Buying a New Home?
Buying a home is a big decision. 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 will make the loan process simple and smooth.
At Advanced Funding we’re ready to find the right Utah mortgage loan 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 mortgage needs.
Set Your Goals
✔ Are you ready to buy a house
✔ Determine how much you want to spend on a home
✔ Explore your mortgage loan options
✔ Get pre-approved for a mortgage loan
Buying a new house is a big commitment, often one of the biggest purchases 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?
Do you have a down payment saved?
How long do you plan on owning the new home?
Have you budgeted for home maintenance and improvements?
What does the future hold in store for you, like a growing family or changing jobs?
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 structure a mortgage loan program that is suited for your situation.
There are two kinds of mortgage rates – fixed rates and adjustable mortgage rates.
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.
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.