Financing Made Easy - Utah Real Estate

What you should know...

The process of getting a mortgage is fairly straightforward and easy to understand, especially with the help of an informed and experienced mortgage broker. You will have to opportunity to choose a loan program that best fits your current situation. It is important to realize that the "right" program will depend on many different factors: your current financial snapshot, how you expect your finances to change, the amount of time you intend to live in your home, and how comfortable you are with your mortgage payment changing from time to time. While there are hundreds of different loan programs available, there may only be a few that fit your needs. The most common loan programs are fixed rate loans (typically with 15 or 30-year terms), adjustable rate mortgages (ARMs), and interest only loans.

Having been in the real estate industry for many years, our team can recommend to you a number of different Utah-based mortgage brokers that you can visit with and ask questions. They will be able to provide you with a snapshot of the most current mortgage rates and can 'lock' you into a rate once you have chosen a home and put it under contract. Additionally, they will provide you with a Good Faith Estimate that outlines the closing costs that you can expect to pay when closing on your home. If you would like additional information, please visit our Mortgage FAQs page.

The Loan Process

How it works...

  1. Appraisal – After putting a home 'Under Contract', a certified local appraiser will be contacted and tasked with performing a valuation of the property.
  2. Submission – Your application, along with all required documents, will be submitted for processing. Your mortgage broker will keep you up to date throughout this process, but be patient. It can take some time.
  3. Underwriting – Your file will be underwritten to obtain loan approval with conditions (for example, the underwriter might require additional information from the neighborhood's HOA, or additional income documentation). Your mortgage broker will then work with you to fulfill those conditions in order to get your final loan documents issued.
  4. Final Documents – An appointment will be set up at a local title company to sign the final documents. Once signed, the documents will be sent 'overnight' back to the mortgage company for funding.
  5. Funding and Recording – The title company and the lender will work together to fund and record your loan. Once this has taken place, you will be able to take possession of your new home.