Because United Wholesale Mortgage doesn’t work directly with consumers, you can only get a UWM home loan by working with a mortgage broker. Use the following steps to apply for a United Wholesale Mortgage loan:
- Check your credit score. Before getting prequalified or submitting a mortgage application, check your credit score and review your credit report. Understanding your credit profile can provide valuable insight into your creditworthiness and overall approval odds.
- Compile the necessary financial documents. Lenders typically require mortgage applicants to provide extensive information regarding their past and current financial situation. These requirements often include pay stubs for the last 30 days or more, W-2s for at least the past two years, bank and retirement account statements and proof of other income.
- Start working with a mortgage broker. Whether you’re still looking for a new home or already have one picked out, choose a reputable mortgage broker that offers the type and size of the loan you need. You can search for brokers at Find a Mortgage Broker.
- Get preapproved. Where possible, get preapproved to strengthen your offer and streamline the application process. Many lenders can preapprove you within a few business days, and preapproval doesn’t damage your credit score.
- Apply for a mortgage and await approval. Complete the mortgage application and provide details about your financial situation and the property you plan to purchase. If your loan officer requests additional information, respond quickly to keep the underwriting process on track.
- Close on the loan. United Wholesale Mortgage can close loans in 18 days on average. However, closing times vary based on a range of factors. Stay in contact with your mortgage broker to ensure the underwriting process proceeds according to plan and that you’re prepared to close on time.
What Is a Mortgage Broker?
A mortgage broker is a go-between for borrowers and lenders, helping individuals or businesses find a mortgage that suits their client’s specific needs.
Brokers work independently and are typically paid by commission or fees, depending on the lender’s arrangements. They assess their client’s financial strengths and weaknesses and search for suitable lenders based on available mortgage terms and rates.
Mortgage brokers operate their businesses by providing a personal and hands-on approach that helps set them apart from traditional lenders. By leveraging their expertise, experience and industry connections, mortgage brokers can offer their clients a more efficient, less stressful mortgage experience.
Should You Work With a Mortgage Broker?
Whether you should work with a mortgage broker depends on your needs, preferences and financial situation. In most cases, though, a mortgage broker can provide numerous advantages.
For one, brokers may offer access to a variety of the best mortgage lenders and loan products, potentially saving you time and money. Additionally, brokers often have access to better interest rates and can negotiate on your behalf.
On the other hand, working with a mortgage broker means you may have to pay fees for its service. Before committing to work with a broker, ensure you understand these fees as they can be substantial. Furthermore, if you have a complicated financial situation, it may be better to work directly with a lender who can provide a more personalized experience.
