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Select the Best Mortgage Lender for You
In Utah, mortgage lenders work closely with borrowers to help them achieve their goals for purchasing or refinancing their home.
Often, the types of available home loans and the corresponding rates do not vary significantly between lenders. The real difference often lies in the service you receive. In Salt Lake City and throughout northern Utah, borrowers have trusted Altius Mortgage to handle all their borrowing needs for more than a decade.
When it comes to selecting a mortgage lender, Utah residents value exceptional service, communication and simplicity. The Altius Mortgage team has established a reputation within the community for providing exactly these benefits.
Understanding Mortgage Lenders & Brokers
Mortgage lenders in Utah may be banks or credit unions, extending home loans using the institution’s own funds. In other cases, mortgage brokers offer loan programs on behalf of banks and other lenders.
Working with a broker provides significantly more choices than banks and credit unions typically have to offer. Brokers also have the ability to accommodate borrowers that don’t qualify for bank loans, due to credit challenges or income limits.
You may also find that brokers can facilitate loans with lower interest rates, potentially reducing your costs over the life of your loan. Banks may advertise low mortgage rates. However, these rates can be misleading, as they are typically reserved for high net worth borrowers with excellent credit and substantial down payments.
Comparing Mortgage Lenders & Benefits
To most accurately compare mortgage lenders’ rates and loan costs, you must request a customized rate quote based on your qualifications. Your rate will also depend on the type of loan program you choose and the amount you want to borrow. In most cases, the more cash you bring to the transaction, the lower your rate will be.
As important as it is to compare home loan rates, fees and costs, however, don’t forget to consider the intangible benefits offered by each Utah mortgage lender you consider.
Look for a lender who is committed to making your experience as easy as possible. Online applications allow you to provide your information securely and easily from the privacy of your own home or office. And, while speed isn’t the most important factor when seeking a home loan, the ability to obtain a quick pre-approval can improve your buying power when shopping for a home.
Finally, take a moment to review the lender’s past customer reviews and testimonials. Borrowers who have had a positive experience are usually willing to share their reviews – but those who have a less satisfactory experience almost always want to make their feelings known.
Choosing a Mortgage Lender in Salt Lake City
When selecting a Utah mortgage lender to assist you with your home loan needs, it’s important to remember how your choice will affect the outcome.
When you work with a mortgage lender that emphasizes communication and customer satisfaction, your experience will inevitably be easier and more enjoyable. For many borrowers, the customer service aspect of the mortgage process is as important as cost.
Although you may assume that all mortgage lenders extend respect and flexibility to their customers, you could receive an unpleasant surprise if you have imperfect credit or excessive debt. Banks and credit unions may not have any programs to offer you at all or, if they do have programs that could work for you, they’re likely to come at a high cost.
Before you make any final decisions about your mortgage lender, talk to the home loan experts at Altius Mortgage. For more than a decade, we have assisted Salt Lake City-area borrowers with their home loan needs. From first-time homebuyers to homeowners looking to refinance their loans or obtain a second mortgage, the Altius team has the programs and mortgage rates that will work for you, whatever your needs may be.
Contact us today to learn more about how the right Utah mortgage lender can make the home loan process easy and affordable for you.