Mortgages Unlimited Rates, Fees & Info

Maple Grove, MN

LEI: 549300SJLI7IC47X6H33

Tax ID: 41-1718186

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Mortgage Data

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, St. Cloud, Faribault, and Rochester among others. We have data for 36 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 an above 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% 3/28/24
30 Year Conventional Refi 6.77% 3/28/24
30 Year Cash-out Refi 6.80% 3/28/24
30 Year FHA Purchase 7.56% 3/28/24
30 Year FHA Refi 7.37% 3/28/24
30 Year VA Purchase 6.60% 3/28/24
30 Year VA Refi 6.27% 3/28/24
30 Year USDA Purchase 6.80% 3/28/24
15 Year Conventional Purchase 6.41% 3/28/24
15 Year Conventional Refi 6.12% 3/28/24
15 Year Cash-out Refi 6.12% 3/28/24
15 Year VA Purchase 5.68% 3/28/24
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

2,955

Origination Dollar Volume (All Markets)

$708,635,000

Awards

Mortgages Unlimited 30 Year Conventional Loans silver Mortgages Unlimited 30 Year Conventional Loans gold Mortgages Unlimited 30 Year Conventional 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) 2,736 $661,720,000 $241,857 $5,834 3.05%
Outside of Metro Areas 50 $11,470,000 $229,400 $5,204 3.06%
Brainerd, MN (FHA|USDA|VA) 26 $7,410,000 $285,000 $5,587 2.92%
ST. CLOUD, MN (FHA|USDA|VA) 38 $6,920,000 $182,105 $5,414 3.01%
Faribault-Northfield, MN (FHA|USDA|VA) 19 $4,025,000 $211,842 $6,760 2.98%
ROCHESTER, MN (FHA|USDA|VA) 11 $2,315,000 $210,455 $5,268 3.20%
Hutchinson, MN (FHA|USDA|VA) 10 $2,300,000 $230,000 $4,408 3.11%
Red Wing, MN (FHA|USDA|VA) 5 $1,405,000 $281,000 $7,985 3.00%
DULUTH, MN-WI (FHA|USDA|VA) 7 $1,285,000 $183,571 $4,261 3.16%
Alexandria, MN (FHA|USDA|VA) 3 $805,000 $268,333 $5,377 3.04%
Owatonna, MN (FHA|USDA|VA) 5 $695,000 $139,000 $6,361 3.33%
Worthington, MN (FHA|USDA|VA) 6 $680,000 $113,333 $9,494 3.42%
Willmar, MN (FHA|USDA|VA) 3 $675,000 $225,000 $6,692 2.79%
Winona, MN (FHA|USDA|VA) 6 $630,000 $105,000 $6,574 3.66%
CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $580,000 $290,000 $6,842 3.44%
North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $515,000 $515,000 $9,886 2.25%
OSHKOSH-NEENAH, WI (FHA|USDA|VA) 1 $475,000 $475,000 $2,515 4.00%
Grand Rapids, MN (FHA|USDA|VA) 2 $460,000 $230,000 $4,475 2.81%
EAU CLAIRE, WI (FHA|USDA|VA) 3 $405,000 $135,000 $2,353 3.00%
ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) 1 $395,000 $395,000 $9,039 3.75%
Fergus Falls, MN (FHA|USDA|VA) 2 $390,000 $195,000 $3,020 2.63%
NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) 1 $345,000 $345,000 $3,310 3.38%
Menomonie, WI (FHA|USDA|VA) 1 $335,000 $335,000 $5,903 2.88%
CRESTVIEW-FORT WALTON BEACH-DESTIN, FL (FHA|USDA|VA) 1 $335,000 $335,000 $7,156 3.00%
Marshall, MN (FHA|USDA|VA) 3 $285,000 $95,000 $5,417 3.21%
MILWAUKEE-WAUKESHA, WI (FHA|USDA|VA) 1 $255,000 $255,000 $3,086 2.88%
TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) 1 $255,000 $255,000 $3,011 3.13%
Beaver Dam, WI (FHA|USDA|VA) 1 $215,000 $215,000 $3,027 3.38%
Austin, MN (FHA|USDA|VA) 1 $165,000 $165,000 $4,948 3.38%
New Ulm, MN (FHA|USDA|VA) 1 $165,000 $165,000 $5,040 3.25%
PUNTA GORDA, FL (FHA|USDA|VA) 1 $155,000 $155,000 $5,305 3.75%
OCALA, FL (FHA|USDA|VA) 1 $145,000 $145,000 $5,011 3.63%
MANKATO, MN (FHA|USDA|VA) 1 $135,000 $135,000 $4,003 2.38%
Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) 1 $115,000 $115,000 $2,554 2.75%
Albert Lea, MN (FHA|USDA|VA) 2 $110,000 $55,000 $4,129 3.00%
Manitowoc, WI (FHA|USDA|VA) 1 $65,000 $65,000 $2,488 2.50%
Mortgages Unlimited's top markets include Minneapolis, Brainerd, St. Cloud, Faribault, and Rochester 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.

    Western National Bank
    Similarity Rank: 120
    NORTHWOODS
    Similarity Rank: 156
    SUPERIOR CHOICE
    Similarity Rank: 198
    Peoples Bank Midwest
    Similarity Rank: 608
    Liberty Bank Minnesota
    Similarity Rank: 1176
    First Dakota National Bank
    Similarity Rank: 1517
    Anoka Hennepin Credit Union
    Similarity Rank: 1564
    VALLEY MORTGAGE, INC.
    Similarity Rank: 1876

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 2,584 $613,840,000 $237,554 $5,317 3.03%
    FHA 273 $66,985,000 $245,366 $9,734 3.21%
    VA 66 $20,730,000 $314,091 $6,173 2.88%
    USDA 31 $7,065,000 $227,903 $6,765 2.99%
    Reverse Mortgage 1 $15,000 $15,000 $0 3.13%

    For 2020, Mortgages Unlimited's most frequently originated type of loan was Conventional, with 2,584 originations. Their 2nd most popular type was FHA, with 273 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 1,262 $303,350,000 $240,372 $6,841 3.13%
    Refi 1,220 $316,550,000 $259,467 $5,000 2.97%
    Cash Out Refi 326 $83,930,000 $257,454 $5,276 3.16%
    Other 135 $2,105,000 $15,593 $4,084 2.18%
    Home Improvement 12 $2,700,000 $225,000 $5,370 3.02%

    For 2020, Mortgages Unlimited's most frequently cited loan purpose was Home Purchase, with 1,262 originations. The 2nd most popular reason was Refi, with 1,220 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 2,237 $578,275,000 $258,505 $6,083 3.11%
    15 Year 310 $74,570,000 $240,548 $4,687 2.68%
    Other 160 $12,060,000 $75,375 $4,744 2.36%
    20 Year 159 $40,455,000 $254,434 $4,683 3.06%
    10 Year 89 $3,275,000 $36,798 $3,711 3.34%

    For 2020, Mortgages Unlimited's most frequently cited loan duration was 30 Year, with 2,237 originations. The 2nd most popular length was 15 Year, with 310 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $3k-4k 835 $195,165,000 $233,731
    $2k-3k 565 $111,125,000 $196,681
    $4k-5k 501 $153,465,000 $306,317
    $1k-2k 416 $102,940,000 $247,452
    $<1k 316 $19,720,000 $62,405
    $5k+ 316 $125,110,000 $395,918

    Mortgages Unlimited's average total fees were $6,083, while their most frequently occuring range of origination fees (closing costs) were in the $3k-4k bucket, with 835 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    2.5-3% 1,362 $359,400,000 $263,877
    3-4% 1,180 $291,170,000 $246,754
    <2.5% 213 $47,505,000 $223,028
    4-5% 35 $7,505,000 $214,429
    5-6% 2 $890,000 $445,000

    During 2020, Mortgages Unlimited's average interest rate for loans was 3.11%, while their most frequently originated rate bucket for loans was 2.5-3%, with 1,362 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 1,696 $471,210,000 $277,836 $6,135 3.06%
    $100k-200k 698 $113,380,000 $162,436 $4,577 3.08%
    $100,000 or less 312 $7,480,000 $23,974 $3,394 2.72%
    $400k-600k 246 $114,570,000 $465,732 $7,362 3.03%
    $600k-1MM 3 $1,995,000 $665,000 $11,895 3.58%

    2020 saw Mortgages Unlimited place emphasis on $200k-400k loans with 1,696 originations, totaling $471,210,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 843 $159,925,000 $189,709 $5,939 3.02%
    $100k-150k 649 $181,505,000 $279,669 $5,850 3.08%
    $75k-100k 557 $131,915,000 $236,831 $5,864 3.08%
    $150k-250k 403 $132,575,000 $328,970 $5,832 2.99%
    $50k or less 362 $52,770,000 $145,773 $5,282 3.08%
    $250k+ 115 $42,265,000 $367,522 $6,219 3.06%

    Mortgages Unlimited lent most frequently to those with incomes in the $50k-75k range, with 843 originations. The second most popular income band? $100k-150k, with 649 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 715 $184,855,000 $258,538 $5,395 3.01%
    30-36% 507 $132,385,000 $261,114 $5,604 3.04%
    <20% 462 $65,290,000 $141,320 $4,790 2.88%
    44% 107 $27,945,000 $261,168 $6,445 3.18%
    39% 106 $27,910,000 $263,302 $5,797 3.18%
    42% 105 $26,995,000 $257,095 $5,954 3.19%
    43% 105 $26,105,000 $248,619 $6,041 3.08%
    41% 104 $25,560,000 $245,769 $5,946 3.10%
    40% 104 $27,320,000 $262,692 $6,423 3.11%
    36% 92 $22,990,000 $249,891 $5,329 3.06%
    37% 88 $21,780,000 $247,500 $5,589 3.09%
    38% 82 $21,840,000 $266,341 $5,875 3.10%
    47% 69 $18,675,000 $270,652 $7,273 3.12%
    45% 66 $18,200,000 $275,758 $7,887 3.09%
    49% 65 $16,065,000 $247,154 $6,725 3.13%
    48% 56 $13,890,000 $248,036 $7,005 3.15%
    46% 52 $13,650,000 $262,500 $6,753 3.07%
    50-60% 37 $10,645,000 $287,703 $9,129 3.06%
    >60% 2 $480,000 $240,000 $3,975 2.75%

    Mortgages Unlimited lent most frequently to those with DTI ratios of 20-30%, with 715 originations. The next most common DTI ratio? 30-36%, with 507 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 2,604 $630,570,000 $242,154 $5,736 3.04%
    Not provided 124 $26,240,000 $211,613 $5,344 3.05%
    Asian 97 $24,785,000 $255,515 $6,736 3.04%
    Black 110 $23,030,000 $209,364 $7,335 3.13%
    American Indian 11 $2,175,000 $197,727 $6,403 3.06%
    Other Asian 4 $800,000 $200,000 $5,164 2.75%
    Asian Indian 2 $540,000 $270,000 $6,092 2.75%
    Other Pacific Islander 1 $235,000 $235,000 $5,172 2.88%
    Native Hawaiian or Islander 1 $155,000 $155,000 $5,305 3.75%
    Korean 1 $105,000 $105,000 $5,732 3.75%

    Approval Rates

    Total approvals of all applications
    98.05%

    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
    91.30%

    Mortgages Unlimited has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 2,955 $708,635,000 $239,809

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Single Family (1-4 Units):Site-Built 2,955 $708,635,000 $239,809

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 66 $11,280,000 $170,909 $3,987 2.89%
    40-60% 289 $63,105,000 $218,356 $4,408 2.82%
    60-80% 1,068 $287,640,000 $269,326 $5,164 3.05%
    80-100% 1,252 $338,470,000 $270,343 $6,725 3.14%
    Over 100% 13 $4,315,000 $331,923 $10,547 2.97%
    Under 20% 267 $3,825,000 $14,326 $4,684 2.62%

    Complaints

    Bank Name Product Issue 2020 CPFB Complaints % of Total Issues
    MORTGAGE UNLIMITED, LLC Conventional home mortgage Closing on a mortgage 1 100.0%