Royal United Mortgage

Royal United Mortgage

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About Royal United Mortgage

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Royal United Mortgage (NLMS #13390) is an employee-owned mortgage lender based out of Indianapolis, Indiana. It touts a personalized approach to mortgage lending that requires applicants to first speak with a loan officer to discuss their financial goals. To start the application process, you provide your contact information, and a loan advisor calls you back. The company is currently licensed to provide mortgage products in 34 states nationwide.

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    • Dedicated loan advisor to offer customized options
    • In-house underwriters can mean faster loan processing
    • Several loan options available


    • Application process isn’t 100% online
    • Not available in all 50 states
    • No USDA loans

    Bottom Line

    Royal United Mortgage offers a variety of mortgage products to suit borrowers’ needs. To apply, you have to provide the company with your contact information, and a loan advisor will call you. Its loan advisor model may be very helpful to first-time homebuyers or those with less-than-stellar credit scores.


    Unlike some mortgage lenders, Royal United Mortgage doesn’t post its current mortgage rates online. You will need to contact the company and begin the application process to get a customized rate quote.

    Comparatively, Royal United’s interest rates for home purchase loans have been slightly higher than the national average (a 0.33% difference in 2021). Keep in mind, though, that interest rates are affected by several personal factors, including a borrower’s credit history and debt-to-income (DTI) ratio. Borrowers with excellent credit (800 and above) and low DTI ratios are likely to be offered better interest rates than borrowers with lower credit scores and higher DTI ratios.

    Royal United Mortgage offers both fixed-rate mortgages and adjustable-rate mortgages (ARMs). ARMs have an introductory rate for a set length of time — generally three to seven years, before the rate starts fluctuating based on market conditions. The lower introductory rates are very attractive to borrowers, but some people prefer the predictability of having the same interest rate over the entire loan term.

    There are circumstances when an ARM can be beneficial — for example, if you can refinance your mortgage when rates drop or only plan to live in your current home for a few years and sell before the rate resets.

    Royal United Mortgage average home purchase rate vs. national average

    YearDifference from national average
    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    You begin the application process by completing a contact form found in the “Get Started” section of the company’s website. You'll need to provide a phone number and an email address for a loan advisor to reach you and schedule a time to discuss your financial goals.

    When you talk with your loan advisor, be prepared to answer questions about your income and assets. They may also ask you to submit financial documentation, like W-2s and bank statements. In addition, the company pulls your credit report to help determine your eligibility.

    Once your application is complete, you may receive an approval decision fairly quickly. The company doesn’t outsource its underwriting component, which means your loan could be processed in as little as two to three weeks.

    Royal United Mortgage application features

    Online applicationX
    Mobile document upload
    Physical branches8 states
    Publishes minimum rate on websiteX
    Rate lock30 to 90 days
    Pre-qualification (no hard credit pull)X
    Certified approval letter

    Loan types

    Royal United Mortgage offers a variety of lending options, including conventional mortgages, home equity loans, cash-out refinances, HELOCs, FHA loans and VA loans. Although the company offers government-backed mortgages, it tends to specialize in originating conventional mortgage loans. Typical loan terms for conventional mortgages are 15 years or 30 years.

    In 2021, there were 1,200 home purchase loan applications initiated with the company. Of those applications, about two-thirds were approved and originated. About 30% were denied.

    Loan applications for home purchases only by year

    Home purchase applications1,2001,3512,006
    Home purchase loans closed8048961,260
    Home purchase applications denied357411614
    Home purchase preapprovals denied000
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    In 2021, most of the loans Royal United Mortgage originated were for refinancing (about 93%). Only a small portion (about 7%) were for home purchases.

    In 2020 and 2021, refinancing was an attractive option for borrowers because of historically low interest rates. Borrowers sought to save money in the long run by locking in a lower interest rate, even after the accompanying fees and closing costs.

    Since that time, interest rates have risen. For reference, the average rate for a 30-year fixed mortgage was 2.87% in August of 2021. It has risen to as high as 5.81% in 2022 as of the date of publishing, according to the Federal Reserve Bank of St. Louis. Higher rates make refinancing far less attractive to borrowers.

    Home purchase vs. refinance loans by year

    Home purchase loans6.71%6.67%13.65%
    Refinance loans93.29%93.32%8.42%
    Cash-out refinance0%0.01%34.79%
    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

    HELOC and home equity loans

    Royal United Mortgage offers both HELOC and home equity loan options. Before you apply for either, you’ll need to discuss your short-term and long-term goals with your loan advisor. Your loan advisor can then help you decide which may be a better fit for your situation.

    A home equity loan may be best for a borrower who wants to fund a home renovation project with high upfront costs. On the other hand, a HELOC may be a better option for a homeowner who needs consistent access to cash over an extended period of time (like for emergencies or home repairs).

    Although the company doesn’t disclose its borrower requirements for HELOCs or home equity loans, most lenders require at least 15% equity in your home to qualify. You may also need a minimum credit score of 620 and a DTI ratio of 43% or less.


    Royal United Mortgage doesn’t specify its borrower requirements online. However, most lenders require at least a 620 credit score to qualify for a conventional loan. Credit score requirements are often lower on government-backed mortgages like FHA and VA loans.

    In addition, the minimum down payment for most conventional mortgages is 3%. Borrowers with at least a 580 credit score may qualify for a 3.5% down payment on an FHA loan, while down payments are typically not required on VA loans.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    ConventionalTypically 620Typically 3%Mortgage lenders
    FHA5003.5% with 580 credit scoreFHA lenders
    VASet by lender (often 580)0%VA lenders

    For other loan types, read our guides on USDA loans.

    Costs and fees

    Royal United Mortgage doesn’t disclose the fees it charges on new loans. However, you can expect to pay closing costs between 2% and 5% of the loan amount. The closing costs generally include fees for the appraisal, lender fees (e.g., credit report fee, origination fee, discount points), title fees, insurance and property taxes.

    Going over the estimate of all the fees and charges associated with a loan is essential before you enter into a contractual agreement. The lender should provide this estimate, along with a rate quote, after you receive preapproval.


    What is Royal United Mortgage?

    Royal United Mortgage is a privately held mortgage lender headquartered in Indianapolis, Indiana. It offers:

    • Fixed-rate and adjustable-rate conventional mortgages
    • FHA loans
    • VA loans
    • Cash-out refinances
    • Home equity loans
    • HELOCs
    Is Royal United Mortgage legit?

    Royal United Mortgage is a reputable lender that has been operating since 2008. As of publishing, the company is authorized to conduct business in 34 states, according to NMLS Consumer Access.

    Where is Royal United Mortgage available?

    Royal United Mortgage is available in 34 states. The company currently has 10 branch locations in eight states, including California, Illinois, Ohio and Texas.

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    Page 1 Reviews 0 - 10
    Rated with 1 star
    Verified Reviewer
    Original review: Jan. 12, 2023

    I was contacted by this company and they tried to get me to take a mortgage...they make it sound simple and I would be approved...they told me they would call me and they wouldn't...they told me they called me and I showed no incoming call from them...they also reviewed my credit and continued to tell me I was approved...they again told me they would call me and they wouldn't answer my call nor would they call me back...I told them I was going to miss loan payments and they assured me I was getting the loan and not to worry...because they lied to me, my credit score has gone down over 140 points...

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    Rated with 5 stars
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    Verified Reviewer
    Original review: Jan. 7, 2020

    Mike **, with Royal United was Awesome! I did a cash out refinance. Everything was very clear and went smoothly. Most impressively I closed in seven days. I highly recommend Royal United and Mike **. A Great Experience all around.

    4 people found this review helpful

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        ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
        1. NMLS, “NMLS Consumer Access.” Accessed Aug. 18, 2022.
        2. Federal Reserve Bank of St. Louis, “30-Year Fixed Rate Mortgage Average in the United States.” Accessed Aug. 18, 2022.
        3. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Aug. 22, 2022.

        Royal United Mortgage Company Information

        Company Name:
        Royal United Mortgage
        Year Founded: