Primary location433 West Ascension Way
Salt Lake City, UT 84123
Primary location433 West Ascension Way
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Which mortgage is right for you? Check out our home loan options.
Questions about your mortgage? Here are some answers to the most commonly asked questions.
Lock in that interest rate for the long haul! With a fixed rate mortgage, you can count on consistent principal and interest mortgage payments for the duration of the loan, and enjoy peace of mind knowing your housing budget will remain steady. We recommend this type of home loan if you plan on staying in your home for more than 5-10 years, have good credit and a reliable income.
Get a better interest rate, lower monthly payments, shorten the term of your mortgage or take cash out of your home equity. Use our refinance calculator to see if a refinance could save you money.
Achieve your dream of home ownership with an FHA loan! These loans allow for lower credit scores, and down payment options as low as 3.5%. Are you a first-time homebuyer? If you’re looking to buy a home for the first time, an FHA loan might be a good option for you.
VA loans offer special benefits to current members of the military, veterans and eligible surviving spouses. Benefits include less-restrictive credit guidelines and lower down payment options. We’re always pleased to help those who serve our country get into a home!
Make the move into your dream home! Jumbo loans provide a great option for home buyers purchasing homes that exceed conforming limits. If you have good credit and a large down payment, a jumbo loan might be right for you.
Move away from the city and purchase a home with no down payment. USDA loans offer programs to rural home buyers who meet USDA’s income eligibility requirements. For eligible home buyers, USDA loans feature no down payment options and generally favorable interest rates. This is a good loan option for lower income homebuyers and first-time homebuyers in rural and suburban areas.
Get money from your lender instead of making monthly payments to your lender. A reverse mortgage is available to homeowners age 62 and older with equity in their homes. Reverse mortgage payments can be received monthly, in a lump sum or through a line of credit. Most reverse mortgages today are called HECMs, short for Home Equity Conversion Mortgage.
Not quite ready to lock in a long-term fixed rate? An adjustable rate mortgage might be a good option for you. ARMs feature lower interest rates, but the interest rate can change (or adjust) after a fixed amount of time. This type of loan might also be a good option for you if you are looking to own a home for a shorter period of time.
Ready to invest in your next property? Look no further than our exclusive SNL Direct portfolio loan. Backed by Security National Life (SNL), this loan features no income documentation requirement, eligibility to close as an LLC and a competitive interest rate.
Are you an entrepreneur or have irregular income? For homebuyers with non-traditional or complex tax returns, a Non-QM loan is a great option. Examples of a Non-QM loan include interest-only mortgages or limited/alternative documentation loans.
Looking for a little help in getting into a new home? Down payment assistance programs help homebuyers with access to large sums of money through grants or loans to use as a downpayment. These funds can be made available through government and state housing agency programs or private organizations. In many cases the downpayment doesn’t have to be paid back.
Pre-qualification starts the loan process. Once a lender has gathered basic information about a borrower’s income and debts, an opinion can be made as to how much the borrower should qualify for in purchasing a house. Since loan programs vary between credit, debt and down payment requirements, borrowers should get pre-qualified for each loan type they qualify for and are considering. Being pre-qualified is only a limited analysis and doesn’t hold a lot of weight when it comes to negotiating a contract or reassuring a seller. There are many aspects to fully qualifying that could change a borrower’s ability to qualify for a mortgage. Some of these things include: credit, length of employment, type of income, debt, liens or judgments, property type or condition, and other issues that come up during the approval process. Although it’s tempting to start your home search before getting a pre-approval, we suggest you get that step completed sooner than later so you’re armed with the knowledge of your real shopping budget and the power to negotiate the best deal.
Being pre-approved lets you know your price and term limitations, and therefore removes some of the stress of finding the perfect home. It happens after the lender has verified all information you’ve submitted in the application process. Being pre-approved also empowers you during the negotiation process. It gives the seller confidence in knowing your finances aren’t an issue. You’ll need a pre-approval to bid on a bank-owned or “short sale” home. Your offer won’t even be considered if there are several offers on a home and you don’t have a pre-approval.
Generally, no — but occasionally the cost of a credit report will be charged. All other upfront fees, like an appraisal or application fee that may apply, will be disclosed to you as part of the application process and collected following your receipt of the early Truth-in-Lending disclosure and your approval to continue with the application.
Loan approval and funding time frames vary depending on the type of transaction and the complexity of your personal finances. The process can take as little as 10 days, and sometimes up to 45 days.
The lock-in rate is the interest rate used to factor your monthly payment. The lock-in secures the interest rate during the process of your loan approval, as long as your loan is processed and closed prior to the rate expiration date. This date is given to you when you lock-in the rate.
You can lock-in your interest rate once you have an accepted offer on a property. Your loan officer will discuss these options with you upon taking your loan application.
Depending on the type of transaction and the time you need, lock periods can be valid anywhere from 15 days to 180 days.
Great question. There’s a lot to consider when refinancing, and an SNMC loan professional can help you weigh this complex decision. Even a modest reduction in the interest rate can trim your monthly payment. The significance of such savings in any scenario will depend on your income, budget, loan amount, closing costs and the change in interest rate. An SNMC loan professional can help calculate the different scenarios for you, to determine if a refinance would be financially advantageous. Consulting your tax advisor is also encouraged, as your personal tax situation may affect your decision.
Start practicing that autograph! At closing, you’ll be guided through a review of all the legal documents for the property you’re purchasing or refinancing, and you’ll sign each one. We’ll give you copies of everything, and then it’s all filed and recorded. We’ll also make sure you get all pertinent information regarding your mortgage payment schedule, and servicing information for your new loan.
Obtaining a home loan is possible even with poor credit. If you have had credit problems in the past, a lender will consider you a risky borrower. To compensate for this added risk, the lender will charge you a higher interest rate and usually expect you to pay a higher down payment on your home purchase (typically 20-50% down). The worse your credit is, the more you can expect to pay for an interest rate and a down payment. Not all lenders choose to lend to risky borrowers, so you may have to contact several before finding one that will. Contact us to get an objective opinion on your credit and financial situation. Whether your situation calls for a short-term solution or a long-term strategy, we’ll give you options to empower you to make an educated decision.