Buy a Home

Buy a New Home
 

Purchasing a new home is a big decision for most people. Your situation and needs are unique, and choosing the right mortgage loan program is important. Working with a Utah mortgage broker, such as, Advanced Funding Home Mortgage Loans can make the loan process simple and smooth.

At Advanced Funding we’re ready to find the right Utah mortgage solution for your new home. Our staff of home purchase experts will help you evaluate your mortgage needs and draft a purchase plan with your situation in mind. As mortgage brokers we will search several mortgage lenders to find the best mortgage rate available for your purchase loan needs.
 


Are You Ready to Buy a Home?

Buying a new house is a big commitment, often one of the biggest purchase you will make, so before you start shopping for a home and comparing mortgage rates, take some time and ask yourself the following questions:

  • Do you have a stable source of income?

  • How long do you plan on owning the new home?

  • Have you budget for home maintenance and improvements?

  • What does the future hold in store for you, like a growing family or changing jobs?

Exploring Your Mortgage Options

Utah mortgages have several key elements that need to be considered when choosing a loan program. Understanding how these key pieces work will help so that we can work structure a mortgage loan program that is suited for your situation.

  • Loan Type

    FHA loans are usually the easiest to qualify for. They require a low down payment and allow for lower credit scores. Utah FHA loans are insured by the Federal Housing Administration (FHA), this protects the mortgage lender against loss if you were to default on the loan. FHA mortgages are for use with owner-occupied properties only. Learn more about FHA loans.

    Conventional loans are a bit more difficult to qualify for, but they can cost less over time than an FHA loan. With a Utah conventional loan, you can avoid paying private mortgage insurance (PMI) by putting a down payment of at least 20%, which can save you hundreds of dollars per month in your mortgage payment. Learn more about conventional loans.

    VA loans are exclusively for veterans, active-duty service members, and eligible surviving spouses. Utah VA mortgage loans offer a great benefit to buy a home with no down payment or mortgage insurance. Learn more about VA loans.

    Jumbo loans are mortgages that exceed the conventional loan limit. You can find more about loan limits here.
     

  • Rate Type

    There are two kinds of mortgage rates – fixed rates and adjustable rates.

    Fixed rates stay the same, or fixed, for the life of your loan. A Utah fixed-rate mortgage will keep your mortgage payment consistent each month. This is a great option for homeowners who ease of mind, payment to budget around, and to lock in a low rate for the length of the loan.

    Adjustable rates mortgages (ARM) usually stay fixed for the first 5, 7 or 10 years of the loan. Then, your rates adjusts up or down once to twice per year depending on market conditions. An adjustable rate mortgage offers the opportunity to get the lowest rate possible and is a good choice for homeowners who plan on moving or refinancing after the initial fixed rate period ends. Learn more about adjustable rate mortgages.

     

  • Loan Term

    The mortgage loan term is the length of the loan. Most fixed rate mortgages are either a 30 year fixed rate or 15 year fixed rate terms, although you can choose any term from five to 30 years with Advanced Funding. Adjustable rate mortgages in Salt Lake City typically have a 30 year loan term.

Mortgage Pre-Approval

It can be tempting to start searching for a new home by browsing the internet or scoping out potential neighborhoods. But before you fall you find your dream house, you should get pre-approved. A mortgage approval from a Utah mortgage broker will help you estimate your monthly payment and understand what you can afford.

Pre-Approval vs Pre-Qualification
Loan Documention Need for a Pre-Approval
Pre-Approved for a Utah Mortgage? Don’t do these four things.


 

How Much Can I Afford?



Summary



Your Local Utah Mortgage Broker

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

Utah VA LOAN ADVANTAGE

Veterans Affairs mortgages, better known as VA loans, make it easier for veterans to get financing to buy a home. Utah VA loans usually do not require a down payment and are available to military veterans and active military members. The Utah VA mortgage remains one of the few mortgage options for borrowers who don’t have the money for a down payment. VA loans are somewhat easier to qualify for than conventional mortgages. It offers a great benefit to those who are serving or have served our country.

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

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