No-Cost Appraisals on 1-0 Temporary Rate Buydowns: A New Initiative by United Wholesale Mortgage (UWM)
No-Cost Appraisals on 1-0 Temporary Rate Buydowns: A New Initiative by United Wholesale Mortgage (UWM)
A Strategy to Attract More Brokers in the Mortgage Industry
United Wholesale Mortgage (UWM), a prominent wholesale lender in the mortgage industry, has recently introduced a new offering to attract more brokers. They are now providing no-cost appraisals on 1-0 temporary rate buydowns, aiming to stand out amidst intense competition in the industry. Until March 31, UWM will cover up to $600 of the appraisal cost on all conventional and government-backed home loans when a broker uses their 1-0 temporary rate buydown option.
Exploring Temporary Rate Buydowns
Temporary rate buydowns are a financing option that allows borrowers to pay a lower mortgage rate during the initial period of their loans. This can make homeownership more affordable for potential buyers. The reduced monthly payments are subsidized with money deposited into an escrow account, which is funded by either the seller, builder, or lender via a lump-sum payment at closing.
UWM’s Rollout of Temporary Rate Buydown Options
UWM initially rolled out 2-1 and 1-0 temporary rate buydowns in August 2022 for conventional primary and secondary home purchases, as well as Federal Housing Administration (FHA) and Veterans Affairs (VA) primary home purchases. Later that year, the wholesale lender expanded their options to include temporary rate buydowns for jumbo loans and introduced 3-2-1 and 1-1 buydowns.
The Rationale Behind UWM’s No-Cost Appraisal Offer
UWM’s no-cost appraisal offer is a strategic move to attract more brokers to their services. By covering the appraisal cost, UWM provides an added incentive for brokers to choose their mortgage products. This strategy helps UWM stand out in the competitive market and strengthens their position as a wholesale lender.
Benefits for Brokers
Brokers who utilize UWM’s 1-0 temporary rate buydowns can offer their clients the benefit of lower mortgage rates and reduced monthly payments. The appraisal cost covered by UWM further enhances the value proposition brokers can offer their clients. This limited-time opportunity until March 31 allows brokers to provide cost-saving advantages to their clients.
Final Thoughts
In conclusion, United Wholesale Mortgage (UWM) has introduced no-cost appraisals on 1-0 temporary rate buydowns as a strategic move to attract more brokers in the mortgage industry. This offering benefits both brokers and their clients by providing lower mortgage rates, reduced monthly payments, and cost-saving advantages. UWM’s commitment to providing innovative solutions in a highly competitive market solidifies their position as a leading wholesale lender.
Experience the Difference with UWM
Ready to explore the benefits of UWM’s temporary rate buydowns and no-cost appraisals? Connect with UWM today and discover how their mortgage solutions can help you achieve your homeownership goals.
Don’t miss out on this exclusive opportunity! Take advantage of UWM’s limited-time offer and provide your clients with a competitive edge in the market.
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