Mortgage Unlimited Rates, Fees & Info

Garfield, NJ

LEI: 549300BZNDHH8KWC0I67

Tax ID: 27-4541183

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Complaints
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Review & Overview

    Mortgage Unlimited is a smaller mortgage company specializing in Home Purchase loans. They have a a high proportion of FHA loans. Mortgage Unlimited has a high proportion of conventional loans. Their top markets by origination volume include: New York, Philadelphia, Albany, Poughkeepsie, and North Port among others. We have data for 16 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.


    Originations

    289

    Origination Dollar Volume (All Markets)

    $86,325,000

    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) 253 $77,485,000 $306,265 $10,660 4.97%
    Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) 8 $2,400,000 $300,000 $7,784 4.78%
    ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) 7 $1,385,000 $197,857 $7,418 4.86%
    POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) 4 $1,170,000 $292,500 $7,581 5.09%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 4 $760,000 $190,000 $6,306 4.44%
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 1 $485,000 $485,000 $4,137 4.75%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 1 $415,000 $415,000 $10,682 5.75%
    BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) 1 $395,000 $395,000 $14,915 5.38%
    ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) 2 $370,000 $185,000 $9,845 6.75%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $325,000 $325,000 $5,020 5.25%
    EAST STROUDSBURG, PA (FHA|USDA|VA) 2 $240,000 $120,000 $3,941 5.13%
    NEW HAVEN-MILFORD, CT (FHA|USDA|VA) 1 $235,000 $235,000 $10,843 5.25%
    ROCHESTER, NY (FHA|USDA|VA) 1 $235,000 $235,000 $4,539 4.88%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $215,000 $215,000 $3,947 5.25%
    GLENS FALLS, NY (FHA|USDA|VA) 1 $125,000 $125,000 $7,693 4.50%
    UTICA-ROME, NY (FHA|USDA|VA) 1 $85,000 $85,000 $5,329 5.25%
    Mortgage Unlimited's top markets include New York, Philadelphia, Albany, Poughkeepsie, and North Port among others.

    Their top states include:
  • New Jersey (FHA|USDA|VA)
  • New York (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Florida (FHA|USDA|VA)
  • California (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.

    MUTUAL SECURITY CREDIT UNION
    Similarity Rank: 48
    N C P D Federal Credit Union
    Similarity Rank: 55
    POLISH NATIONAL
    Similarity Rank: 60
    McCoy Federal Credit Union
    Similarity Rank: 60
    Bogota Savings Bank
    Similarity Rank: 63
    Iron Workers Savings Bank
    Similarity Rank: 63
    Union County Savings Bank
    Similarity Rank: 66
    Stafford Savings Bank
    Similarity Rank: 68
    Charter Oak Federal Credit Union
    Similarity Rank: 78
    GARDEN SAVINGS FEDERAL CREDIT UNION
    Similarity Rank: 80

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    FHA 158 $48,060,000 $304,177 $12,731 4.91%
    Conventional 129 $37,675,000 $292,054 $7,163 5.06%
    VA 2 $590,000 $295,000 $7,667 4.88%

    For 2018, Mortgage Unlimited's most frequently originated type of loan was FHA, with 158 originations. Their 2nd most popular type was Conventional, with 129 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 253 $75,325,000 $297,727 $10,380 4.98%
    Refi 32 $10,050,000 $314,063 $9,523 5.00%
    Cash Out Refi 4 $950,000 $237,500 $7,379 4.69%

    For 2018, Mortgage Unlimited's most frequently cited loan purpose was Home Purchase, with 253 originations. The 2nd most popular reason was Refi, with 32 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 282 $84,810,000 $300,745 $10,338 4.98%
    15 Year 4 $930,000 $232,500 $7,774 4.34%
    20 Year 2 $420,000 $210,000 $4,242 5.00%
    Other 1 $165,000 $165,000 $5,500 5.63%

    For 2018, Mortgage Unlimited's most frequently cited loan duration was 30 Year, with 282 originations. The 2nd most popular length was 15 Year, with 4 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $1k-2k 139 $41,875,000 $301,259
    $4k-5k 40 $11,950,000 $298,750
    $3k-4k 39 $10,205,000 $261,667
    $2k-3k 33 $8,195,000 $248,333
    $5k+ 33 $12,405,000 $375,909
    $<1k 3 $1,145,000 $381,667

    Mortgage Unlimited's average total fees were $10,338, while their most frequently occuring range of origination fees (closing costs) were in the $1k-2k bucket, with 139 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 176 $54,530,000 $309,830
    5-6% 106 $29,800,000 $281,132
    3-4% 4 $1,140,000 $285,000
    6-7% 2 $740,000 $370,000
    Over 8% 1 $115,000 $115,000

    During 2018, Mortgage Unlimited's average interest rate for loans was 4.98%, while their most frequently originated rate bucket for loans was 4-5%, with 176 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 192 $56,400,000 $293,750 $9,988 4.92%
    $100k-200k 49 $7,795,000 $159,082 $7,458 5.19%
    $400k-600k 38 $17,820,000 $468,947 $14,482 4.92%
    $100,000 or less 5 $385,000 $77,000 $4,988 5.13%
    $600k-1MM 4 $2,880,000 $720,000 $23,933 5.31%
    $1MM+ 1 $1,045,000 $1,045,000 $5,221 5.50%

    2018 saw Mortgage Unlimited place emphasis on $200k-400k loans with 192 originations, totaling $56,400,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $75k-100k 103 $30,215,000 $293,350 $10,518 4.98%
    $100k-150k 67 $23,195,000 $346,194 $10,073 4.97%
    $50k-75k 66 $15,390,000 $233,182 $9,584 4.88%
    $150k-250k 29 $13,135,000 $452,931 $13,337 5.04%
    $50k or less 21 $3,235,000 $154,048 $7,132 5.27%
    $250k+ 3 $1,155,000 $385,000 $11,992 4.58%

    Mortgage Unlimited lent most frequently to those with incomes in the $75k-100k range, with 103 originations. The second most popular income band? $100k-150k, with 67 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    50-60% 67 $19,695,000 $293,955 $12,816 4.96%
    30-36% 35 $9,935,000 $283,857 $7,535 4.91%
    49% 24 $8,290,000 $345,417 $12,443 5.00%
    20-30% 21 $6,495,000 $309,286 $7,782 4.95%
    48% 16 $5,840,000 $365,000 $10,648 5.13%
    47% 16 $4,870,000 $304,375 $8,096 5.10%
    45% 13 $3,205,000 $246,538 $9,232 5.14%
    43% 12 $3,430,000 $285,833 $9,993 4.84%
    44% 12 $3,220,000 $268,333 $10,232 4.92%
    42% 11 $2,775,000 $252,273 $8,854 4.89%
    40% 11 $3,485,000 $316,818 $11,246 4.84%
    46% 11 $3,305,000 $300,455 $10,062 4.81%
    38% 11 $3,005,000 $273,182 $9,959 5.16%
    37% 10 $3,120,000 $312,000 $10,058 5.06%
    41% 7 $2,365,000 $337,857 $8,711 4.73%
    36% 6 $1,970,000 $328,333 $10,028 4.90%
    39% 3 $785,000 $261,667 $7,811 4.79%
    >60% 2 $420,000 $210,000 $8,889 5.31%
    <20% 1 $115,000 $115,000 $7,435 8.25%

    Mortgage Unlimited lent most frequently to those with DTI ratios of 50-60%, with 67 originations. The next most common DTI ratio? 30-36%, with 35 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 226 $68,760,000 $304,248 $10,056 4.99%
    Black 40 $10,500,000 $262,500 $10,709 4.95%
    Not provided 14 $4,130,000 $295,000 $12,012 5.13%
    Asian 7 $2,495,000 $356,429 $9,635 4.64%
    Other Asian 1 $255,000 $255,000 $15,463 4.00%
    Not applicable 1 $185,000 $185,000 $7,325 4.75%

    Approval Rates

    Total approvals of all applications
    94.98%

    Mortgage Unlimited has an average approval rate.

    Pick Rate

    Approvals leading to origination
    58.48%

    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 289 $86,325,000 $298,702

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 289 $86,325,000 $298,702

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 4 $1,180,000 $295,000 $11,144 5.41%
    40-60% 9 $2,155,000 $239,444 $6,754 4.93%
    60-80% 60 $18,180,000 $303,000 $7,561 5.09%
    80-100% 215 $64,455,000 $299,791 $11,102 4.94%
    Over 100% 1 $355,000 $355,000 $9,628 4.25%

    Complaints

    Bank Name Product Issue 2018 CPFB Complaints % of Total Issues
    MORTGAGE CENTER, LC Conventional home mortgage Closing on a mortgage 1 50.0%
    MORTGAGE CENTER, LC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%