Skip to main content

UWM Now Offering Temporary Rate Buydowns

David Krechevsky
Aug 17, 2022
Uwm front building with sign

The temporary buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage. 

United Wholesale Mortgage (UWM), the leading wholesale and purchase lender in the U.S., today announced the launch of temporary rate buydowns.

Effective today, the Pontiac, Mich.-based company said in a news release, “the new offering will allow independent mortgage brokers to give their clients extra flexibility with a lower interest rate and monthly payment at the beginning of their loan.”

Specifically, temporary rate buydowns will lower borrowers’ interest rates by up to 2% for the first two years of a mortgage, UWM said. 

“This is an ideal option for borrowers who expect an increase in their income in the next few years or who have seller concessions to use and want to take advantage of a low rate up front,” UWM said.

UWM said its temporary rate buydowns are available with 2-1 and 1-0 buydown options for conventional primary and second home purchases, as well as for FHA and VA primary home purchases. 

The announcement of the temporary rate buydowns follows UWM’s announcement in June that it would drop rates across the board by 50 to 100 basis points with its “Game On” pricing. The “Game On” pricing significantly lowered pricing across all loan types, from conventional to government to elite products.

“This strategic pricing move is two-fold; it takes the guesswork out of where a broker should place a loan and accelerates retail loan officers joining the wholesale channel as it further extends independent mortgage brokers advantage over retail,” Mat Ishbia, UWM president & CEO, said at the time. “If a borrower has a 620+ FICO, that loan should come to UWM. Instead of having to choose between the best technology, best client experience, best wholesale partner or best price, we are offering it all.”

Aug 17, 2022
DOJ: Lakeland Bank To Spend $13M To Settle 'Redlining' Claims

Agreement with N.J. bank is the third-largest redlining settlement in Justice Department history.

Industry News
Sep 29, 2022
Angel Oak Layoffs Add To Growing List Of Non-QM Cuts

About 20% of its staff, or 75 people, were affected.

Industry News
Sep 28, 2022
Redwood Trust Names New Chief Investment Officer

Also announces planned CoreVest leadership transition to be completed on 3rd anniversary of acquisition

Industry News
Sep 27, 2022
Fannie Mae Pilot Program Seeks To Help Improve Renters' Credit

Renters, including historically underserved groups, will benefit from paying on time each month.

Industry News
Sep 27, 2022
Suffolk County Data Breach Puts Contracts On Back Burner

Cyberattack beginning Sept. 8 prevents title services from closing loans.

Sep 27, 2022
Nations Lending Opens Another Branch In Arizona

New Scottsdale branch welcomes Arizona native Christine McConnell as lead personal mortgage advisor.

Industry News
Sep 26, 2022