Mortgages Unlimited Rates, Fees & Info

Maple Grove, MN

LEI: 549300SJLI7IC47X6H33

Tax ID: 41-1718186

5 stars - Updated: 7/20/24 - out of 5 stars, based on 14 reviews

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

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Mortgage Data

Review & Overview

Mortgages Unlimited is a smaller mortgage company specializing in Home Purchase loans. Mortgages Unlimited has a high proportion of conventional loans. They have an average proportion of FHA loans. Their top markets by origination volume include: Minneapolis, St. Cloud, Brainerd, Grand Rapids, and Faribault among others. We have data for 6 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mortgages 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. Mortgages Unlimited is typically an average 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 relatively high 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 6.77% 7/20/24
30 Year Conventional Refi 6.77% 7/20/24
30 Year Cash-out Refi 6.80% 7/20/24
30 Year FHA Purchase 7.56% 7/20/24
30 Year FHA Refi 7.37% 7/20/24
30 Year VA Purchase 6.60% 7/20/24
30 Year VA Refi 6.27% 7/20/24
30 Year USDA Purchase 6.80% 7/20/24
15 Year Conventional Purchase 6.41% 7/20/24
15 Year Conventional Refi 6.12% 7/20/24
15 Year Cash-out Refi 6.12% 7/20/24
15 Year VA Purchase 5.68% 7/20/24
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.

Mortgages Unlimited Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Mortgages Unlimited. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

206

Origination Dollar Volume (All Markets)

$43,770,000

Awards

Mortgages Unlimited FHA Loans bronze Mortgages Unlimited 30 Year Conventional Loans bronze Mortgages Unlimited FHA Loans silver Mortgages Unlimited FHA Loans silver
Show all (4) awards

Relative Rate

Mortgages Unlimited's average 30 year fixed mortgage rate was 6.38%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.1%.

Relative Fees (Closing Costs)

Mortgages Unlimited's average total fees/closing costs for a 30 year fixed rate mortgage were $8,080.

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 $9,089.

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
MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 196 $42,130,000 $214,949 $8,222 6.30%
ST. CLOUD, MN (FHA|USDA|VA) 3 $415,000 $138,333 $6,911 6.38%
Outside of Metro Areas 2 $400,000 $200,000 $5,316 6.50%
Brainerd, MN (FHA|USDA|VA) 1 $315,000 $315,000 $6,287 6.25%
Grand Rapids, MN (FHA|USDA|VA) 2 $300,000 $150,000 $4,827 6.38%
Faribault-Northfield, MN (FHA|USDA|VA) 2 $210,000 $105,000 $0 6.25%
Mortgages Unlimited's top markets include Minneapolis, St. Cloud, Brainerd, Grand Rapids, and Faribault among others.

Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Similar Lenders

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

    North Shore Federal Credit Union
    Similarity Rank: 28
    South Metro Federal Credit Union
    Similarity Rank: 55
    National Bank of Commerce
    Similarity Rank: 192
    Northview Bank
    Similarity Rank: 195
    MY Credit Union
    Similarity Rank: 225
    RiverWood Bank
    Similarity Rank: 264
    SUPERIOR CHOICE
    Similarity Rank: 285
    MEMBERS COOPERATIVE
    Similarity Rank: 363
    Park State Bank
    Similarity Rank: 392
    Cornerstone State Bank
    Similarity Rank: 456

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 171 $33,825,000 $197,807 $7,138 6.34%
    FHA 30 $8,420,000 $280,667 $11,324 6.18%
    VA 5 $1,525,000 $305,000 $10,843 6.18%

    For 2023, Mortgages Unlimited's most frequently originated type of loan was Conventional, with 171 originations. Their 2nd most popular type was FHA, with 30 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 198 $41,810,000 $211,162 $8,152 6.29%
    Refi 5 $1,315,000 $263,000 $7,206 6.55%
    Cash Out Refi 3 $645,000 $215,000 $6,329 6.92%

    For 2023, Mortgages Unlimited's most frequently cited loan purpose was Home Purchase, with 198 originations. The 2nd most popular reason was Refi, with 5 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 152 $42,430,000 $279,145 $8,080 6.38%
    Other 30 $430,000 $14,333 $0 0.00%
    10 Year 22 $310,000 $14,091 $0 6.44%
    15 Year 2 $600,000 $300,000 $6,525 5.50%

    For 2023, Mortgages Unlimited's most frequently cited loan duration was 30 Year, with 152 originations. The 2nd most popular length was Other, with 30 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 58 $830,000 $14,310
    $3k-4k 50 $11,290,000 $225,800
    $4k-5k 37 $11,535,000 $311,757
    $5k+ 37 $14,915,000 $403,108
    $2k-3k 14 $2,040,000 $145,714
    $1k-2k 10 $3,160,000 $316,000

    Mortgages Unlimited's average total fees were $8,080, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 58 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 126 $31,000,000 $246,032
    5-6% 34 $9,070,000 $266,765
    7-8% 9 $3,165,000 $351,667
    <2.5% 2 $30,000 $15,000

    During 2023, Mortgages Unlimited's average interest rate for loans was 6.38%, while their most frequently originated rate bucket for loans was 6-7%, with 126 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 97 $27,525,000 $283,763 $8,028 6.38%
    $100,000 or less 60 $1,010,000 $16,833 $3,705 5.88%
    $100k-200k 26 $4,230,000 $162,692 $5,621 6.38%
    $400k-600k 22 $10,330,000 $469,545 $10,313 6.38%
    $600k-1MM 1 $675,000 $675,000 $11,783 6.13%

    2023 saw Mortgages Unlimited place emphasis on $200k-400k loans with 97 originations, totaling $27,525,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 65 $9,475,000 $145,769 $7,110 6.19%
    $100k-150k 54 $13,500,000 $250,000 $9,214 6.41%
    $75k-100k 42 $8,150,000 $194,048 $7,724 6.37%
    $150k-250k 24 $7,980,000 $332,500 $7,822 6.41%
    $50k or less 13 $1,425,000 $109,615 $4,735 5.74%
    $250k+ 8 $3,240,000 $405,000 $8,102 6.34%

    Mortgages Unlimited lent most frequently to those with incomes in the $50k-75k range, with 65 originations. The second most popular income band? $100k-150k, with 54 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 64 $3,830,000 $59,844 $6,804 5.96%
    30-36% 25 $7,055,000 $282,200 $7,535 6.38%
    20-30% 20 $4,950,000 $247,500 $7,193 6.30%
    49% 13 $3,595,000 $276,538 $7,350 6.34%
    45% 12 $4,000,000 $333,333 $8,783 6.51%
    38% 9 $2,905,000 $322,778 $9,727 6.13%
    43% 9 $2,595,000 $288,333 $8,221 6.43%
    39% 9 $2,775,000 $308,333 $8,180 6.39%
    47% 8 $2,060,000 $257,500 $6,384 6.64%
    46% 7 $2,075,000 $296,429 $11,462 6.54%
    42% 6 $1,730,000 $288,333 $8,377 6.42%
    37% 5 $1,375,000 $275,000 $7,630 6.25%
    50-60% 5 $1,715,000 $343,000 $13,386 6.13%
    41% 4 $870,000 $217,500 $4,801 6.38%
    44% 3 $705,000 $235,000 $6,121 6.50%
    36% 3 $725,000 $241,667 $6,190 6.33%
    40% 2 $650,000 $325,000 $11,913 6.44%
    48% 1 $145,000 $145,000 $0 7.38%

    Mortgages Unlimited lent most frequently to those with DTI ratios of <20%, with 64 originations. The next most common DTI ratio? 30-36%, with 25 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 122 $27,770,000 $227,623 $7,562 6.32%
    Asian 47 $8,505,000 $180,957 $10,109 6.15%
    Black 24 $5,370,000 $223,750 $9,841 6.43%
    Not provided 11 $1,885,000 $171,364 $6,767 6.43%
    American Indian 2 $240,000 $120,000 $0 6.63%

    Approval Rates

    Total approvals of all applications
    98.70%

    Mortgages 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
    89.81%

    Mortgages Unlimited has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 206 $43,770,000 $212,476

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    206 $43,770,000 $212,476

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 2 $210,000 $105,000 $3,583 6.38%
    40-60% 7 $1,365,000 $195,000 $6,083 6.27%
    60-80% 27 $6,795,000 $251,667 $6,543 6.40%
    80-100% 111 $34,245,000 $308,514 $8,732 6.38%
    Over 100% 1 $325,000 $325,000 $12,001 5.75%
    Under 20% 58 $830,000 $14,310 $0 5.88%