This new option will allow buyers to purchase a home with no upfront cost, which is an attractive option given the rising costs of real estate. UWM seeks to make the process of buying property easier and more accessible to buyers by eliminating one of the major costs associated with the process.
UWM is one of the nation's leading wholesale lenders, and their decision to offer no-cost appraisals is an indication of their commitment to making it easier for buyers to purchase a home. This eliminates the need for borrowers to pay out of pocket for an appraisal fee when they take out a mortgage. In addition, the lender's new program helps to reduce costs for buyers who may be in need of additional funds for their purchase.
The no-cost option is available to all borrowers who are purchasing a primary or secondary residence and is available in all 50 states. The appraisal must be completed through UWM's approved network of appraisers, and the lender reserves the right to select which appraiser is used. Borrowers must ensure that all other closing costs related to the loan are transferred to the lender prior to the application being submitted.
In addition to the no-cost option, UWM also offers other financing options. This includes government-backed loans such as FHA, VA, and USDA loans, as well as conventional, portfolio, and jumbo loans. Borrowers can also take advantage of the lender's home purchases education program, which provides resources such as online courses and webinars.
With UWM's new no-cost appraisal for home purchase loans, the lender hopes to make it easier and more affordable for borrowers to purchase a home. UWM seeks to eliminate one of the main costs associated with the process and provide additional options to those who are looking to buy a home. This is beneficial for buyers who may be looking to save money when taking out a mortgage, as well as those who may need extra funds. In addition to this new option, UWM offers other financing options and resources to help borrowers make informed decisions about their purchase. Overall, UWM's new no-cost appraisal program is a great way to make the process of buying a home easier and more accessible.
This article was contributed on Nov 14, 2023