Is United Mortgage Corp a cheap or expensive mortgage lender? To help you shop for a mortgage, we compare the interest rates and closing costs charged by United Mortgage Corp to those of other lenders for a comparable set of borrowers. Here is our review of United Mortgage Corp nationally:
| Review Item | United Mortgage Corp |
|---|---|
| Interest Rate | higher than other lenders (+0.12%) |
| Loan Related Closing Costs | higher than other lenders (+$765) |
| National Rate and Closing Cost Star Rating | (2.5) |
On average, United Mortgage Corp’s interest rates were higher than those of other lenders (+0.12%). Its loan related closing costs were also higher than those of other lenders, with a difference of +$765. Overall, combining interest rates and closing costs we estimate that United Mortgage Corp tends to be an expensive lender, and give it a National Rate and Closing Costs Rating of 2.5 out of 5 stars.
We maintain our independence by not accepting any money from the mortgage lenders we review. To visit United Mortgage Corp, check out its website at: https://unitedmortgage.com.
United Mortgage Corp’s Rate Review by City
Mortgage lenders often set different rates in different geographical markets. For our list of the top mortgage lenders by city, click here. In particular, among the cities we track United Mortgage Corp was most active in:
United Mortgage Corp’s Rate Review by Mortgage Type
Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, United Mortgage Corp originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases. It also originated Conforming, FHA, Jumbo and VA mortgages for refinances. Its average interest rate and total loan related closing cost difference relative to other lenders for comparable borrowers by mortgages type is as follows.
| New Purchase Mortgages | Conforming | FHA | Jumbo | USDA | VA |
|---|---|---|---|---|---|
| Interest Rate Difference | +0.23% | +0.09% | +0.02% | -0.00% | +0.02% |
| Loan Related Closing Cost Difference | +$1060 | +$1106 | +$146 | -$1 | +$120 |
| Cost Adjusted Rate Difference | +0.28% | +0.14% | +0.02% | -0.00% | +0.02% |
| National Star Rating |
| Refinance Mortgages | Conforming | FHA | Jumbo | VA |
|---|---|---|---|---|
| Interest Rate Difference | +0.14% | +0.03% | +0.03% | +0.01% |
| Loan Related Closing Cost Difference | +$786 | +$261 | +$113 | +$58 |
| Cost Adjusted Rate Difference | +0.18% | +0.04% | +0.03% | +0.01% |
| Average Star Rating |
As a summary, United Mortgage Corp is similar to other lenders for Jumbo, USDA and VA purchase mortgages. It is more expensive than other lenders for Conforming and FHA purchase mortgages. For refinancing mortgages, United Mortgage Corp is similar to other lenders for FHA, Jumbo and VA mortgage refinance. It is more expensive than other lenders for Conforming mortgage refinance. Nevertheless, individual circumstances can matter a lot for mortgage rates, and we always recommend shopping among several of our top mortgage lenders in your area before signing.
Other information about United Mortgage Corp:
Registered city and state: MELVILLE, NY, 11747
Regulator: United States Department of Housing and Urban Development (HUD)
* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for United Mortgage Corp’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 commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.