Is Mortgages Unlimited Inc. An Expensive Mortgage Lender?

We compare mortgage interest rate and loan related closing costs at Mortgages Unlimited Inc. with other lenders for mortgages with similar borrower characteristics:

Interest Rate: similar to average (-0.01%)
Loan Related Closing Costs: higher than average (+$1478)
Assessment: this lender tends to be a expensive lender.

This scoreboard is based on data reported to FFIEC. In the data, Mortgages Unlimited Inc. originated 1216 mortgages, a national market share of 0.0%. It was most active in MN (1.0% market share), WI (0.0% market share), and FL (0.0% market share).

On average, Mortgages Unlimited Inc.’s interest rates were similar to those of comparable mortgages at other lenders (-0.01%).1The comparable mortgages control for Mortgages Unlimited Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages. Its average total loan related closing cost was $5702, which was higher than those of comparable mortgages at $4224, with a difference of +$1478. Overall, we estimate that Mortgages Unlimited Inc. tends to be an expensive lender, with a cost-adjusted-rate difference of +0.10% compared to comparable mortgages at other lenders.2Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate. Therefore, we recommend comparing your rate and fees with at least a few other lenders before signing with Mortgages Unlimited Inc..

Mortgages Unlimited Inc. originated Conforming and FHA mortgages for new home purchases. It also originated Conforming mortgages for refinances. We breakdown its interest rate and total loan related closing cost on by each of the mortgage types it originated below:

Home Purchase Mortgages from Mortgages Unlimited Inc. compared to other lenders

Conforming FHA
Interest Rate Difference -0.01% -0.03%
Loan related Closing Cost Difference +$1631 +$1029
Cost Adjusted Rate Difference +0.12% +0.04%

Based on the table above, Mortgages Unlimited Inc. is similar to other lenders for FHA purchase mortgages. It is more expensive than other lenders for Conforming purchase mortgages.

Mortgage Refinancing from Mortgages Unlimited Inc. compared to other lenders

Conforming
Interest Rate Difference -0.01%
Loan Related Closing Cost Difference +$1126
Cost Adjusted Rate Difference +0.09%

Based on the table above, Mortgages Unlimited Inc. is more expensive than other lenders for Conforming mortgage refinance.

Other information about Mortgages Unlimited Inc.:

Regulator: United States Department of Housing and Urban Development (HUD) 
Registered city and state: MAPLE GROVE, MN, 55113

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Footnotes   [ + ]

1. The comparable mortgages control for Mortgages Unlimited Inc.’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and county. Interest rate and loan related closing costs are estimated based on fixed rate mortgages only, whereas market shares include all purchase or refinance mortgages.
2. Cost adjusted rates were computed based on each percent of the loan amount in loan related closing costs being worth 1/6 of a percentage point in interest rate.