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Working with the right Utah mortgage broker makes it easy to find a home loan program that meets all your needs.
Whether you want to purchase a home, refinance your existing house or consolidate your debt with a second mortgage, working with the right lending professional makes the process go smoothly from start to finish.
To determine whether working with a mortgage broker is right for you, it helps to understand how a broker differs from a bank and other types of lenders.
Why Work with a Mortgage Broker in Utah?
When you’re in the market for a home loan, you might think first to visit your bank or credit union. After all, you’ve done your personal (and maybe professional) banking with them for years. Unfortunately, you may be disappointed by the limited options you have to choose from.
When you work with a mortgage broker, however, you have dozens (or even hundreds) of loan programs to choose from, depending on your goals. Unlike mortgage bankers, who can only offer you their institution’s loan programs, brokers represent many different lenders. This allows you to compare the pros and cons of multiple options to find the one that’s the best fit.
If your credit isn’t perfect, you might even struggle to get your loan approved by a bank or credit union, as their lending criteria can be restrictive. With a mortgage broker, Utah borrowers with credit challenges or income restrictions can find viable options for achieving their dream of owning a home.
Mortgage Brokers Can Save You Money & Time
Although your closing costs may be slightly lower if you borrow from a bank, your interest rate is likely to be higher, as compared to a home loan obtained through a broker.
Over the life of your loan, even a small increase in the interest rate will quickly erase any money you save on closing costs and fees. This is particularly important for residents of Salt Lake City, which ranks among cities like San Jose and Seattle for robust economic growth and soaring property values.
In fact, the median home price in some areas of Salt Lake City is more than $600,000 – well above the national average of approximately $220,000.
For a larger loan, even a half-percent increase in your mortgage interest rate can increase your monthly payment by several hundred dollars. Multiply that by the number of payments required to pay your loan off (360 for a 30-year loan) and you could increase your overall cost by $100,000 or more.
You can also save time by choosing to work a Utah mortgage broker. If you want to compare rates and loan options between multiple banks and credit unions, you must visit each one separately, going through the approval process each time. With a broker, you simply submit one application and relax while your broker does the comparison shopping for you.
Comparing Salt Lake City Mortgage Brokers
As you compare mortgage brokers in Salt Lake City, you will find that not all firms offer the same level of service.
At Altius Mortgage, we have carefully crafted our procedures to provide the maximum benefit for our clients. With a streamlined application process, you can obtain pre-approval in as little as 10 minutes using our exclusive online application portal. We will shop to find the lowest interest rates on the loan programs that best fit your needs and goals.
Our experienced mortgage professionals will guide you through every step of the process, answering your questions and helping you explore your options. You won’t have to sacrifice speed for quality either, as we close many of our clients’ loans in as little as 30 days.
Before you make any decisions about your home loan, call or visit Altius Mortgage and let us show you why we stand out among the crowded field of mortgage brokers in Salt Lake City.