Royal United Mortgage
Royal United Mortgage was founded with the purpose of enriching lives in the communities we serve by providing an unparalleled education and service experience for our customers and employees. The Royal United Mortgage product and pricing process is customized to meet both the short and long term goals of each individual client. We believe the customer expects honesty, education, and results; Royal United was built on these principles.
Royal United Mortgage is a privately held mortgage lender with headquarters in Indianapolis. Founded in 2008, the company focuses on offering home loans to its customers in the Indianapolis area and beyond.
Royal United Mortgage is a member of the Better Business Bureau and has received awards for being a top place to work, as well as for the quality of its customer service. According to a company representative, Royal United’s goal is not only to help consumers find a mortgage, but to help them find the “right” mortgage for their needs.
Royal United Mortgage is licensed to offer mortgage loans in the following states:
Currently, the mortgage lender features five different locations — each of which has loan officers on site. Current locations:
The minimum credit score to get a mortgage with Royal United is 600, for qualified borrowers applying for an FHA loan. For the rest of its mortgage products, Royal United has a minimum credit score requirement of 620.
Also note, while most of the company’s mortgage loans are underwritten using computer software, the lender does offer manual underwriting for FHA loans and VA loans.
Royal United Mortgage currently offers home loans for the following property types:
Royal also offers loans to refinance existing mortgages. Royal United Mortgage does not offer home loans on manufactured homes or co-ops.
Royal United Mortgage offers a variety of home loan products to meet the needs of various consumers. Its offerings include new home loans, home refinancing loans and home equity products. Each loan type is outlined below.
Traditional home loans
Royal United offers home loans that help consumers purchase a first home, second home or an investment property. The lender offers fixed-rate mortgage products with terms of 10, 15, 20 or 30 years. It also offers a 5/1 adjustable-rate mortgage to consumers who qualify.
Home mortgage refinancing
Royal United Mortgage also offers home loan refinancing that can help borrowers accomplish myriad financial goals. By refinancing your mortgage into a new loan with a lower interest rate or better terms, you have the potential to lower your monthly payment or save money on interest over the duration of your loan.
Home equity loans
You can also reach out to Royal United Mortgage for help accessing your home equity. Its home equity loans can make it easier to borrow money to make home improvements, pay for college, purchase a vehicle, start a business or consolidate debt.
In addition to home loans for regular consumers, Royal United Mortgage offers VA loans to veterans and qualifying spouses. These loans let you buy with no down payment and don’t require you to pay private mortgage insurance. If you qualify, you can use a VA loan to purchase a home or refinance a mortgage on a home you already own. You may also be able to refinance and get cash out of your property if you have adequate home equity.
Royal United can also help you qualify for an FHA loan with easy credit requirements, a minimum down payment of just 3.5% and low closing costs. FHA loans are also available on single-family homes or multi-family properties with up to four units.
During the mortgage process, borrowers have a single point of contact — a loan advisor — they can reach out to for help. Borrowers may also hear from a sales manager whose main goal is to ensure the loan process runs as smoothly as possible.
Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.
The information in this article is accurate as of the date of publishing.