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If you reside in Arizona, there’s a really good chance you’ve driven by a billboard advertising NOVA Home Loans. I don’t even live in Arizona but always see their advertisements when visiting.

The direct-to-consumer mortgage lender has a huge presence in the Copper State, and actually generated about 65% of its business there last year. They are a top Arizona mortgage lender.

While they also have brick-and-mortar locations in nearby states like California, Colorado, Nevada, and Texas, the lion’s share of mortgages are on properties located in Arizona.

And that’s a big deal because the company originated nearly $8 billion in home loans in 2020, meaning everyone in Arizona has probably heard of them, and lots have a NOVA Home Loans mortgage.

Their second biggest state is Colorado, where they do about a quarter of total volume, so it’s clear that much of their mortgage lending happens between these two states.

NOVA Home Loans Fast Facts

  • Independent nonbank retail mortgage lender based in Tucson, Arizona
  • A top-100 mortgage lender nationally founded in 1980
  • Originated nearly $8 billion in home loans during 2020
  • About two-thirds of its volume came from Arizona, and a quarter from Colorado
  • Licensed in 14 states including Arizona, California, Colorado, Florida, Illinois, Indiana, Kentucky, Nevada, New Mexico, Oregon, Pennsylvania, Texas, Utah, and Washington
  • Also offers financing on commercial and multi-family properties via NOVA Commercial Loans
  • Sponsors the annual NOVA Home Loans Arizona Bowl

Applying for a Mortgage with NOVA Home Loans

The company prides itself on efficiency and a commitment to professionalism, thriving to provide the best customer experience possible.

To better manage expectations, they process all loan applications in-house from start to finish.

They also allow you to apply for a home loan directly on their website via a digital application powered by Ellie Mae.

This makes it easy to fill out a loan application from any device, securely upload documents, link financial accounts, eSign documents, and more.

Once approved, you can track loan progress, receive updates, and make contact with your loan team if you have questions.

If you’ve been referred to someone specific, or want to work with someone nearby, you can browse the loan officer directory on their website, then hit apply. Or just send that individual an email first.

Those who aren’t quite ready to apply can click on the “request consultation” button instead and provide some basic contact information, at which point a loan officer will reach out.

As always, you can simply pick up the phone and call them directly as well.

What Types of Mortgages Does NOVA Home Loans Offer?

  • Home purchase loans, renovation loans, construction loans
  • Rate and term and cash out refinances
  • Reverse mortgages
  • Bridge loans
  • Fixed-rate mortgages and adjustable-rate mortgages
  • Conforming loans and jumbo loans
  • Government loans: FHA, USDA, and VA

NOVA Home Loans has you pretty well covered no matter what type of mortgage you’re in need of.

They offer both home purchase loans and mortgage refinance loans, along with renovation loans, construction loans, and even reverse mortgages.

Those purchasing or refinancing a particularly expensive home can take advantage of a jumbo loan from the company.

And borrowers with limited funds set aside for a home purchase can get information about the many down payment assistance programs available.

You can also get a mortgage pre-approval from them if you’re thinking about buying a home. My assumption is they’re well-liked by Arizona real estate agents since they do so much business there.

They offer conforming loans backed by Fannie Mae and Freddie Mac, along with government-backed home loans including FHA loans, USDA loans, and VA loans.

NOVA also offers bridge loans if you want/need to buy a replacement house before selling your old one.

In terms of loan programs, you can get a fixed-rate mortgage in various terms, ranging from 10 to 30 years, or an adjustable-rate mortgage, such as a 5/1 or 7/1 ARM.

NOVA Home Loans Mortgage Rates

Like a lot of mortgage lenders, NOVA Home Loans doesn’t advertise their mortgage rates directly on their website or elsewhere as far as we know.

So if you want a mortgage rate quote, you’ll need to reach out to them directly for pricing.

Additionally, they don’t seem to disclose lender fees on their website, so again you’ll need to inquire with them regarding any fees they charge.

Because we don’t know their interest rates or lender fees, it’s impossible to know how competitive they are relative to other mortgage lenders.

So always take the time to shop around with other banks, credit unions, and so on to ensure you don’t miss out on a better deal.

The one hint we have about their rates and closing costs comes from their many reviews, which are generally very favorable.

NOVA Home Loans Reviews

NOVA Home Loans has a 4.98-star rating out of 5 on Zillow, based on nearly 3,000 customer reviews.

After scanning many of the reviews, it appears that most of the past customers indicated that the mortgage rate was lower than expected, along with the closing costs.

If checking out the reviews on Zillow, you can click on the names of individual loan officers to filter results to just one specific person. This can be helpful if you want to handpick who to work with.

On SocialSurvey, they have a 4.91 rating out of 5 based on nearly 25,000 customer reviews. Again, you can filter by individual loan officer if you want to see their specific performance.

The company has been accredited with the Better Business Bureau since 2011, and currently has an A+ BBB rating.

NOVA Home Loans was also a Good Neighbor Award recipient for the 2014 Better Business Bureau Torch Awards based on its commitment to southern Arizona via support of local charities.

At the moment, they don’t have any active customer complaints on the BBB website, which is typically a good sign.

All in all, they appear to be a well-liked company with lots of quality feedback.

NOVA Home Loans Pros and Cons

The Good

  • Can apply for a home loan directly from the website
  • Offer a digital mortgage application powered by Ellie Mae
  • Lots of excellent reviews from past customers
  • Plenty of different loan programs to choose from
  • Free mortgage calculator and mortgage tutorials on-site
  • Free smartphone app

The Possible Bad

  • Only licensed in a handful of states (14 at the moment)
  • Physical branch locations in only five states
  • Do not advertise their mortgage rates
  • No mention of lender fees on website

Source: thetruthaboutmortgage.com

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Homeowners were dealt another huge blow today when the average cost of a five-year fixed rate mortgage rose above the six per cent mark for the first time since November (Gareth Fuller/PA) (PA Archive)

Homeowners were dealt another huge blow today when the average cost of a five-year fixed rate mortgage rose above the six per cent mark for the first time since November.

Latest data from analysts Moneyfacts show the average five-year fixed rate up from 5.97 per cent to 6.01 per cent.

Meanwhile the average two-year rate was on the brink of surging past the 6.5 per cent barrier after rising from 6.42 per cent to 6.47 per cent.

The ever-increasing cost of fixed rate products will hit thousands of homeowners a day as their existing deals expire and they are forced to remortgage with far more expensive finance.

Close to 90 per cent of all outstanding mortgages are on fixed rates, the vast majority taken out when borrowers could secure home loans at historic lows of around two per cent or even less.

Around 40 per cent of mortgages are fixed for two-year deals and a roughly similar proportion for five years.

Fixed mortgage rates have been steadily rising over recent months as yields on government bonds — or gilts — have spiked on fears that the Bank of England will have to increase borrowing costs even higher and keep them there longer than previously forecast to rein in “sticky” inflation.”

Government minister Johnny Mercer backed Rishi Sunak’s statement that Britain needed to “hold our nerve” over inflation, still above eight per cent.

“Things are going to get better,” he told Sky News.

But shadow Treasury minister Pat McFadden warned of the squeeze on many households, stressing: “It’s not just mortgage holders. It’s also renters too, because they’re renting from people whose mortgages are also going up.”

Meanwhile, Britain’s banks were in the dock over “profiteering” in the cost-of-living crisis.

The Financial Conduct Authority watchdog has summoned the four big banks for a showdown meeting on Thursday over accusations that they are dragging their feet in passing on interest rate rises to savers.

Mr Mercer said: “You don’t want to see any profiteering like this.”

UK Finance, which represents lenders, said: “Saving and mortgage rates aren’t directly linked.”

Supermarkets and broadband providers have also been accused of excessive profits.

Source: uk.sports.yahoo.com

Apache is functioning normally

Homeowners have been warned of more mortgage rate “misery” as the average five-year fixed-rate deal jumped above 6 per cent per cent for the first time since November.

The typical rate on the market on Tuesday was 6.01 per cent, up from an average rate of 5.97 per cent on Monday, according to financial information website Moneyfacts.

Rishi Sunak is under pressure to set out more help for struggling mortgage holders, as the average two-year fixed rate mortgage also jumped up from 6.42 per cent to 6.47 per cent.

The last time five-year deals topped 6 per cent was in November last year, when rates rose sharply following Liz Truss and her chancellor Kwasi Kwarteng’s mini-budget fiasco.

It comes after the Bank of England pushed the UK base interest rate to 5 per cent last month – the 13th time in a row that the central bank has pushed up rates in a bid to tame persistent inflation.

The mortgage rate rises are like “rolling financial thunder” that will cost hard-pressed families hundreds of pounds a month, according to Labour’s shadow chief secretary to the Treasury.

Pat McFadden told GB News: “It’s really going to squeeze their spending in other areas. And it’s not just mortgage holders. It’s also renters too, because they’re renting from people whose mortgages are also going up.”

The Liberal Democrats – again calling for a £3bn mortgage protection fund – urged the Sunak government to do more in response to climbing mortgage rates. “This is yet more mortgage misery for homeowners on the brink,” said Treasury spokeswoman Sarah Olney.

She added: “Rishi Sunak asking homeowners to hold their nerve is sounding more tin-eared by the day. Conservative ministers sent mortgages spiralling through all their chaos and incompetence, now they are refusing to lift a finger to help.”

No 10 acknowledged that it was a “very difficult time” for both mortgage holders and renters. Mr Sunak’s official spokesman said: “The single biggest thing government can do is work together with the Bank of England in lockstep to reduce inflation, which is driving some of these high mortgage rates we are seeing.”

<img src="https://static.independent.co.uk/2023/05/23/20/52846126834_f7873117f5_b.jpg" srcset="https://static.independent.co.uk/2023/05/23/20/52846126834_f7873117f5_b.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2023/05/23/20/52846126834_f7873117f5_b.jpg?quality=75&width=640&auto=webp 640w" alt="

Sunak and Hunt under pressure to help homeowners

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Sunak and Hunt under pressure to help homeowners

(Downing Street)

Chancellor Jeremy Hunt agreed a deal with the big mortgage lenders at the end of June to provide more flexibility to those struggling with increased repayments.

Under the terms, banks will allow customers who are up to date with their payments to switch to interest-only payments for six months or extend their mortgage term to reduce their monthly payments.

But the government is under pressure to do more. Some Tory MPs suggesting “more generous” loans to cover mortgage interest payments for Universal Credit recipients, while others have urged the PM and chancellor to bring back tax relief on mortgage interest.

Mortgage brokers warned of further pain ahead this summer – with some predicting rates could soon top 7 per cent. Paul Welch of LoargeMortgageLoans.com said swap rates – those the banks pay to borrow money – look set to remain high, pushing mortgage rates even higher.

“If core inflation doesn’t come down significantly this month, or God forbid rises, then interest rates and swap rates will continue to go up and up,” he said. “It gives me no pleasure to say that we could realistically see some fixed rates reach 7 per cent before the summer is out.”

Peter Dockar of mortgage lender Gen H said “things may still get worse before they get better”, adding that homeowners and buyers “need and deserve better support from the government”.

<img src="https://static.independent.co.uk/2023/06/19/11/PA-72672039.jpg" srcset="https://static.independent.co.uk/2023/06/19/11/PA-72672039.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2023/06/19/11/PA-72672039.jpg?quality=75&width=640&auto=webp 640w" alt="

Homeowners remortgaging face interest rates soaring over 6%

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Homeowners remortgaging face interest rates soaring over 6%

(PA)

Mr Sunak will face questions on cost of living pressures and his promise to halve inflation as he comes under scrutiny from senior MPs on the liaison committee on Tuesday afternoon.

It comes as Sainsbury’s said food inflation is “starting to fall”, but also warned that prices would not come down to what they were before the Ukraine war. The latest official figures show food inflation eased slightly in May but remained at a stubbornly high 18.4 per cent.

Tory minister Johnny Mercer was asked on Sky News whether people were irritated about “billionaire” Mr Sunak telling them to “hold their nerve” during the cost of living crisis.

Mr Mercer said the “class war stuff” goes down badly with voters. He also claimed it is “not correct” that people are forced to use food banks, suggesting that taking handouts is a personal choice.

<img src="https://static.independent.co.uk/2021/04/26/13/ULSTER20Soldiers202011385121-1.jpg" srcset="https://static.independent.co.uk/2021/04/26/13/ULSTER20Soldiers202011385121-1.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2021/04/26/13/ULSTER20Soldiers202011385121-1.jpg?quality=75&width=640&auto=webp 640w" alt="

Tory minister Johnny Mercer says voters ‘don’t care’ if Sunak is a billionaire

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Tory minister Johnny Mercer says voters ‘don’t care’ if Sunak is a billionaire

(Mark Marlow/PA)

It comes as top bankers have been summoned to a meeting with the financial watchdog to discuss concerns surrounding interest rates for savers lagging behind the cost of mortgages.

The Financial Conduct Authority (FCA) expects chief executives from HSBC, NatWest, Lloyds and Barclays to attend on Thursday amid allegations of “blatant profiteering”.

But sources played down the likelihood of a charter being drawn up in the vein of the one agreed between Mr Hunt and mortgage lenders.

MPs on the Treasury committee were stepping up their campaign to increase saving rates for lenders, which are failing to keep up with soaring mortgages.

Senior Labour MP Angela Eagle said: “This blatant profiteering has been shocking, and it’s clear to me this behaviour is miles away from the incoming requirement for firms to treat their customers fairly and with respect.”

Meanwhile, the Tory chair of the Treasury select committee Harriett Baldwin said fuel retailers have “pocketed” the 5p fuel duty price cut. She said it had “gone straight to the bottom line” of firms.

Source: independent.co.uk

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If you’ve watched a Cleveland Guardians baseball game lately, you may have noticed a big sign for “Union Home Mortgage” out in center field.

That’s because UHM is the official mortgage partner of the Guardians, along with the Professional Bull Riders (PBR) organization.

They also recently partnered with former Cleveland Browns quarterback Bernie Kosar for some commercials, and are now the title sponsor of the Cleveland Marathon.

So it’s clear they’re big sports fans and proud to call Northeast Ohio home.

The company’s headquarters also aren’t too far away from two other major players in the mortgage industry, Quicken Loans and United Wholesale Mortgage.

Like those two heavy-hitters, Union Home calls itself a “high-growth” company and has plans to keep building out its campus and expanding.

Let’s learn more about them.

Union Home Mortgage Fast Facts

  • A retail mortgage lender based out of Strongsville, Ohio
  • Founded in 1970, led by former MBA chairman Bill Cosgrove
  • Licensed in 44 states and the District of Columbia
  • More than 150 branch locations and nearly 1,400 Partners nationwide
  • 22% of total loan volume comes from the state of Ohio
  • Funded more than $12 billion in home loans during 2021

Union Home Mortgage, or UHM for short, is a direct-to-consumer retail lender based in Strongsville, Ohio.

That means you can call them up or visit a branch to get a mortgage, or simply surf over to their website to get started.

They are an approved direct lender for Fannie Mae, Freddie Mac, the FHA, USDA, and VA, and also operate a wholesale lending division for mortgage brokers.

The company funded roughly $4 billion via the retail channel in 2019, and more than $12 billion in 2021.

The Buckeye State is where they happen to do most of their mortgage lending, with roughly a quarter of overall loan volume coming out of Ohio.

But they don’t just originate mortgages in Ohio – they’re licensed in 44 states nationwide and the District of Columbia.

They do quite a bit of lending in nearby Michigan, along with Indiana, Pennsylvania, and even far-away Arizona.

And they’re the new title sponsor of the Gasparilla Bowl, which is played down in Tampa, Florida, so they’re probably looking to grow in the Sunshine State as well.

Recently, their loan servicing portfolio surpassed the $10 billion mark, and they now service loans for more than 60,000 families nationwide.

How to Get a Loan with Union Home Mortgage

  • You can apply online, by phone, in person, or via mobile
  • They offer a digital mortgage application powered by Ellie Mae
  • Borrowers can scan and upload documents via the smartphone app
  • And receive status updates as their loan progresses to the finish line

As noted, you can call them up over the phone, visit their website, or go to a brick-and-mortar branch if doing business in person is your thing.

If you choose to go the online route, you’ll first need to fill out a very brief form to get matched with a loan officer (assuming you haven’t already been referred or know who you want to work with).

Once you complete that quick step, you get the option to begin the loan application process without any human interaction. Or you can wait for a loan officer to call/email you.

Those who already know who they want to work with can use the loan officer directory on the company’s website by clicking on “Find a Branch.” Simply enter their name and you’ll be directed to their personal webpage.

From there, you can see which states they’re licensed to do business in, get their contact information, apply for a loan, or check loan status.

UHM offers a digital mortgage app powered by Ellie Mae that lets you complete just about everything online.

Additionally, they offer a free smartphone app that allows you to securely scan and upload documents, message your loan officer instantly, and receive status updates as your loan moves along.

Build Your Payment Program

In March 2023, Union Home Mortgage launched the “Build Your Payment Program,” which they refer to as a “new way for homebuyers to create a mortgage built around their budget.”

It’s not totally clear what that entails, but the company said customers work one-on-one with a dedicated mortgage expert “to craft an ideal monthly payment.”

These loan officers then present the best options based on each customer’s unique circumstances, presumably a type of loan, or a certain loan amount.

The main goal is to make the home loan process simple, while keeping the focus on monthly payments that align with home buyer budgets.

This is especially important as costs increase across the country thanks to pesky inflation.

Loan Types Offered by Union Home Mortgage

  • Home purchase loans
  • Refinance loans: rate and term and cash out
  • Home renovation loans
  • New construction home loans
  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Government loans backed by the FHA, USDA, and VA
  • Non-conforming loans: jumbo and non-QM

Union Home Mortgage offers both home purchase loans and refinance loans, along with renovation loans like the FHA 203k loan and new construction home loans.

You can get financing on a primary residence, second home, or investment property, whether it’s a single-family home or condo/townhouse.

Union Home Mortgage offers conventional financing backed by Fannie Mae and Freddie Mac, along with government-backed home loans from the FHA, USDA, and VA.

It’s also possible to get a jumbo home loan or a non-conforming loan thank to their non-QM offerings.

Those looking for new home construction financing can choose from conventional, FHA, and VA options.

And they offer both fixed-rate mortgages and adjustable-rate mortgages in various terms to suit all borrowers.

Union Home Mortgage Rates

One slight negative is that Union Home Mortgage does not advertise its mortgage rates, unlike some other mortgage lenders.

While you can chalk it up to the questionable usefulness of advertised rates, I do give lenders bonus points for transparency when they take the time to list their rates on their website.

Additionally, Union Home Mortgage doesn’t list their lender fees on their website, so it’s unclear what they charge, e.g. a loan origination fee, underwriting and processing fees, and so on.

As such, be sure to shop your home loan with other lenders to see where they stand pricing-wise. While price isn’t everything, it’s certainly important.

Union Home Mortgage Reviews

On Zillow, Union Home Mortgage has a 4.89-star rating out of 5, based on more than 700 customer reviews.

Many of the reviews indicate the interest rate that was lower than expected, while some also say closing costs were lower than anticipated.

Zillow allows you to drill down and look at the reviews of individual loan officers, helpful if you want to handpick who to work with beforehand.

On LendingTree, they’ve got a 4.8-star rating out of 5, based on more than 300 reviews. Some 95% of customers recommend working with Union Home Mortgage.

Lastly, they aren’t an accredited business with the Better Business Bureau and they’ve got a questionable C+ rating with the BBB.

Per the BBB, their rating is low because they failed to respond to one complaint filed against them. So it may have been an oversight or a one-off, but it’s something to take note of.

Union Home Mortgage Pros and Cons

The Good

  • Can apply for a mortgage online or in-branch
  • Offer lots of different loan programs
  • Customers can use the free UHM smartphone app
  • Excellent customer reviews
  • Free mortgage calculators on site
  • More than 150 branch locations located nationwide
  • They service their own loans

The Maybe Not Good

  • Need to fill out a contact form before applying for a loan unless you use the loan officer directory
  • Not licensed to do business in Alaska, Hawaii, New York, North Dakota or South Dakota
  • C+ rating with the Better Business Bureau

Source: thetruthaboutmortgage.com

Apache is functioning normally

If you’ve watched a Cleveland Guardians baseball game lately, you may have noticed a big sign for “Union Home Mortgage” out in center field.

That’s because UHM is the official mortgage partner of the Guardians, along with the Professional Bull Riders (PBR) organization.

They also recently partnered with former Cleveland Browns quarterback Bernie Kosar for some commercials, and are now the title sponsor of the Cleveland Marathon.

So it’s clear they’re big sports fans and proud to call Northeast Ohio home.

The company’s headquarters also aren’t too far away from two other major players in the mortgage industry, Quicken Loans and United Wholesale Mortgage.

Like those two heavy-hitters, Union Home calls itself a “high-growth” company and has plans to keep building out its campus and expanding.

Let’s learn more about them.

Union Home Mortgage Fast Facts

  • A retail mortgage lender based out of Strongsville, Ohio
  • Founded in 1970, led by former MBA chairman Bill Cosgrove
  • Licensed in 44 states and the District of Columbia
  • More than 150 branch locations and nearly 1,400 Partners nationwide
  • 22% of total loan volume comes from the state of Ohio
  • Funded more than $12 billion in home loans during 2021

Union Home Mortgage, or UHM for short, is a direct-to-consumer retail lender based in Strongsville, Ohio.

That means you can call them up or visit a branch to get a mortgage, or simply surf over to their website to get started.

They are an approved direct lender for Fannie Mae, Freddie Mac, the FHA, USDA, and VA, and also operate a wholesale lending division for mortgage brokers.

The company funded roughly $4 billion via the retail channel in 2019, and more than $12 billion in 2021.

The Buckeye State is where they happen to do most of their mortgage lending, with roughly a quarter of overall loan volume coming out of Ohio.

But they don’t just originate mortgages in Ohio – they’re licensed in 44 states nationwide and the District of Columbia.

They do quite a bit of lending in nearby Michigan, along with Indiana, Pennsylvania, and even far-away Arizona.

And they’re the new title sponsor of the Gasparilla Bowl, which is played down in Tampa, Florida, so they’re probably looking to grow in the Sunshine State as well.

Recently, their loan servicing portfolio surpassed the $10 billion mark, and they now service loans for more than 60,000 families nationwide.

How to Get a Loan with Union Home Mortgage

  • You can apply online, by phone, in person, or via mobile
  • They offer a digital mortgage application powered by Ellie Mae
  • Borrowers can scan and upload documents via the smartphone app
  • And receive status updates as their loan progresses to the finish line

As noted, you can call them up over the phone, visit their website, or go to a brick-and-mortar branch if doing business in person is your thing.

If you choose to go the online route, you’ll first need to fill out a very brief form to get matched with a loan officer (assuming you haven’t already been referred or know who you want to work with).

Once you complete that quick step, you get the option to begin the loan application process without any human interaction. Or you can wait for a loan officer to call/email you.

Those who already know who they want to work with can use the loan officer directory on the company’s website by clicking on “Find a Branch.” Simply enter their name and you’ll be directed to their personal webpage.

From there, you can see which states they’re licensed to do business in, get their contact information, apply for a loan, or check loan status.

UHM offers a digital mortgage app powered by Ellie Mae that lets you complete just about everything online.

Additionally, they offer a free smartphone app that allows you to securely scan and upload documents, message your loan officer instantly, and receive status updates as your loan moves along.

Build Your Payment Program

In March 2023, Union Home Mortgage launched the “Build Your Payment Program,” which they refer to as a “new way for homebuyers to create a mortgage built around their budget.”

It’s not totally clear what that entails, but the company said customers work one-on-one with a dedicated mortgage expert “to craft an ideal monthly payment.”

These loan officers then present the best options based on each customer’s unique circumstances, presumably a type of loan, or a certain loan amount.

The main goal is to make the home loan process simple, while keeping the focus on monthly payments that align with home buyer budgets.

This is especially important as costs increase across the country thanks to pesky inflation.

Loan Types Offered by Union Home Mortgage

  • Home purchase loans
  • Refinance loans: rate and term and cash out
  • Home renovation loans
  • New construction home loans
  • Conventional loans backed by Fannie Mae and Freddie Mac
  • Government loans backed by the FHA, USDA, and VA
  • Non-conforming loans: jumbo and non-QM

Union Home Mortgage offers both home purchase loans and refinance loans, along with renovation loans like the FHA 203k loan and new construction home loans.

You can get financing on a primary residence, second home, or investment property, whether it’s a single-family home or condo/townhouse.

Union Home Mortgage offers conventional financing backed by Fannie Mae and Freddie Mac, along with government-backed home loans from the FHA, USDA, and VA.

It’s also possible to get a jumbo home loan or a non-conforming loan thank to their non-QM offerings.

Those looking for new home construction financing can choose from conventional, FHA, and VA options.

And they offer both fixed-rate mortgages and adjustable-rate mortgages in various terms to suit all borrowers.

Union Home Mortgage Rates

One slight negative is that Union Home Mortgage does not advertise its mortgage rates, unlike some other mortgage lenders.

While you can chalk it up to the questionable usefulness of advertised rates, I do give lenders bonus points for transparency when they take the time to list their rates on their website.

Additionally, Union Home Mortgage doesn’t list their lender fees on their website, so it’s unclear what they charge, e.g. a loan origination fee, underwriting and processing fees, and so on.

As such, be sure to shop your home loan with other lenders to see where they stand pricing-wise. While price isn’t everything, it’s certainly important.

Union Home Mortgage Reviews

On Zillow, Union Home Mortgage has a 4.89-star rating out of 5, based on more than 700 customer reviews.

Many of the reviews indicate the interest rate that was lower than expected, while some also say closing costs were lower than anticipated.

Zillow allows you to drill down and look at the reviews of individual loan officers, helpful if you want to handpick who to work with beforehand.

On LendingTree, they’ve got a 4.8-star rating out of 5, based on more than 300 reviews. Some 95% of customers recommend working with Union Home Mortgage.

Lastly, they aren’t an accredited business with the Better Business Bureau and they’ve got a questionable C+ rating with the BBB.

Per the BBB, their rating is low because they failed to respond to one complaint filed against them. So it may have been an oversight or a one-off, but it’s something to take note of.

Union Home Mortgage Pros and Cons

The Good

  • Can apply for a mortgage online or in-branch
  • Offer lots of different loan programs
  • Customers can use the free UHM smartphone app
  • Excellent customer reviews
  • Free mortgage calculators on site
  • More than 150 branch locations located nationwide
  • They service their own loans

The Maybe Not Good

  • Need to fill out a contact form before applying for a loan unless you use the loan officer directory
  • Not licensed to do business in Alaska, Hawaii, New York, North Dakota or South Dakota
  • C+ rating with the Better Business Bureau

Source: thetruthaboutmortgage.com

Apache is functioning normally

Recently, the director of the Federal Housing Finance Agency (FHFA) issued a statement clarifying the agency’s rationale for changes to loan level pricing adjustment (LLPA) fees going into effect on May 1. The changes have created some controversy due to the fact that better credit quality borrowers will experience higher fees after May 1 than under the current LLPA grids and vice versa for lower credit quality borrowers.

The FHFA stated that the goals of the fee changes were “to maintain support for purchase borrowers limited by income or wealth, ensure a level playing field for large and small lenders, foster capital accumulation at the Enterprises, and achieve commercially viable returns on capital over time.” 

Therein lies some of the confusion. The fact is that the FHFA is applying a form of risk-based pricing to the exercise based on their expectations of long-term performance of mortgages going forward. However, the new LLPAs reflect a process that reduces the effects of risk-based pricing based on other objectives, the outcome of which will benefit high-risk borrowers at the expense of low-risk borrowers by flattening the relationship of credit risk to credit score and LTV.

To gain a visual sense of how the fees will change, consider Figures 1 and 2 below that display the actual LLPAs for two critical borrower segments; 75.01-80% LTVs (no mortgage insurance required) and 80.01-85% LTVs (with mortgage insurance) by credit score. In both cases the current and new LLPA grids show what we should expect generally if loans are risk-based priced, i.e., fees increase as credit scores decline. 

However, notice that the new LLPA curve is significantly flatter than the current LLPA curve for both LTV groups. A flattening of the curve suggests that there is less differentiation in fees across credit score categories holding LTV constant. In the extreme, without risk-based pricing, the curve would be horizontal across credit scores, i.e., no differentiation in fees. 

In other words, the new grids have become less risk-based, and that has implications for high- and low-risk borrowers. By flattening the curves and pivoting around the 680-699 credit score bucket, high-risk borrowers gain, and low-risk borrowers lose from these changes. What lies behind the curve flattening seems to be the FHFA’s view on the long-term performance of mortgages.

The new fees are set such that, given risk-based capital requirements of the GSEs overall, they would ensure the enterprises achieve a target rate of return. Structuring the LLPAs with this approach still provides the FHFA some latitude to set fees across risk attribute combinations that can achieve other objectives such as supporting low-income borrowers. 

As the FHFA pointed out, the current grids were developed some time ago and might reflect mortgage performance from a less benign economic environment than today. If so, the current curves would tend to be steeper if this were the case. To understand how this might happen, consider Figure 3 below, which depicts actual net loss rates for mortgages purchased by Fannie Mae for two different sets of vintages; a more severe period represented by origination years 2005-2007, and 2013-2015 representing a much more favorable period of time.

It is clear from Figure 3 that while net loss rates were significantly higher for the 2005-2007 vintages than 2013-2015 originations, the net loss rate curve is flatter for the 2013-2015 cohort.  While using these two vintages represents performance extremes, it illustrates that in redesigning LLPA grids to better reflect long-term mortgage performance, the FHFA could be tilting the fee structure more to reflect a flatter relationship of credit performance and risk attributes than before. 

Credit performance differences by credit score are more apparent during the more stressful period than during the more favorable economic conditions experienced by the 2013-2015 vintages.

What does this all mean?   

First, the FHFA is technically applying principles of risk-based pricing but has clearly dampened the effect based on policy objectives beyond those of ensuring the safety and soundness of the GSEs. The flattening of the LLPA curves suggests that while the FHFA is using a risk-adjusted return on regulatory capital approach to set LLPAs, there was some latitude in setting individual fees that would help support low-income borrowers so long as holistically they met target returns. 

Second, the changes will differentially affect borrowers as described above. 

Developing the LLPAs in a manner that achieve multiple objectives can be a tricky business with no clear right or wrong answers, but perhaps the FHFA thinks it can have its cake and eat it too by structuring the grids in such a way that it can tout meeting all of its objectives.  

But changing grids at a time when there are cracks in the economy might not be in the best interest of the enterprises. While it is technically true that the FHFA is applying risk-based pricing to the new LLPA grids, it has effectively diluted its effect and in the process done so at the benefit of high-risk borrowers to the detriment of high credit quality borrowers and exposes the GSEs to greater risk should a downturn in the economy unfold than if the current LLPAs were left in place.

Clifford Rossi is Professor-of-the Practice and Executive-in-Residence at the Robert H. Smith School of Business at the University of Maryland.  He has 23 years of industry experience having held several C-level executive risk management roles at some of the largest financial institutions.

This column does not necessarily reflect the opinion of HousingWire’s editorial department and its owners.

To contact the author of this story:
Clifford Rossi at [email protected]

To contact the editor responsible for this story:
Sarah Wheeler at [email protected]

Source: housingwire.com

Apache is functioning normally

When I was a boy, my father used to buy Mother Earth News from the grocery store. The magazine was filled with stories about self-sufficient country living, the sort of thing my dad aspired to. I’d read the magazine after he was finished, but never really understood the appeal of building your own greenhouse or raising goats. Now, as an adult, it makes a little more sense.

Kris and I are not radically self-sufficient, but we do enjoy growing our own food. (And she recently agreed that we could get chickens!) The content at GRS reflects my interest in the DIY lifestyle. Besides frequent articles on gardening, in the past I’ve shared stories like these:

Though our own adventures in self-sufficiency are limited, they’re edifying, and I admire those who do even more. I’m a strong advocate of the DIY ethic. I believe there’s real value in traditional skills, such as gardening and sewing, canning and carpentry. As a bonus, most of these practices save money.

After spending last Saturday planting peas and pruning fruit trees — and contemplating where to put a chicken coop — I took some time to research the current state of homesteading magazines. Turns out there are half a dozen that seem interesting. Most of them have a companion website with excellent information:

Mother Earth News

Mother Earth News is “the original guide to living wisely”. Its content leans left, and includes articles on subjects such as renewable energy, green homes, organic gardening, green transportation, and sustainable farming.

The Mother Earth News website is polished and filled with content, with stories on:

BackHome

BackHome is “your hands-on guide to sustainable living”. It covers topics like owner-built homes, backyard livestock, rural heritage, green building, and country skills.

The BackHome website isn’t very useful, but it does offer a taste of the magazine. You can see the table of contents from the most recent issue, and view PDF versions of articles like:

Backwoods Home

Backwoods Home, is like the first two publications in this list — but with guns. Backwoods Home leans right (or libertarian), and offers “practical ideas for self-reliant living”. Like BackHome, it offers how-to articles on owner-built housing, independent energy, self-employment, and country living. And there’s a regular column on gun ownership.

The Backwoods Home website is fantastic, packed with great stuff, including articles on:

I am not a libertarian, and I’m ambivalent about guns, but after looking at the website, I think I’m going to subscribe to Backwoods Home. This magazine looks awesome.

Small Farm Today

Small Farm Today is “the original how-to magazine of alternative and traditional crops and livestock”. According to Amazon, this publication discusses “alternative and traditional crops, livestock, and direct marketing, designed to help make small and family farmers profitable and sustainable”.

The Small Farm Today website doesn’t provide much useful content, and offers no glimpse of what a typical issue features. It does provide farm links, an events calendar, and online classified ads, but I’d rather see some past articles so that I could know if I’d find it useful.

Hobby Farms

Hobby Farms is a magazine about “rural living for pleasure and profit”. Its marketing copy says that it “embraces the growing segment of population that is returning to farm life in search of a more meaningful existence”.

The Hobby Farms website includes plenty of useful stuff, including:

Countryside

Countryside & Small Stock Journal is “the magazine of modern homesteading”. It features articles on constructing a homestead, the homestead as a business, the country kitchen, and self-reliance and survival.

The Countryside website includes two blogs, only one of which is actually updated. It also offers many past articles from the magazine, including:

Here’s a long list of past Countryside articles for future reading.

Looking at the contents of these magazines makes me dream of things I can build and grow. I don’t subscribe to any of them right now, but may have to begin picking up a few. Or maybe I’ll just start checking out their websites regularly. Do you read any of the these? Do you know of other magazines for people who want to practice self-sufficiency? What about books? I’d love to build a small library devoted to the subject.

Source: getrichslowly.org

Apache is functioning normally

Even if you have life insurance through work, you should give serious consideration to getting a private policy on the outside.

As the saying goes, never have all of your eggs in one basket, and that’s absolutely true for life insurance.

This became most evident during a conversation of someone seeking life insurance through me.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-medrectangle-3-0-asloadedmax-width:300px!important;max-height:250px!important

The gentleman was in his late 40’s and was desperately seeking coverage.  He had well over $1 million of life insurance coverage, but it was all through his work.

Why was this such a big issue?

Well, for starters he hated his job.  It was super stressful and he was well past his breaking point.

He wanted to quit but was unable.

He was the sole provider for his family and because of a recent serious heart condition, he was unable to get outside life insurance coverage.

His wife forbid him from quitting until he lined up another job that offered similar coverage, but leaving would probably mean he would see a 30% drop in his salary.

With two kids, a mortgage, and other debts, she and her kids would be in financial ruin if he left his job and passed away.

This poor guy was stuck.

He was stuck in a job he hated because he never thought to take life insurance outside of his employer.

This is a just one example why only having life insurance through work is a BAD idea.@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-large-leaderboard-2-0-asloadedmax-width:300px!important;max-height:250px!important

“I Don’t Need More Life Insurance – I’m Covered at Work”

This is a common response to the question of life insurance by people who have life insurance through work. Usually, not much thought goes into determining if this cliché is even valid.

For example, most employer life insurance policies fall far short of the amount of coverage that you actually need. Your employer will have a type of life insurance chart that may offer you a $50,000 or $100,000 policy at no cost. But that will be totally inadequate if you have a young family and actually need something closer to $500,000 or more.

Some employers do offer supplemental life insurance coverage where you have to pay the premium for the additional coverage. While this may sound like a good option on the surface, it will still keep all of your life insurance with a single source.

And that presents a number of problems…

What If You Lose Your Job?

You may plan to stay on your current job for the rest of your life, but the reality probably won’t cooperate. According to the most recent data by the US Bureau of Labor Statistics (BLS), the average stay at a job is 4.2 years. Considering that a career may span 45 years, that’s what (?) – ten jobs over a lifetime?

An important factor that the BLS statistic doesn’t account for is the not-so-unusual practice of employers to reassign workers from employee-with-benefits status to unbenefited sub-contractors. It’s called “cutting payroll costs” and it plays well with Wall Street analysts and investors.

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Then there’s also the possibility of experiencing extended periods of unemployment in between jobs. This becomes even more likely during recessions, when you may find yourself without a job or insurance coverage for many months.

Whether by separation or by reassignment, your current employer provided life insurance policy will come to an end at some point, and likely a lot sooner than you think.

Though you may simply assume that you can get a private plan at a later date when it becomes absolutely necessary, there’s a not so minor complication…

What If You Develop a Health Condition Before You Lose Your Job?

@media(min-width:0px)#div-gpt-ad-goodfinancialcents_com-leader-1-0-asloadedmax-width:580px!important;max-height:400px!importantThe standard advice when it comes to purchasing life insurance is to do it while you’re healthy. If you develop a health condition, and later lose your job, the option to purchase a private policy could disappear.

Certain health conditions can make it impossible to get a life insurance policy, particularly if that condition is fairly recent. And even if you can get policy, it will come with a risk adjusted premium, that will make it cost much more.

Keep Your Life Insurance Through Work – But Add a Third Party Policy

You certainly want to keep a life insurance through work policy, particularly if it’s one that you don’t have to pay for. But any additional coverage that you need should be through a private policy purchased outside of work.

Are you familiar with diversification as an investment strategy? It’s also valuable when it comes to purchasing life insurance. Your financial situation is more secure if you maintain policies through two or more completely separate entities.

As a life insurance agent, I can help you purchase a private policy. There are several reasons why this is better trying to buy a policy directly from a life insurance company:

  • My services will not cost you any more than buying the policy directly from the life insurance company.
  • I can handle all of the paperwork and nuances that are part of the life insurance application process – which you are probably totally unfamiliar with.
  • I can get you the best policy for your needs, at the lowest possible premium rate. In this way, using a life insurance agent will actually save you money on your policy.
  • I know who the better insurance companies are, and will place your application with those, so that you don’t waste time and application fees applying to companies that won’t be a good match.
  • In the event that you need to add additional insurance or even change policies in the future, I will be there to help you through the process.

Why You Should Lock in Your Rate on a Private Policy As Soon As Possible

Earlier I talked about the risk of developing a health condition before you lose your job, and how that can complicate (or even eliminate) your ability to get a private life insurance policy. But there’s another much more common reason why you should want to purchase a private life insurance policy, and do it right now:

Your life insurance premium will never be lower than it will be today.

That’s due to the simple fact that age is one of the major factors in determining life insurance premiums. If you are 30 years old right now, the premium on a private policy will be much lower today than it will be when you’re 40 or 50.

By locking in the premium rate on a long-term term life insurance policy now, you will spare yourself both the higher premiums that will come with age, and the possibility of being declined for poor health.

I’m ready by the phone any time you’re ready to move past “I don’t need more life insurance – I’m covered at work”. That assumption could be hazardous to your family’s financial health.

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Source: goodfinancialcents.com


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