Select Page

United Home Loans is a local lender in the Chicago area that has a broad range of financial products, including home loans. The “Chicago Area” seems to include Illinois, Wisconsin, Michigan, Indiana and Minnesota under their First Time Buyers introduction to home loans.  They offer a fairly traditional array of home loans; 30- year, 15-year fixed rate and adjustable rate mortgages, FHA loans, VA loans, jumbo loans and 3% down HomeReady loans. The actual areas served by the United Home Loans local business include Florida, Colorado and Tennessee as well as the midwestern states listed above.

A Local Business that Spans the Midwest

United Home Loans self-describes as a local financial institution. Their focus is on Chicago area properties, so they can lay claim to a certain level of expertise with regard to their knowledge of the market and the property offerings of their area, as well as the regulatory climate across the Midwest. Strangely, they describe the following as “Midwest” home loan programs: FHA home loans with as little as 3.5% down, conventional fixed-rate home loans with as little as 5% down, PMI buyout programs (eliminates monthly mortgage insurance), tax credit programs available through IHDA (Illinois Housing), down payment assistance programs through IHDA, VA financing with no down payment required for qualified veterans. None of these is particularly unique to the Midwest, except the two Illinois Housing Authority programs.

Website Transparency and Accessibility

The website is fairly sophisticated, with a fair number of educational materials, giving borrower’s some basic information about how their loans and processing work. The language is pretty elementary, so it is fairly accessible if not that informative. They keep real time interest rates posted and their explanations of points and apr’s are clear if simplistic. If they have a description of the fees and service charges borrower’s will accrue and be responsible for at closing, it is well hidden in their site.