Mortgage Loan Options

Exploring Your Loan OPTIONS

A 30-year fixed rate loan is the most common loan choice and a good choice for many people, but it’s not the only kind of loan available. Depending on your circumstances and goals, you might also want to see if there are other choices that may fit your needs.
 

Set Your Goals

Gain a basic understanding of your loan options and how they work

Get a sense of current interest rates and how they will affect you

Determine the amount of your down payment

Obtain a pre-approval from a Utah mortgage broker

Shop and find your dream home

 

Learn About Different Loan Options

Learn about different types of mortgage loans in Utah, such as conventional, FHA, or VA. Decide which loan best fits your needs, a fixed rate mortgage or an adjustable rate mortgage. Is a shorter term or a longer loan term better for you and your goals?

 

Get a Sense for Current Interest Rates

Talk to your Utah mortgage broker about mortgage rates to learn what you may expect to pay, and how different loan options affect rates. For example, you might compare a 30-year fixed rate mortgage against a 15-year fixed rate mortgage to see how the interest rates compare.
 

Start Looking at Homes and Explore Loan Choices at the Same Time

You may have already started looking at homes, or you may prefer to explore your loan choices a bit first before getting started looking at new homes.

However, don’t wait until you’ve found a home before you start thinking about your loan options. You want to have a good idea of what kind of mortgage loan is right for you before you make an offer on a new home.
 

Your Down Payment Amount Affects Your Loan Options

Many homebuyers choose to put less than 20 percent down. When you put less than 20 percent down, you will likely need to pay for mortgage insurance. Mortgage insurance adds to your monthly payment and in some cases your loan costs, but it allows you get a loan you might otherwise be unable to get. Mortgage insurance protects the lender if you fall behind on your payments, which means lenders are more willing to lend to you. Mortgage insurance doesn’t protect you or pay your mortgage for you. Learn more about mortgage insurance and how it works.
 

Options for Less than 20% Down Payment

Down Payment Assistance Programs

Many local cities or counties have down payment assistance grant funds available for first-time homebuyers with low to moderate income.

  • If you’re considering a grant program, ask questions and find out whether there are any conditions you have to meet. For example, you may need to pay the money back if you don’t live in the home for a certain amount of time.
     

Prepare to Buy a Home

1. Exploring Your Loan Options

2. Learn About Loan Costs

3. Gather and Update Your Paperwork

4. Get a Pre-Approval Letter

5. Select the loan that fits your needs

6. Find your new home

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Your Mortgage Broker

As a mortgage broker, we work with several Utah mortgage lenders, enabling us to offer you a variety of Utah mortgages at the best mortgage rates and lowest fees available. Working with several lenders allows us to offer more Utah home loans to help you achieve your goals. Whether you're buying a home or refinancing your current home, Advanced Funding is here to help. Our mortgage loan officers are available to help you during regular business hours or a time that is more suitable to your needs. Call today for more information, 801-272-0600.

Experience Matters

As a top mortgage company, Advanced Funding Home Mortgage Loans offers a variety of Utah mortgages and refinances. Our licensed Utah mortgage brokers are both knowledgeable and experienced to ensure you a pleasant home loan experience at the best interest rates available. We combine the use of technology, impeccable service, a dynamic management team, along with a well-trained, and experienced staff to produce results, such as great mortgage rates, low fees, and most importantly, a fast and pleasant loan experience.

Advanced Funding Home Mortgage Loans
6589 South 1300 East, Suite 200
Salt Lake City, UT 84121

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