Mortgages Unlimited Rates, Fees & Info
Maple Grove, MNLEI: 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, 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 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.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| 30 Year Conventional Purchase | 6.77% | 4/21/24 |
| 30 Year Conventional Refi | 6.77% | 4/21/24 |
| 30 Year Cash-out Refi | 6.80% | 4/21/24 |
| 30 Year FHA Purchase | 7.56% | 4/21/24 |
| 30 Year FHA Refi | 7.37% | 4/21/24 |
| 30 Year VA Purchase | 6.60% | 4/21/24 |
| 30 Year VA Refi | 6.27% | 4/21/24 |
| 30 Year USDA Purchase | 6.80% | 4/21/24 |
| 15 Year Conventional Purchase | 6.41% | 4/21/24 |
| 15 Year Conventional Refi | 6.12% | 4/21/24 |
| 15 Year Cash-out Refi | 6.12% | 4/21/24 |
| 15 Year VA Purchase | 5.68% | 4/21/24 |
| 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
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The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
2,220Origination Dollar Volume (All Markets)
$522,110,000Top 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% |
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Product Mix
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
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
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
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
2021 saw Mortgages Unlimited place emphasis on $200k-400k loans with 1,202 originations, totaling $340,390,000 in origination value.
Applicant Income
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
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
Approval Rates
Total approvals of all applications98.82%
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 origination87.21%
Mortgages Unlimited has an average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 2,220 | $522,110,000 | $235,185 |
LTV Distribution
Complaints
| Bank Name | Product | Issue | 2021 CPFB Complaints | % of Total Issues |
|---|---|---|---|---|
| MORTGAGE CENTER, LC | FHA mortgage | Closing on a mortgage | 1 | 100.0% |