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, Hutchinson, Duluth, St. Cloud, and Brainerd among others. We have data for 22 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% 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






    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

    983

    Origination Dollar Volume (All Markets)

    $239,555,000

    Awards

    Mortgages Unlimited VA Loans bronze
    Show all (1) 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) 903 $222,755,000 $246,683 $8,100 5.09%
    Outside of Metro Areas 22 $5,570,000 $253,182 $8,620 5.11%
    Hutchinson, MN (FHA|USDA|VA) 10 $2,180,000 $218,000 $8,359 5.84%
    DULUTH, MN-WI (FHA|USDA|VA) 7 $1,375,000 $196,429 $8,873 5.77%
    ST. CLOUD, MN (FHA|USDA|VA) 6 $1,290,000 $215,000 $7,422 5.40%
    Brainerd, MN (FHA|USDA|VA) 4 $870,000 $217,500 $4,865 4.31%
    ROCHESTER, MN (FHA|USDA|VA) 4 $850,000 $212,500 $9,709 5.04%
    Red Wing, MN (FHA|USDA|VA) 3 $615,000 $205,000 $6,496 5.63%
    Worthington, MN (FHA|USDA|VA) 3 $585,000 $195,000 $9,970 5.38%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 2 $540,000 $270,000 $6,666 4.13%
    MANKATO, MN (FHA|USDA|VA) 2 $530,000 $265,000 $11,052 4.69%
    Faribault-Northfield, MN (FHA|USDA|VA) 4 $350,000 $87,500 $0 4.69%
    THE VILLAGES, FL (FHA|USDA|VA) 1 $285,000 $285,000 $7,368 3.75%
    FARGO, ND-MN (FHA|USDA|VA) 1 $255,000 $255,000 $4,444 5.00%
    Clewiston, FL (FHA|USDA|VA) 1 $255,000 $255,000 $8,600 6.13%
    Albert Lea, MN (FHA|USDA|VA) 2 $230,000 $115,000 $9,526 4.38%
    Owatonna, MN (FHA|USDA|VA) 2 $220,000 $110,000 $0 5.63%
    Grand Rapids, MN (FHA|USDA|VA) 1 $185,000 $185,000 $5,143 4.00%
    Austin, MN (FHA|USDA|VA) 2 $180,000 $90,000 $0 4.63%
    PORT ST. LUCIE, FL (FHA|USDA|VA) 1 $175,000 $175,000 $7,061 5.00%
    North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) 1 $135,000 $135,000 $5,361 3.88%
    Fergus Falls, MN (FHA|USDA|VA) 1 $125,000 $125,000 $6,800 6.88%
    Mortgages Unlimited's top markets include Minneapolis, Hutchinson, Duluth, St. Cloud, and Brainerd 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.

    SUPERIOR CHOICE
    Similarity Rank: 60
    North Shore Federal Credit Union
    Similarity Rank: 105
    NORTHWOODS
    Similarity Rank: 174
    MY Credit Union
    Similarity Rank: 304
    RiverWood Bank
    Similarity Rank: 420
    South Metro Federal Credit Union
    Similarity Rank: 429
    Cornerstone State Bank
    Similarity Rank: 464
    National Bank of Commerce
    Similarity Rank: 576
    WESTconsin Credit Union
    Similarity Rank: 684
    North Shore Bank of Commerce
    Similarity Rank: 869

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 844 $199,400,000 $236,256 $7,468 5.11%
    FHA 118 $32,390,000 $274,492 $11,192 5.11%
    VA 16 $6,440,000 $402,500 $12,739 4.42%
    USDA 5 $1,325,000 $265,000 $8,479 5.35%

    For 2022, Mortgages Unlimited's most frequently originated type of loan was Conventional, with 844 originations. Their 2nd most popular type was FHA, with 118 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 873 $222,355,000 $254,702 $8,279 5.18%
    Refi 71 $14,815,000 $208,662 $6,303 4.22%
    Other 29 $355,000 $12,241 $0 4.66%
    Cash Out Refi 10 $2,030,000 $203,000 $6,414 4.50%

    For 2022, Mortgages Unlimited's most frequently cited loan purpose was Home Purchase, with 873 originations. The 2nd most popular reason was Refi, with 71 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 785 $233,125,000 $296,975 $8,142 5.10%
    Other 112 $1,610,000 $14,375 $0 0.00%
    10 Year 72 $1,100,000 $15,278 $4,029 5.34%
    15 Year 7 $1,945,000 $277,857 $5,925 4.09%
    20 Year 7 $1,775,000 $253,571 $5,797 3.86%

    For 2022, Mortgages Unlimited's most frequently cited loan duration was 30 Year, with 785 originations. The 2nd most popular length was Other, with 112 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 232 $97,450,000 $420,043
    $3k-4k 222 $50,330,000 $226,712
    $4k-5k 213 $64,385,000 $302,277
    $<1k 194 $4,380,000 $22,577
    $2k-3k 87 $14,185,000 $163,046
    $1k-2k 31 $7,805,000 $251,774

    Mortgages Unlimited's average total fees were $8,142, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 232 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    5-6% 361 $99,765,000 $276,357
    4-5% 182 $51,280,000 $281,758
    3-4% 178 $50,860,000 $285,730
    6-7% 105 $26,465,000 $252,048
    7-8% 31 $7,575,000 $244,355
    2.5-3% 7 $1,705,000 $243,571
    <2.5% 3 $245,000 $81,667

    During 2022, Mortgages Unlimited's average interest rate for loans was 5.10%, while their most frequently originated rate bucket for loans was 5-6%, with 361 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 525 $150,185,000 $286,067 $7,941 5.13%
    $100,000 or less 198 $3,380,000 $17,071 $3,855 5.16%
    $100k-200k 141 $22,615,000 $160,390 $5,345 5.09%
    $400k-600k 95 $45,305,000 $476,895 $10,189 4.93%
    $600k-1MM 22 $15,400,000 $700,000 $16,225 4.82%
    $1MM+ 2 $2,670,000 $1,335,000 $17,759 4.50%

    2022 saw Mortgages Unlimited place emphasis on $200k-400k loans with 525 originations, totaling $150,185,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 314 $57,540,000 $183,248 $7,077 4.93%
    $100k-150k 203 $59,435,000 $292,783 $8,772 5.37%
    $75k-100k 198 $46,820,000 $236,465 $7,924 5.11%
    $50k or less 124 $14,820,000 $119,516 $5,972 4.74%
    $150k-250k 103 $40,735,000 $395,485 $9,197 5.20%
    $250k+ 39 $19,585,000 $502,179 $10,492 5.16%

    Mortgages Unlimited lent most frequently to those with incomes in the $50k-75k range, with 314 originations. The second most popular income band? $100k-150k, with 203 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    <20% 181 $11,525,000 $63,674 $6,589 5.12%
    30-36% 136 $43,420,000 $319,265 $8,274 4.97%
    20-30% 134 $36,240,000 $270,448 $7,227 5.02%
    49% 67 $18,935,000 $282,612 $8,845 4.93%
    39% 45 $13,175,000 $292,778 $7,975 4.92%
    44% 43 $13,095,000 $304,535 $8,778 5.19%
    42% 38 $9,950,000 $261,842 $8,934 5.50%
    41% 35 $9,995,000 $285,571 $7,653 5.38%
    40% 33 $10,895,000 $330,152 $7,775 4.98%
    45% 32 $9,660,000 $301,875 $7,928 5.31%
    43% 31 $9,385,000 $302,742 $8,222 5.37%
    47% 30 $7,960,000 $265,333 $7,995 5.24%
    46% 30 $8,870,000 $295,667 $9,591 5.01%
    38% 29 $8,465,000 $291,897 $7,465 5.01%
    48% 26 $7,710,000 $296,538 $7,668 5.61%
    37% 24 $8,270,000 $344,583 $8,993 5.08%
    36% 22 $7,130,000 $324,091 $8,332 5.10%
    50-60% 13 $3,835,000 $295,000 $11,363 4.76%

    Mortgages Unlimited lent most frequently to those with DTI ratios of <20%, with 181 originations. The next most common DTI ratio? 30-36%, with 136 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 737 $188,965,000 $256,398 $7,845 5.08%
    Asian 102 $21,920,000 $214,902 $9,220 5.08%
    Black 100 $18,490,000 $184,900 $9,848 5.21%
    Not provided 35 $8,535,000 $243,857 $7,776 4.88%
    American Indian 7 $1,405,000 $200,714 $9,980 5.94%
    Other Asian 2 $240,000 $120,000 $0 5.63%

    Approval Rates

    Total approvals of all applications
    97.62%

    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
    83.21%

    Mortgages Unlimited has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 983 $239,555,000 $243,698

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    983 $239,555,000 $243,698

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 10 $2,070,000 $207,000 $5,394 4.29%
    40-60% 48 $10,030,000 $208,958 $5,644 4.75%
    60-80% 180 $51,950,000 $288,611 $7,716 5.10%
    80-100% 548 $170,270,000 $310,712 $8,466 5.13%
    Over 100% 6 $2,200,000 $366,667 $15,510 4.04%
    Under 20% 191 $3,035,000 $15,890 $4,296 5.23%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    Mortgage Research Center, LLC Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 1 50.0%
    Mortgage Research Center, LLC VA mortgage Trouble during payment process 1 50.0%