Mortgage Unlimited Rates, Fees & InfoGarfield, NJ
Tax ID: 27-4541183
Review & OverviewMortgage 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.
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|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.|
Origination Dollar Volume (All Markets)$218,655,000
Mortgage Unlimited's average 30 year fixed mortgage rate was
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.
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%|
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.
Similarity Rank: 102
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|Loan Type||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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||Originations||Total Value||Avg. Loan||Avg. Fees||Avg. Rate|
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.
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|
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.
|Loan Rate||Originations||Total Value||Average Loan|
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.
2021 saw Mortgage Unlimited place emphasis on $200k-400k loans with 339 originations, totaling $102,235,000 in origination value.
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
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.
Approval RatesTotal approvals of all applications
Mortgage Unlimited has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.
Pick RateApprovals leading to origination
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|
|Bank Name||Product||Issue||2021 CPFB Complaints||% of Total Issues|
|MORTGAGE CENTER, LC||FHA mortgage||Closing on a mortgage||1||100.0%|