Mortgage Unlimited Rates, Fees & Info

Garfield, NJ

LEI: 549300BZNDHH8KWC0I67

Tax ID: 27-4541183

1.9 stars - out of 5 stars, based on 25 reviews

Latest/2021 | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Mortgage Unlimited is a smaller mortgage company specializing in Home Purchase and Refi loans. Mortgage Unlimited has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: New York, Hartford, Orlando, Poughkeepsie, and Philadelphia among others. We have data for 27 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mortgage Unlimited has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mortgage Unlimited is typically a high fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

    We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

    Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

    Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.93% 11/27/22
    30 Year Conventional Refi 6.92% 11/27/22
    30 Year FHA Purchase 7.64% 11/27/22
    30 Year FHA Refi 7.60% 11/27/22
    30 Year VA Purchase 6.82% 11/27/22
    30 Year VA Refi 6.42% 11/27/22
    15 Year Conventional Purchase 6.13% 11/27/22
    15 Year Conventional Refi 6.34% 11/27/22
    15 Year Cash-out Refi 6.34% 11/27/22
    15 Year FHA Refi 8.17% 11/27/22
    These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.


    Originations

    623

    Origination Dollar Volume (All Markets)

    $218,655,000

    Relative Rate

    Mortgage Unlimited's average 30 year fixed mortgage rate was 3.11%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.04%.

    Relative Fees (Closing Costs)

    Mortgage Unlimited's average total fees/closing costs for a 30 year fixed rate mortgage were $7,960.

    The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

    Top Markets

    Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

    Market Originations Total Value Average Loan Average Fees Average Rate
    New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) 463 $175,455,000 $378,952 $8,007 3.05%
    HARTFORD-EAST HARTFORD-MIDDLETOWN, CT (FHA|USDA|VA) 46 $11,570,000 $251,522 $6,268 3.04%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 31 $10,025,000 $323,387 $6,726 3.28%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 12 $3,720,000 $310,000 $5,432 3.33%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 12 $2,940,000 $245,000 $7,009 2.75%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 7 $2,135,000 $305,000 $6,013 3.02%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 7 $1,745,000 $249,286 $5,728 2.93%
    DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) 6 $1,200,000 $200,000 $4,322 3.19%
    TRENTON-PRINCETON, NJ (FHA|USDA|VA) 4 $1,190,000 $297,500 $14,134 3.00%
    GAINESVILLE, FL (FHA|USDA|VA) 3 $985,000 $328,333 $5,809 3.25%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 3 $935,000 $311,667 $5,758 3.25%
    Outside of Metro Areas 4 $770,000 $192,500 $5,815 3.31%
    ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) 4 $680,000 $170,000 $3,831 2.78%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 2 $620,000 $310,000 $13,441 2.94%
    Torrington, CT (FHA|USDA|VA) 2 $560,000 $280,000 $6,364 3.00%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 2 $550,000 $275,000 $8,657 3.06%
    NORWICH-NEW LONDON, CT (FHA|USDA|VA) 2 $500,000 $250,000 $4,655 3.06%
    Auburn, NY (FHA|USDA|VA) 1 $405,000 $405,000 $7,546 2.75%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $390,000 $195,000 $5,838 3.06%
    OCALA, FL (FHA|USDA|VA) 2 $390,000 $195,000 $8,847 3.06%
    SCRANTON--WILKES-BARRE, PA (FHA|USDA|VA) 2 $380,000 $190,000 $7,835 2.69%
    TALLAHASSEE, FL (FHA|USDA|VA) 1 $335,000 $335,000 $5,300 3.13%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $325,000 $325,000 $11,090 3.75%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $275,000 $275,000 $4,720 3.13%
    LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) 1 $275,000 $275,000 $9,974 2.75%
    HARRISBURG-CARLISLE, PA (FHA|USDA|VA) 1 $155,000 $155,000 $3,429 2.88%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $145,000 $145,000 $3,144 2.88%
    Mortgage Unlimited's top markets include New York, Hartford, Orlando, Poughkeepsie, and Philadelphia among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • Connecticut (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Mortgage Unlimited based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    N C P D Federal Credit Union
    Similarity Rank: 102
    Schuyler Savings Bank
    Similarity Rank: 352
    POLISH NATIONAL
    Similarity Rank: 376
    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 380
    Louviers Federal Credit Union
    Similarity Rank: 410
    Sanborn Mortgage Corporation
    Similarity Rank: 435
    BHCU
    Similarity Rank: 504
    SIKORSKY FINANCIAL
    Similarity Rank: 522
    El Dorado Savings Bank, F.S.B.
    Similarity Rank: 624
    The Milford Bank
    Similarity Rank: 628

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 484 $168,730,000 $348,616 $6,292 3.10%
    FHA 130 $46,410,000 $357,000 $12,618 2.94%
    VA 9 $3,515,000 $390,556 $7,446 2.94%

    For 2021, Mortgage Unlimited's most frequently originated type of loan was Conventional, with 484 originations. Their 2nd most popular type was FHA, with 130 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 366 $133,500,000 $364,754 $8,695 3.06%
    Refi 257 $85,155,000 $331,342 $6,076 3.07%

    For 2021, Mortgage Unlimited's most frequently cited loan purpose was Home Purchase, with 366 originations. The 2nd most popular reason was Refi, with 257 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 556 $200,100,000 $359,892 $7,960 3.11%
    15 Year 40 $10,470,000 $261,750 $4,960 2.64%
    20 Year 18 $5,500,000 $305,556 $4,524 2.88%
    Other 5 $1,645,000 $329,000 $5,228 2.83%
    10 Year 4 $940,000 $235,000 $4,267 2.31%

    For 2021, Mortgage Unlimited's most frequently cited loan duration was 30 Year, with 556 originations. The 2nd most popular length was 15 Year, with 40 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 422 $145,950,000 $345,853
    $2k-3k 59 $19,165,000 $324,831
    $5k+ 52 $22,020,000 $423,462
    $3k-4k 43 $14,465,000 $336,395
    $4k-5k 31 $11,215,000 $361,774
    $<1k 14 $5,440,000 $388,571

    Mortgage Unlimited's average total fees were $7,960, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 422 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 282 $96,740,000 $343,050
    2.5-3% 276 $99,820,000 $361,667
    <2.5% 53 $17,705,000 $334,057
    4-5% 12 $4,390,000 $365,833

    During 2021, Mortgage Unlimited's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 3-4%, with 282 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 339 $102,235,000 $301,578 $7,168 3.04%
    $400k-600k 168 $80,660,000 $480,119 $9,373 3.07%
    $100k-200k 79 $12,175,000 $154,114 $5,221 3.10%
    $600k-1MM 34 $23,340,000 $686,471 $9,446 3.12%
    $100,000 or less 3 $245,000 $81,667 $4,258 3.04%

    2021 saw Mortgage Unlimited place emphasis on $200k-400k loans with 339 originations, totaling $102,235,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 193 $70,195,000 $363,705 $7,871 3.10%
    $150k-250k 128 $54,280,000 $424,063 $7,104 3.08%
    $75k-100k 128 $42,970,000 $335,703 $8,338 3.03%
    $50k-75k 97 $24,115,000 $248,608 $7,239 2.99%
    $50k or less 44 $10,040,000 $228,182 $6,793 3.06%
    $250k+ 31 $15,965,000 $515,000 $7,635 3.10%

    Mortgage Unlimited lent most frequently to those with incomes in the $100k-150k range, with 193 originations. The second most popular income band? $150k-250k, with 128 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 95 $33,315,000 $350,684 $6,402 3.03%
    30-36% 95 $33,525,000 $352,895 $6,465 3.11%
    50-60% 51 $18,105,000 $355,000 $11,965 3.00%
    41% 35 $12,045,000 $344,143 $6,731 3.11%
    42% 33 $10,935,000 $331,364 $7,560 3.15%
    49% 32 $11,390,000 $355,938 $8,316 3.10%
    45% 31 $11,145,000 $359,516 $7,536 3.04%
    44% 30 $10,030,000 $334,333 $7,423 3.07%
    43% 27 $9,225,000 $341,667 $7,597 3.20%
    <20% 26 $8,670,000 $333,462 $5,975 2.77%
    46% 25 $8,945,000 $357,800 $9,291 3.07%
    37% 24 $8,060,000 $335,833 $6,588 2.98%
    38% 21 $8,145,000 $387,857 $6,820 3.08%
    36% 20 $7,380,000 $369,000 $7,477 3.02%
    40% 20 $6,330,000 $316,500 $7,389 3.09%
    47% 19 $6,685,000 $351,842 $8,939 3.10%
    39% 18 $6,560,000 $364,444 $8,441 3.07%
    48% 13 $4,835,000 $371,923 $8,940 3.06%
    >60% 8 $3,330,000 $416,250 $9,955 3.19%

    Mortgage Unlimited lent most frequently to those with DTI ratios of 20-30%, with 95 originations. The next most common DTI ratio? 30-36%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 470 $168,200,000 $357,872 $7,546 3.06%
    Not provided 64 $20,440,000 $319,375 $7,538 3.06%
    Black 59 $17,805,000 $301,780 $8,553 3.12%
    Asian 24 $9,190,000 $382,917 $6,690 2.96%
    American Indian 2 $1,020,000 $510,000 $10,949 3.25%
    Asian Indian 1 $835,000 $835,000 $6,694 3.38%
    Chinese 1 $505,000 $505,000 $8,598 3.25%
    Native Hawaiian or Islander 1 $495,000 $495,000 $15,642 3.00%
    Other Pacific Islander 1 $165,000 $165,000 $3,877 3.25%

    Approval Rates

    Total approvals of all applications
    95.61%

    Mortgage Unlimited has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    69.02%

    Mortgage Unlimited has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 623 $218,655,000 $350,971

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    623 $218,655,000 $350,971

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 17 $3,895,000 $229,118 $5,736 2.90%
    40-60% 84 $25,610,000 $304,881 $5,361 2.98%
    60-80% 215 $76,895,000 $357,651 $6,470 3.15%
    80-100% 306 $111,880,000 $365,621 $9,128 3.03%
    Over 100% 1 $375,000 $375,000 $16,456 3.25%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    MORTGAGE CENTER, LC FHA mortgage Closing on a mortgage 1 100.0%