Union Home Mortgage

About

Union Home Mortgage Corp is a full-service mortgage banking company headquartered in Strongsville, Ohio. The company was founded in 1970 and has since grown to become one of the largest privately held mortgage banking companies in the United States. UHM provides a wide range of home financing solutions, including conventional, FHA, VA, USDA, jumbo, and non-QM loans, as well as refinancing options.

The company prides itself on its customer-focused approach to lending, with a commitment to transparency, education, and personalized service. UHM has received numerous industry awards and recognitions for its exceptional service and high levels of customer satisfaction.

UHM operates in more than 40 states and has over 200 branches and satellite offices across the country. The company employs over 2,500 professionals, including loan officers, underwriters, processors, and support staff.

Key Features

Some of the key features of mortgage loans from UHM include:

• Competitive interest rates. UHM offers competitive interest rates on their mortgage loans, which can help borrowers save money over the life of the loan.
• Flexible loan terms. UHM offers a range of loan terms, including 10-, 15-, 20-, 25-, and 30-year terms. This allows borrowers to choose a loan term that works best for their financial situation.
• Low down payment options. UHM offers low down payment options for some of their mortgage loans, which can help make homeownership more affordable for first-time homebuyers and others who may not have a large down payment saved up.
• Wide range of loan programs. UHM offers a wide range of loan programs, including conventional loans, FHA loans, VA loans, USDA loans, and jumbo loans. This allows borrowers to choose a loan program that fits their needs and qualifications.
• Personalized service. UHM prides itself on providing personalized service to its borrowers. The company has loan officers available to help borrowers throughout the mortgage process, from pre-approval to closing.
• Online tools and resources. UHM offers a variety of online tools and resources to help borrowers understand their mortgage options and make informed decisions. These include mortgage calculators, educational resources, and a secure online application process.

Pros and Сons

Pros 

• Diversity of loans available. UHM issues a wide range of fixed-rate and adjustable-rate loans for various purposes.
• User-friendly mobile app. The company offers a highly user-friendly mobile app, which will appeal to people who prefer managing their accounts on their smartphones. Borrowers can even use the smartphone app to scan and submit documents.
• Mortgage and refinancing calculators. UHM provides easy mortgage and refinancing calculators to help you estimate your monthly payments. Online calculators may also help to break down mortgage payments for easier comprehension, as well as show how much money you could save with a refinanced mortgage at a reduced interest rate.

Cons

• No transparency. One minor drawback is that, unlike some other mortgage lenders, Union Home Mortgage does not publicize its mortgage rates, terms, and conditions. It's also unclear what Union Home Mortgage charges, such as a loan origination fee, underwriting, processing fees, etc., because those prices aren't listed on their website.
• No licenses in some states. The company does not have any business licenses in Hawaii and New York.
• No option to apply online. UHM does not allow direct online mortgage applications. However, their client site does allow you to monitor your account. Online questions are simple and quick to answer, but you must fill out a form, download an app or give a loan officer a call to apply.

Products

Union Home Mortgage offers a range of mortgage products to suit the needs of different borrowers. These products include:

• Conventional mortgages normally have a fixed interest rate, which implies that the interest rate does not vary over the loan's term. Conventional mortgages or loans are not federally guaranteed and, as a result, have tougher lending standards.
• FHA loan. These unique mortgages, which are insured by the Federal Housing Administration, have a minimum 3 percent down payment and may be more readily available to applicants with previous credit problems.
• VA loans are supported by the Department of Veteran Affairs (VA) and are meant to assist qualifying members of the military, veterans, and reservists in purchasing houses. Banks frequently provide this sort of loan without a down payment and with a cheaper interest rate than with a normal loan product, even though consumers must pay a VA financing fee.
• USDA loan. The Department of Agriculture (USDA) offers these loans solely in designated rural regions with the goal of preserving and reviving the nation's most rural communities. Special arrangements, such as 100% financing and greater flexibility, may be extended to borrowers with lower or weaker credit ratings.
• Refinancing. When you refinance your home mortgage, you effectively exchange your old loan for a new one with a new principle and maybe a new interest rate. You are then left with only one loan and one monthly payment once the Union Home Mortgage pays off the older mortgage.
• A rehab loan allows homebuyers and homeowners to fund both the purchase or refinance of a house as well as its refurbishment with a single mortgage. A rehab loan allows homebuyers to acquire or refinance their primary property and repair it with a single loan, eliminating the need to qualify for several loans.
• New construction loan. A house construction loan is a brief, higher-interest loan used to finance the construction of a residential building. Typically, construction loans last for a year. The property needs to be constructed within this time, and an occupancy certificate needs to be given out.
• Jumbo Loans. These are loans that exceed the conforming loan limits set by Fannie Mae and Freddie Mac. They are designed for borrowers who need to finance a high-priced home.

Reliability

UHM is a mortgage lender that has been in business since 1970. They have originated and funded over $50 billion in loans since their founding, and they are licensed to do business in 48 states. UHM is a direct lender, which means they originate and fund loans directly to borrowers, rather than acting as a broker or intermediary. This can offer several advantages to borrowers, including more personalized service, faster processing times, and potentially lower fees.

UHM has a reputation for providing quality service and personalized attention to their borrowers. They have a team of in-house underwriters and processors who work closely with borrowers to ensure a smooth and efficient loan process. UHM also offers a variety of additional services to help borrowers navigate the home buying and financing process, such as refinancing, home equity loans and lines of credit, homebuyer education, loan servicing, and insurance products.

UHM has received high ratings and reviews from a variety of independent sources, including the Better Business Bureau, Trustpilot, and Zillow. They have an A+ rating from the Better Business Bureau, indicating a strong track record of customer satisfaction and ethical business practices. They also have a 4.8 out of 5-star rating on Trustpilot, based on over 5,000 reviews from verified customers.

Overall, UHM appears to be a reliable and reputable mortgage lender with a strong track record of providing quality service to their borrowers. However, it's always a good idea to do your own research and compare multiple lenders before making a final decision on your mortgage loan.

Funding a Loan

UHM is a direct lender, which means they have the ability to originate and fund loans directly to borrowers. If you are interested in obtaining a mortgage loan from UHM, here are the general steps you can expect to take:

1. Pre-qualification. The first step in obtaining a mortgage loan from UHM is to get pre-qualified. This involves providing some basic information about your income, employment, assets, and credit history to determine how much you may be eligible to borrow. You can get pre-qualified online or by contacting a UHM loan officer.
2. Loan application. Once you've been pre-qualified and are ready to move forward with a loan, you will need to complete a loan application. This will require more detailed information about your financial situation, such as income, employment history, assets, debts, and credit history. You can complete the application online or with the help of a UHM loan officer.
3. Underwriting. After you've submitted your loan application, it will be reviewed by an underwriter who will verify your income, employment, assets, and credit history to ensure that you meet UHM's lending criteria. If any additional information or documentation is needed, you will be contacted by a UHM loan processor.
4. Loan approval. Once your loan application has been underwritten and approved, you will receive a loan approval letter that outlines the terms and conditions of your loan. This will include the loan amount, interest rate, repayment terms, and any fees or closing costs associated with the loan.
5. Closing. After you've received loan approval, you will need to schedule a closing date with UHM. At the closing, you will sign the final loan documents and pay any closing costs or fees associated with the loan. Once the loan is funded, you will receive the proceeds and can begin using the funds to purchase your new home or refinance your existing mortgage.

Overall, the process of funding a loan from UHM will depend on your specific financial situation and the loan program you are applying for. However, the steps outlined above are generally the standard process for obtaining a mortgage loan from UHM.

Additional Services

In addition to its primary mortgage lending operations, UHM also offers a variety of additional services to help borrowers navigate the home buying and financing process. Some of these services include:

1. Home Equity Loans and Lines of Credit. UHM offers home equity loans and lines of credit (HELOC), which allow homeowners to tap into the equity in their home to finance home improvements, debt consolidation, or other expenses.
2. Homebuyer Education. UHM provides resources and education for first-time homebuyers, including homebuyer seminars, online education courses, and access to a team of loan officers who can answer questions and guide borrowers through the homebuying process.
3. Loan Servicing. UHM services the majority of its loans in-house, which means borrowers can make payments and manage their loan accounts directly with the company, rather than through a third-party servicer.
4. Insurance. UHM offers insurance products, including homeowners insurance, flood insurance, and mortgage insurance, to help borrowers protect their investment and meet their lender's insurance requirements.

Overall, Union Home Mortgage's additional services are designed to help borrowers make informed decisions about their home financing options and provide ongoing support throughout the life of their loan.

Terms and conditions

UHM offers a variety of loan programs with different terms and conditions, depending on the type of loan and the borrower's financial profile. Here are some general guidelines on the terms and conditions for Union Home Mortgage's loan programs:

1. Loan Types. UHM offers conventional, FHA, VA, USDA, jumbo, and renovation loans. Each loan type has different eligibility requirements, loan limits, and terms.
2. Loan Terms. The typical loan term for a mortgage is 30 years, although UHM also offers 10, 15, 20, and 25-year loan terms. The loan term you choose will impact your monthly payment and the total interest you pay over the life of the loan.
3. Interest Rates. UHM offers fixed-rate and adjustable-rate mortgages. Fixed-rate mortgages have a set interest rate for the life of the loan, while adjustable-rate mortgages have a variable interest rate that may change over time. The interest rate you qualify for will depend on your credit score, loan type, loan term, and other factors.
4. Fees. UHM charges fees for loan origination, appraisal, credit report, and other loan-related services. These fees can vary depending on the loan type, loan amount, and other factors.
5. Credit Requirements. UHM requires borrowers to have a minimum credit score of 620 for most loan programs, although some loan types may have different credit requirements. A higher credit score may help you qualify for better interest rates and loan terms.
6. Down Payment. The minimum down payment required by UHM varies depending on the loan program and the borrower's financial profile. Conventional loans typically require a minimum down payment of 3%, while government-backed loans may require as little as 0% down for eligible borrowers.
7. Income and Debt-to-Income Ratio. UHM will consider your income and debt-to-income ratio (DTI) when evaluating your loan application. The maximum DTI ratio allowed may vary depending on the loan program and other factors.

It's important to note that the terms and conditions of your loan will depend on many factors, including your credit score, income, debt-to-income ratio, loan type, and other factors. It's best to consult with a loan officer at UHM to determine the specific terms and conditions that apply to your loan.