United Wholesale Mortgage continues to bring the heat, this time shaving 50 basis points off streamline VA loans from now until Veterans Day on November 11th.
The move will make it even cheaper for veteran homeowners to refinance their existing mortgages to take advantage of today’s near record low mortgage rates.
What’s the Deal?
- UWM is offering 50-basis point discount on VA IRRRLS
- Offer good on rate locks now through Veterans Day (November 11th)
- Can also be combined with VA Conquest program
- Rates start as low as 2.25% on the 30-year fixed
To celebrate and better yet, appreciate our active duty military and veterans, UWM is offering a special pricing incentive on VA Interest Rate Reduction Refinancing Loans, or IRRRL for short.
This means existing veteran and active duty homeowners in the market for a mortgage refinance can save even more through Veterans Day.
At the moment, mortgage rates are already basically rock bottom, hovering near all-time lows achieved just a couple weeks ago.
When combined with UWM’s already low VA Conquest program, which has interest rates starting at 2.25% for a 30-year fixed, a borrower might be able to snag an exceptional deal over the next month and change.
And if we see mortgage rates creep down even lower prior to the election, thanks to the election and COVID-19, homeowners might get their hands on a deal of a lifetime.
The VA IRRRL is a streamlined refinance program that doesn’t require an appraisal and allows for an unlimited loan-to-value (LTV) ratio.
This makes it easy to refinance to a lower rate, regardless of your existing loan amount relative to your property value.
How to Take Advantage of This Special Offer
UWM is a wholesale mortgage lender only, meaning you can’t call them up directly to get a home loan.
Instead, you must work with a mortgage broker, who will act as the intermediary between UWM and yourself.
If interested, seek out a mortgage broker and ask if they’re approved to do business with UWM. If so, you can get pricing to see if their deal is better than the competition.
Just note that you should always take the time to shop around with other banks and lenders as well to ensure it’s truly the best deal.
On top of the savings being offered for a limited time, UWM says it can close IRRRL loans super-fast, often in less than 20 days, versus the typical 45 days or so for a refinance.
UWM is the nation’s largest wholesale mortgage lender, as has been for the past five years.
Their largest competitor is the wholesale lending arm of Quicken Loans, formerly known as Quicken Loans Mortgage Services (QLMS) until last week when they changed their name to Rocket Pro TPO.
The pair appear to be battling in the wholesale space, which should be good news for homeowners looking for a better deal on a mortgage via the mortgage broker channel.
Like Rocket Companies Inc. just did, UWM has plans to go public in the fourth quarter of 2020, as both take advantage of record origination volumes and corresponding profits.