Mortgage Unlimited Rates, Fees & Info
Garfield, NJLEI: 549300BZNDHH8KWC0I67
Tax ID: 27-4541183
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Mortgage Data
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.
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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
623Origination Dollar Volume (All Markets)
$218,655,000Relative 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% |
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.
Similarity Rank: 102
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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
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
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
2021 saw Mortgage Unlimited place emphasis on $200k-400k loans with 339 originations, totaling $102,235,000 in origination value.
Applicant Income
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.
Ethnicity Mix
Approval Rates
Total approvals of all applications95.61%
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 origination69.02%
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 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CENTER, LC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |
