Mortgages Unlimited Rates, Fees & Info

Maple Grove, MN

LEI: 549300SJLI7IC47X6H33

Tax ID: 41-1718186

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

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  • SimulatedRates™
  • Mortgage Calculator

    • 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

    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. They have a low ratio of USDA loans. Their top markets by origination volume include: Minneapolis, Brainerd, St. Cloud, Faribault, and Duluth among others. We have data for 21 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 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 6.77% 12/2/24
    30 Year Conventional Refi 6.77% 12/2/24
    30 Year Cash-out Refi 6.80% 12/2/24
    30 Year FHA Purchase 7.56% 12/2/24
    30 Year FHA Refi 7.37% 12/2/24
    30 Year VA Purchase 6.60% 12/2/24
    30 Year VA Refi 6.27% 12/2/24
    30 Year USDA Purchase 6.80% 12/2/24
    15 Year Conventional Purchase 6.41% 12/2/24
    15 Year Conventional Refi 6.12% 12/2/24
    15 Year Cash-out Refi 6.12% 12/2/24
    15 Year VA Purchase 5.68% 12/2/24
    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

    1,235

    Origination Dollar Volume (All Markets)

    $248,585,000

    Awards

    Mortgages Unlimited USDA Loans gold Mortgages Unlimited 30 Year Conventional Loans bronze Mortgages Unlimited USDA Loans silver
    Show all (3) awards

    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) 1,134 $231,620,000 $204,250 $5,462 4.76%
    Outside of Metro Areas 48 $7,510,000 $156,458 $4,926 4.68%
    Brainerd, MN (FHA|USDA|VA) 9 $2,145,000 $238,333 $4,807 4.67%
    ST. CLOUD, MN (FHA|USDA|VA) 9 $1,735,000 $192,778 $6,589 4.56%
    Faribault-Northfield, MN (FHA|USDA|VA) 6 $1,030,000 $171,667 $3,850 4.98%
    DULUTH, MN-WI (FHA|USDA|VA) 7 $785,000 $112,143 $3,533 4.96%
    ROCHESTER, MN (FHA|USDA|VA) 3 $595,000 $198,333 $6,165 4.54%
    Grand Rapids, MN (FHA|USDA|VA) 2 $560,000 $280,000 $6,964 4.75%
    LA CROSSE-ONALASKA, WI-MN (FHA|USDA|VA) 2 $420,000 $210,000 $4,536 4.88%
    Red Wing, MN (FHA|USDA|VA) 3 $355,000 $118,333 $5,076 5.17%
    Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 2 $290,000 $145,000 $4,812 3.94%
    Fergus Falls, MN (FHA|USDA|VA) 1 $255,000 $255,000 $10,619 3.75%
    Marshall, MN (FHA|USDA|VA) 1 $215,000 $215,000 $4,979 4.75%
    Bemidji, MN (FHA|USDA|VA) 1 $205,000 $205,000 $5,739 4.63%
    Hutchinson, MN (FHA|USDA|VA) 1 $185,000 $185,000 $5,051 4.50%
    MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $185,000 $185,000 $5,630 4.63%
    PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) 1 $165,000 $165,000 $3,498 4.13%
    Willmar, MN (FHA|USDA|VA) 1 $125,000 $125,000 $4,226 4.88%
    EAU CLAIRE, WI (FHA|USDA|VA) 1 $75,000 $75,000 $4,687 4.75%
    Austin, MN (FHA|USDA|VA) 1 $65,000 $65,000 $3,388 4.88%
    FOND DU LAC, WI (FHA|USDA|VA) 1 $65,000 $65,000 $3,964 6.63%
    Mortgages Unlimited's top markets include Minneapolis, Brainerd, St. Cloud, Faribault, and Duluth among others.

    Their top states include:
  • Minnesota (FHA|USDA|VA)
  • Wisconsin (FHA|USDA|VA)
  • Florida (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.

    GREAT RIVER FEDERAL CREDIT UNION
    Similarity Rank: 12
    The Miners National Bank of Eveleth
    Similarity Rank: 78
    Western National Bank
    Similarity Rank: 110
    Regent Financial Group, Inc.
    Similarity Rank: 450
    Cornerstone State Bank
    Similarity Rank: 468
    SUPERIOR CHOICE
    Similarity Rank: 616
    North Shore Bank of Commerce
    Similarity Rank: 630
    WESTconsin Credit Union
    Similarity Rank: 795
    SHAREPOINT CREDIT UNION
    Similarity Rank: 816
    MEMBERS COOPERATIVE
    Similarity Rank: 858

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 982 $190,470,000 $193,961 $4,701 4.79%
    FHA 191 $41,985,000 $219,817 $8,716 4.68%
    VA 40 $11,410,000 $285,250 $6,496 4.49%
    USDA 22 $4,720,000 $214,545 $7,068 4.34%

    For 2018, Mortgages Unlimited's most frequently originated type of loan was Conventional, with 982 originations. Their 2nd most popular type was FHA, with 191 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,061 $211,205,000 $199,062 $5,480 4.77%
    Cash Out Refi 92 $20,410,000 $221,848 $5,390 4.78%
    Refi 77 $15,735,000 $204,351 $4,744 4.59%
    Home Improvement 4 $1,050,000 $262,500 $5,367 4.53%
    Other 1 $185,000 $185,000 $3,814 4.00%

    For 2018, Mortgages Unlimited's most frequently cited loan purpose was Home Purchase, with 1,061 originations. The 2nd most popular reason was Cash Out Refi, with 92 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 1,096 $234,870,000 $214,297 $5,795 4.77%
    10 Year 59 $595,000 $10,085 $367 5.13%
    15 Year 44 $8,560,000 $194,545 $4,974 4.09%
    20 Year 22 $4,400,000 $200,000 $4,682 4.39%
    Other 14 $160,000 $11,429 $150 0.00%

    For 2018, Mortgages Unlimited's most frequently cited loan duration was 30 Year, with 1,096 originations. The 2nd most popular length was 10 Year, with 59 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 389 $85,745,000 $220,424
    $2k-3k 285 $45,145,000 $158,404
    $<1k 184 $7,870,000 $42,772
    $4k-5k 161 $49,925,000 $310,093
    $1k-2k 127 $27,815,000 $219,016
    $5k+ 84 $31,720,000 $377,619

    Mortgages Unlimited's average total fees were $5,795, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 389 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 804 $185,780,000 $231,070
    5-6% 256 $45,490,000 $177,695
    3-4% 66 $15,280,000 $231,515
    6-7% 4 $470,000 $117,500

    During 2018, Mortgages Unlimited's average interest rate for loans was 4.77%, while their most frequently originated rate bucket for loans was 4-5%, with 804 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 572 $152,450,000 $266,521 $6,893 4.68%
    $100k-200k 413 $66,135,000 $160,133 $5,130 4.79%
    $100,000 or less 196 $4,450,000 $22,704 $929 5.06%
    $400k-600k 48 $20,870,000 $434,792 $8,302 4.70%
    $600k-1MM 5 $3,645,000 $729,000 $9,752 4.63%
    $1MM+ 1 $1,035,000 $1,035,000 $4,444 4.13%

    2018 saw Mortgages Unlimited place emphasis on $200k-400k loans with 572 originations, totaling $152,450,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 382 $65,760,000 $172,147 $4,965 4.81%
    $50k or less 276 $32,760,000 $118,696 $3,928 4.79%
    $75k-100k 231 $50,505,000 $218,636 $6,174 4.72%
    $100k-150k 214 $57,630,000 $269,299 $6,501 4.70%
    $150k-250k 99 $30,475,000 $307,828 $7,043 4.75%
    $250k+ 26 $9,890,000 $380,385 $6,965 4.52%

    Mortgages Unlimited lent most frequently to those with incomes in the $50k-75k range, with 382 originations. The second most popular income band? $50k or less, with 276 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 206 $48,880,000 $237,282 $5,855 4.72%
    20-30% 195 $41,235,000 $211,462 $5,395 4.66%
    <20% 153 $8,825,000 $57,680 $1,455 4.87%
    44% 63 $14,235,000 $225,952 $6,371 4.81%
    49% 53 $12,005,000 $226,509 $6,493 4.90%
    38% 50 $10,000,000 $200,000 $5,851 4.83%
    39% 46 $9,980,000 $216,957 $5,732 4.63%
    50-60% 46 $11,390,000 $247,609 $8,701 4.56%
    43% 45 $9,595,000 $213,222 $5,656 4.96%
    41% 44 $11,240,000 $255,455 $7,042 4.70%
    36% 43 $9,735,000 $226,395 $6,180 4.86%
    46% 41 $9,165,000 $223,537 $6,437 4.76%
    42% 40 $8,360,000 $209,000 $6,055 4.78%
    37% 40 $8,480,000 $212,000 $5,815 4.82%
    40% 40 $9,360,000 $234,000 $6,169 4.78%
    47% 38 $8,710,000 $229,211 $6,149 4.61%
    48% 37 $8,645,000 $233,649 $6,039 4.78%
    45% 36 $7,570,000 $210,278 $5,925 4.80%
    >60% 1 $15,000 $15,000 $250 5.38%

    Mortgages Unlimited lent most frequently to those with DTI ratios of 30-36%, with 206 originations. The next most common DTI ratio? 20-30%, with 195 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 1,000 $207,360,000 $207,360 $5,467 4.74%
    Asian 145 $23,665,000 $163,207 $4,776 4.83%
    Black 50 $8,930,000 $178,600 $5,946 4.75%
    Not provided 27 $5,685,000 $210,556 $5,677 4.79%
    American Indian 4 $1,080,000 $270,000 $6,493 5.19%
    Other Asian 4 $1,050,000 $262,500 $8,121 5.00%
    Native Hawaiian or Islander 3 $325,000 $108,333 $4,329 4.54%
    Filipino 1 $315,000 $315,000 $12,208 4.75%
    Asian Indian 1 $175,000 $175,000 $4,814 5.38%

    Approval Rates

    Total approvals of all applications
    96.55%

    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
    87.13%

    Mortgages Unlimited has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 1,235 $248,585,000 $201,283

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 1,235 $248,585,000 $201,283

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 16 $2,290,000 $143,125 $4,307 4.55%
    40-60% 45 $8,195,000 $182,111 $4,572 4.52%
    60-80% 240 $55,470,000 $231,125 $5,408 4.74%
    80-100% 767 $179,145,000 $233,566 $6,524 4.75%
    Over 100% 8 $2,150,000 $268,750 $10,128 4.20%
    Under 20% 155 $1,305,000 $8,419 $224 5.15%

    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%