Mortgage Unlimited Rates, Fees & Info

Garfield, NJ

LEI: 549300BZNDHH8KWC0I67

Tax ID: 27-4541183

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

2021 Data | 2020 Data | 2019 Data | 2018 Data


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 include New York, Hartford, Orlando, Poughkeepsie, and Philadelphia among others. Mortgage Unlimited has an above average approval rate for mortages when compared nationally. They have a below average pick rate when compared to the same sample of other lendors. Mortgage Unlimited is typically a high fee lendor.


Originations

623

Origination Dollar Volume (All Markets)

$218,655,000

Relative Rate

Mortgage Unlimited 's average 30 year fixed rate mortgage of loans were 3.11%.

The 2021 average 30 year fixed rate mortgage across all markets of loans were 3.15%.

This yields a difference of -0.04%.

Relative Fees

Mortgage Unlimited 's average total fees for a 30 year fixed rate mortgage are $7,960.

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

Top Markets

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.

Product Mix

Loan Type Originations Total Value Average Loan Average Fees Average 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 the 2021 period, Mortgage Unlimited 's most frequently originated loan type of loans were Conventional, with 484 originations. Their 2nd most popular type is FHA, with 130 originations.

Loan Reason

Loan Reason Originations Total Value Average Loan Average Fees Average 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 the 2021, Mortgage Unlimited 's most frequently cited loan purpose of loans were Home Purchase, with 366 originations. The 2nd most popular reason of loans were 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 the 2021, Mortgage Unlimited 's most frequently cited loan length of loans were 30 Year, with 556 originations. The 2nd most popular length of loans were 15 Year, with 40 originations.

Origination Fees

Origination Fee Originations Total Value Average Loan
$1k-2k 422 $145,950,000 $345,853
$3k-4k 74 $25,680,000 $347,027
$2k-3k 59 $19,165,000 $324,831
$5k+ 52 $22,020,000 $423,462
$<1k 14 $5,440,000 $388,571

$7,960 of loans were Mortgage Unlimited 's average total fees, while their most frequently occuring range of origination fees 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 of loans were 3.11%, while their most frequently originated rate bucket of loans were 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 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
95.83%

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
73.84%

Mortgage Unlimited has a below average pick rate.

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%