In Utah, home loans help bring to life the American dream of homeownership. Home mortgages also allow current homeowners to refinance existing loans to achieve their goals of debt consolidation and cost savings.
Whether you’re a first-time homebuyer or you have decades of mortgage history, applying for a home loan can be a daunting process. Selecting the right loan program for your needs can also pose a challenge, especially when you have dozens of mortgage loan programs to choose from.
Working with an experienced mortgage broker helps to ensure that the process goes smoothly for you and that you get the best loan program for you at the lowest possible rate.
Utah Home Loan Options
Home loans come in a vast array of sizes, shapes and configurations. The loan program you chose will depend on your needs and your qualification as a borrower.
For purchasing a home, you can select from conventional and government-sponsored programs such as FHA, VA and USDA mortgages. You can choose your desired loan term, ranging from 15 to 30 years, and select a fixed or adjustable interest rate.
For higher priced properties, you may need a jumbo home loan, depending on the purchase price and which Utah county the property is located in. For example, $453,100 requires a jumbo program in most Utah counties. However, that amount increases to $600,300 in Salt Lake County and $679,650 in Summit County.
You may be in the market for a reverse mortgage, a second mortgage or HELOC, a construction or a home renovation loan – or maybe you need a mortgage for a Utah investment or rental property.
Whatever type of home loan you need, your Utah mortgage broker can help you find the perfect fit for you.
Comparing Home Loans for Utah Properties
When you’re in the market for a home loan, Utah borrowers tend to limit their comparison shopping to mortgage rates and fees. However, to select the right lending program for you, it’s important to compare some of the features and terms, in addition to the rate.
For example, your home purchase may qualify for both conventional and FHA mortgage programs. However, because these programs are worlds apart, you need a thorough explanation of each program’s pros and cons to make an informed choice.
Or, with many new adjustable rate mortgage (ARM) programs available, you may have the option to choose between an ARM and a fixed-rate home loan. And, with regard to term, are you that much better off with a 15-year term as compared to a 30-year term? A knowledgeable, experienced home loan broker can answer all your questions and help you make the right decision for you.
Finally, before deciding on which mortgage program is right for you, consider the mortgage lender you’ll be working with. Even when their rates are comparable, not all mortgage brokers offer the same benefits to you as a borrower.
Some characteristics to look for in a lender include the company’s commitment to customer service and convenience. Exceptional communication is also critical, as is the lender’s ability to get your loan closed quickly and reliably with a minimum amount of hassle for you.
Qualifying for a Mortgage Loan
Whether you’re a first-time home buyer or an experienced borrower, the loan qualification process is the same – and it’s almost always a hassle.
To better assist our customers with their mortgage loan needs, Altius Mortgage has streamlined the process. Using our quick online application interface, you can have a pre-approval in about 10 minutes. Simply answer a few questions and provide some basic information via our secure and easy-to-use Loan Center.
Or, if you prefer, you can skip the pre-approval and go directly to the full application process. We have perfected home loan approval such that we close many of our clients’ transaction in as little as 30 days.
Why take chances with something as important as your mortgage? Instead, place your trust in a locally owned and operated expert in the lending industry. For all your Salt Lake City home loan needs, call on the experienced team at Altius Mortgage.