Mortgages Unlimited Rates, Fees & Info

Maple Grove, MN

LEI: 549300SJLI7IC47X6H33

Tax ID: 41-1718186

3.1 stars - out of 5 stars, based on 47 reviews

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

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Mortgage Data

  • SimulatedRates™
  • Review & Overview

    Mortgages Unlimited is a smaller mortgage company specializing in Home Purchase and Refi loans. Mortgages Unlimited has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Brainerd, Duluth, St. Cloud, and Faribault among others. We have data for 35 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 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.


    SimulatedRates™

    Mortgage Type
    Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.67% 10/3/22
    30 Year Conventional Refi 6.61% 10/3/22
    30 Year Cash-out Refi 6.68% 10/3/22
    30 Year FHA Purchase 7.56% 10/3/22
    30 Year FHA Refi 7.36% 10/3/22
    30 Year VA Purchase 6.44% 10/3/22
    30 Year VA Refi 6.15% 10/3/22
    30 Year USDA Purchase 6.87% 10/3/22
    30 Year USDA Refi 6.69% 10/3/22
    15 Year Conventional Purchase 6.38% 10/3/22
    15 Year Conventional Refi 6.43% 10/3/22
    15 Year Cash-out Refi 6.43% 10/3/22
    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

    2,220

    Origination Dollar Volume (All Markets)

    $522,110,000

    Relative Rate

    Mortgages Unlimited 's average 30 year fixed mortgage rate was 3.13%.

    The 2021 average 30 year fixed rate mortgage across all markets and lenders was 3.15%.

    This yields a difference of -0.02%.

    Relative Fees (Closing Costs)

    Mortgages Unlimited 's average total fees/closing costs for a 30 year fixed rate mortgage were $6,752.

    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
    MINNEAPOLIS-ST. PAUL-BLOOMINGTON, MN-WI (FHA|USDA|VA) 2,026 $480,850,000 $237,340 $6,501 3.06%
    Outside of Metro Areas 49 $10,485,000 $213,980 $5,866 3.10%
    Brainerd, MN (FHA|USDA|VA) 22 $5,240,000 $238,182 $5,571 3.06%
    DULUTH, MN-WI (FHA|USDA|VA) 20 $3,890,000 $194,500 $5,775 3.03%
    ST. CLOUD, MN (FHA|USDA|VA) 18 $3,530,000 $196,111 $5,148 3.12%
    Faribault-Northfield, MN (FHA|USDA|VA) 11 $2,035,000 $185,000 $6,856 2.94%
    Red Wing, MN (FHA|USDA|VA) 6 $1,740,000 $290,000 $6,175 3.10%
    Alexandria, MN (FHA|USDA|VA) 4 $1,380,000 $345,000 $6,829 3.31%
    Owatonna, MN (FHA|USDA|VA) 10 $1,330,000 $133,000 $5,924 3.20%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 3 $1,075,000 $358,333 $6,791 3.46%
    Hutchinson, MN (FHA|USDA|VA) 5 $1,005,000 $201,000 $10,505 3.09%
    EAU CLAIRE, WI (FHA|USDA|VA) 4 $1,000,000 $250,000 $5,825 2.88%
    ROCHESTER, MN (FHA|USDA|VA) 3 $875,000 $291,667 $7,205 3.00%
    TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 2 $710,000 $355,000 $7,911 3.06%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 3 $695,000 $231,667 $6,631 3.04%
    Fergus Falls, MN (FHA|USDA|VA) 5 $565,000 $113,000 $4,890 2.88%
    Worthington, MN (FHA|USDA|VA) 4 $530,000 $132,500 $9,142 3.21%
    MANKATO, MN (FHA|USDA|VA) 3 $505,000 $168,333 $3,692 2.75%
    OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $475,000 $475,000 $1,958 2.88%
    Willmar, MN (FHA|USDA|VA) 2 $430,000 $215,000 $8,750 3.69%
    Austin, MN (FHA|USDA|VA) 2 $400,000 $200,000 $6,820 3.75%
    ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $395,000 $395,000 $8,759 3.63%
    NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $365,000 $365,000 $8,629 3.00%
    Menomonie, WI (FHA|USDA|VA) 2 $360,000 $180,000 $5,314 3.31%
    Winona, MN (FHA|USDA|VA) 1 $355,000 $355,000 $7,825 3.00%
    Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) 1 $285,000 $285,000 $7,218 3.13%
    Bemidji, MN (FHA|USDA|VA) 1 $285,000 $285,000 $6,142 2.88%
    Albert Lea, MN (FHA|USDA|VA) 1 $255,000 $255,000 $5,504 3.13%
    JACKSONVILLE, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,423 3.25%
    New Ulm, MN (FHA|USDA|VA) 2 $170,000 $85,000 $7,700 3.00%
    FARGO, ND-MN (FHA|USDA|VA) 2 $170,000 $85,000 $5,110 3.25%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 1 $155,000 $155,000 $8,192 3.25%
    GREEN BAY, WI (FHA|USDA|VA) 1 $135,000 $135,000 $3,890 2.88%
    Fairmont, MN (FHA|USDA|VA) 1 $95,000 $95,000 $2,124 2.75%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $85,000 $85,000 $3,267 3.38%

    Mortgages Unlimited 's top markets include Minneapolis, Brainerd, Duluth, St. Cloud, and Faribault among others.

    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.

    NORTHWOODS
    Similarity Rank: 303
    Western National Bank
    Similarity Rank: 368
    SUPERIOR CHOICE
    Similarity Rank: 464
    Farmers & Merchants Savings Bank
    Similarity Rank: 720
    Anoka Hennepin Credit Union
    Similarity Rank: 826
    National Bank of Commerce
    Similarity Rank: 935
    MY Credit Union
    Similarity Rank: 1200
    Bank Midwest
    Similarity Rank: 1740
    Bankers' Bank
    Similarity Rank: 1775
    Cf Bank
    Similarity Rank: 1953

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 1,943 $443,755,000 $228,387 $5,883 3.06%
    FHA 215 $59,225,000 $275,465 $10,387 3.17%
    VA 44 $15,100,000 $343,182 $7,260 2.89%
    USDA 18 $4,030,000 $223,889 $7,587 2.95%

    For 2021, Mortgages Unlimited 's most frequently originated type of loan was Conventional, with 1,943 originations. Their 2nd most popular type was FHA, with 215 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,259 $335,405,000 $266,406 $7,207 3.12%
    Refi 652 $159,350,000 $244,402 $5,230 2.97%
    Other 206 $3,100,000 $15,049 $3,339 3.08%
    Cash Out Refi 100 $23,560,000 $235,600 $5,589 2.98%
    Home Improvement 3 $695,000 $231,667 $7,370 2.83%

    For 2021, Mortgages Unlimited 's most frequently cited loan purpose was Home Purchase, with 1,259 originations. The 2nd most popular reason was Refi, with 652 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,650 $457,810,000 $277,461 $6,752 3.13%
    Other 209 $7,425,000 $35,526 $5,131 2.17%
    15 Year 167 $36,985,000 $221,467 $4,663 2.55%
    10 Year 128 $3,810,000 $29,766 $3,619 3.16%
    20 Year 66 $16,080,000 $243,636 $4,926 2.87%

    For 2021, Mortgages Unlimited 's most frequently cited loan duration was 30 Year, with 1,650 originations. The 2nd most popular length was Other, with 209 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 555 $128,225,000 $231,036
    $4k-5k 412 $126,010,000 $305,850
    $<1k 351 $11,455,000 $32,635
    $5k+ 325 $134,495,000 $413,831
    $2k-3k 294 $54,800,000 $186,395
    $1k-2k 233 $57,345,000 $246,116

    Mortgages Unlimited 's average total fees were $6,752, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 555 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 983 $254,775,000 $259,181
    2.5-3% 865 $228,895,000 $264,618
    <2.5% 144 $30,160,000 $209,444
    4-5% 21 $5,355,000 $255,000

    During 2021, Mortgages Unlimited 's average interest rate for loans was 3.13%, while their most frequently originated rate bucket for loans was 3-4%, with 983 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,202 $340,390,000 $283,186 $6,726 3.10%
    $100k-200k 457 $73,065,000 $159,880 $4,497 3.00%
    $100,000 or less 356 $7,070,000 $19,860 $3,364 3.02%
    $400k-600k 194 $91,930,000 $473,866 $8,971 3.06%
    $600k-1MM 8 $5,820,000 $727,500 $15,873 3.17%
    $1MM+ 3 $3,835,000 $1,278,333 $20,843 3.13%

    2021 saw Mortgages Unlimited place emphasis on $200k-400k loans with 1,202 originations, totaling $340,390,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 707 $137,755,000 $194,844 $6,351 3.04%
    $100k-150k 437 $124,905,000 $285,824 $6,684 3.12%
    $75k-100k 406 $91,860,000 $226,256 $6,389 3.09%
    $50k or less 360 $50,790,000 $141,083 $5,540 3.01%
    $150k-250k 220 $79,830,000 $362,864 $7,123 3.06%
    $250k+ 82 $34,970,000 $426,463 $8,004 3.06%

    Mortgages Unlimited lent most frequently to those with incomes in the $50k-75k range, with 707 originations. The second most popular income band? $100k-150k, with 437 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 440 $112,530,000 $255,750 $5,957 3.02%
    <20% 429 $45,855,000 $106,888 $5,647 2.93%
    30-36% 349 $92,745,000 $265,745 $6,060 3.11%
    44% 107 $27,365,000 $255,748 $7,202 3.06%
    43% 87 $22,475,000 $258,333 $6,562 3.14%
    42% 86 $23,330,000 $271,279 $6,547 3.13%
    40% 76 $19,320,000 $254,211 $6,377 3.12%
    38% 71 $19,965,000 $281,197 $6,530 3.13%
    36% 68 $20,410,000 $300,147 $6,925 3.11%
    39% 66 $19,370,000 $293,485 $6,733 3.06%
    49% 65 $18,635,000 $286,692 $7,802 3.14%
    41% 63 $17,685,000 $280,714 $6,541 3.03%
    37% 56 $15,130,000 $270,179 $6,151 3.08%
    45% 54 $14,950,000 $276,852 $7,153 3.00%
    46% 52 $14,030,000 $269,808 $6,794 3.16%
    48% 45 $12,945,000 $287,667 $7,351 3.09%
    47% 43 $11,015,000 $256,163 $7,280 3.18%
    50-60% 33 $9,905,000 $300,152 $10,006 3.20%
    >60% 1 $285,000 $285,000 $7,527 3.63%

    Mortgages Unlimited lent most frequently to those with DTI ratios of 20-30%, with 440 originations. The next most common DTI ratio? <20%, with 429 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,770 $425,110,000 $240,175 $6,334 3.05%
    Black 176 $34,190,000 $194,261 $7,499 3.24%
    Asian 149 $32,765,000 $219,899 $7,028 3.07%
    Not provided 101 $25,515,000 $252,624 $6,628 3.09%
    American Indian 13 $2,285,000 $175,769 $5,919 3.15%
    Native Hawaiian or Islander 3 $775,000 $258,333 $4,081 3.04%
    Other Asian 5 $735,000 $147,000 $9,370 2.88%
    Korean 2 $450,000 $225,000 $3,439 3.00%
    Vietnamese 1 $285,000 $285,000 $1,671 3.00%

    Approval Rates

    Total approvals of all applications
    98.82%

    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
    87.21%

    Mortgages Unlimited has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,220 $522,110,000 $235,185

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    2,220 $522,110,000 $235,185

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 50 $6,770,000 $135,400 $3,739 2.71%
    40-60% 195 $42,675,000 $218,846 $4,601 2.82%
    60-80% 646 $175,100,000 $271,053 $5,846 3.09%
    80-100% 989 $289,035,000 $292,250 $7,292 3.12%
    Over 100% 9 $3,365,000 $373,889 $13,395 2.90%
    Under 20% 331 $5,165,000 $15,604 $3,533 3.03%

    Complaints

    Bank Name Product Issue 2021 CPFB Complaints % of Total Issues
    MORTGAGE CENTER, LC FHA mortgage Closing on a mortgage 1 100.0%