39 stars out of 5

23 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 660 for jumbo loans, 580 for FHA loans, 580 for VA loans, 620 for USDA loans

Location

Nationwide availability

All U.S. states

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

At a glance

United Wholesale Mortgage

3.7

Rating: 3.7 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

620 for conventional loans, 660 for jumbo loans, 580 for FHA loans, 580 for VA loans, 620 for USDA loans

United Wholesale Mortgage overview

United Wholesale Mortgage (UWM) is a mortgage wholesaler, meaning it doesn’t deal directly with consumers. Instead, you’ll apply for a loan through a mortgage broker. Many of the specific loan terms and fees will vary based on which product you qualify for. This differs from applying for a mortgage on your own because the broker operates as an intermediary. The mortgage broker has access to mortgages that the average borrower does not — like those offered by UWM.
 
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Bankrate insight

In April 2024, United Wholesale Mortgage was hit with a proposed class-action lawsuit accusing the wholesale lender of steering borrowers toward more expensive loans. UWM called the suit "a sham." If you're working with a broker to get a mortgage, ask questions about the lenders they shopped, which ones they work with and whether you're obtaining the best possible deal.
 

Pros and cons of United Wholesale Mortgage

Pros
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    Wide range of mortgage options

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    Frequent promotions and down payment assistance initiatives

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    Option for closing fee as little as $350

Cons
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    Doesn't lend directly to borrowers

Our Editor’s Take on United Wholesale Mortgage

A top mortgage lender in terms of volume, United Wholesale Mortgage doesn’t deal directly with you as the borrower. Instead, it operates through a network of mortgage brokers, who can connect you with the lender’s extensive lineup of loan products to suit virtually every need.

How Bankrate scored United Wholesale Mortgage 

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

Affordability: 6.8/10

Because it’s a wholesale lender, United Wholesale Mortgage doesn’t advertise mortgage rates on its website. (The broker you work with might, however.) The lender offers the option of a flat closing fee of $350, and charges a $68 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: 9.8/10

Brokers who work with United Wholesale Mortgage have access to many loan types, such as:

This 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: 5.6/10

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 the lender, however  — 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 brokers 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. 

You can search brokers using MortgageMatchup.com, a directory of UWM brokers by location.

Here are some tips to prepare for applying:

  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.)

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Images courtesy of United Wholesale Mortgage as of 4/8/2024. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

Refinancing with United Wholesale Mortgage

United Wholesale Mortgage offers both rate-and-term and cash-out refinancing options. As with a home purchase loan, you’ll apply for a refinance through a broker, rather than the lender outright. This can require more legwork, as you’ll have to go through the process with an intermediary, but it can result in a more favorable refinance rate.

Special programs offered by United Wholesale Mortgage

Conventional 1% Down

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.)

Game On

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

Control Your Price

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

Compare United Wholesale Mortgage to other lenders

United Wholesale Mortgage

Rating: 3.7 stars out of 5
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3.7

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 660 for jumbo loans, 580 for FHA loans, 580 for VA loans, 620 for USDA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

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

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

United Wholesale Mortgage customer ratings and reviews

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1.4

Rating: 1.39 stars out of 5

23 ratings

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This lender has 21 recent reviews.

Knowledge
Rating: 1.5 stars out of 5
Level of service
Rating: 1.4 stars out of 5
Professionalism
Rating: 1.6 stars out of 5
Responsiveness
Rating: 1.4 stars out of 5
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87%

9% of customers would recommend this lender.

of 21 reviews

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