UWM Expands Product Line with 5/1 FHA and VA Adjustable-Rate Mortgages
Pontiac, May 28, 2024 – United Wholesale Mortgage (UWM), the nation’s #1 overall mortgage lender, announced today it will now offer 5/1 FHA and VA adjustable-rate mortgages (ARMs).
Available today, these loans offer an initial fixed interest rate for the first 5 years, which then adjusts annually based on current market conditions. With this product, mortgage brokers can typically offer lower initial interest rates and monthly payments compared to a fixed mortgage, giving borrowers the opportunity to save more money.
These products are great options for borrowers who plan to refinance or move within 5 years, as they may avoid the adjustment period altogether. This announcement follows the fourth annual UWM LIVE! event, where two new innovative AI tools were revealed – the Loan Officer Assistant, “Mia,” and the LE Optimizer tool, LEO.
UWM supports independent mortgage brokers with industry-leading training, technology and service. For more information on how to sign up as a broker with UWM or join UWM’s network, visit uwm.com.
