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Home Loan

Is a Home Purchase in Your Future?

How do I purchase a home?

  • Get Pre-Approved for your mortgage
    We gather all necessary information for a solid approval so that you know your loan will cloase. A Pre-approval will also improve your chances of having your purchase offer accepted.
  • Find the right home
    Location, Location, Location. Research the quality of schools, local government and rate of appreciation in the area.
  • Make an offer
    Whether working with a realtor or directly with the seller of the home, use an approced REPC-(Real Estate Purchase Contract_ for your offer. We will need a copy of this to complete your financing.
  • Provide documentation & sign loan application
    Purchase loans take 3-4 weeks to complete, so start early. We will work with you so your loan will close when you are ready to move in to your new home!
  • Close on your loan and move in
    We will schedule a convenient, “no surprise” closing to fit your schedule. Congratulations – you are a homeowner!
  • How do I get pre-approved?

    Call your personal lending advisor 801-298-5887. They will work with you throughout your purchase experience and be your dedicated contact.

    During your initial conversation your personal lending advisor will need the following information:

    • Monthly income
    • Credit history
    • Credit card and other loan balances
    • Asset information
    • Social Security no.

    Your personal lending advisor will help you determine a home price range and explain various options of how to structure your home loan.

    After you have found your home, your personal lending advisor will help you complete the loan process. They will provide you with a unique no hassle and worry-free home purchase experience.

    Types of loans.

    Listed below are general explanations of different loans. For additional explanations please contact a lender.

  • ADJUSTABLE RATE MORTGAGE: Mortgage loans under which the interest rate is periodically adjusted to more closely coincide with current rates. The amount and times are agreed to at the inception of the loan. Generally, the rate will be fixed at a low rate for the first several years.
  • BALLOON PAYMENT LOAN: A loan that is typically amortized over 30 years, but is due and payable at the end of a certain term. May be extended or rolled over to a different loan. EXAMPLE: 30 years due in 5 years.
  • BUYDOWN LOAN: Loan that has a reduced rate and payment for a specific period of time. This is done by paying interest up front.
  • COMMUNITY HOMEBUYER’S PROGRAM: A first time buyer program with a fixed rate and low down payment, commonly 3-5%. There are no cash reserve requirements and qualifying ratios are easier. Loan is subject to buyer meeting all income standards and completing a four-hour training course.
  • CONVENTIONAL LOAN: A mortgage not obtained under government insured program, secured by investors.
  • FHA LOAN: Loans insured by the Federal Housing Administration under H.U.D. They offer low down payments and easier qualifying.
  • FIXED RATE LOAN: A loan with one interest rate that remains constant through the life of the loan.
  • GRADUATED PAYMENT MORTGAGE: A loan that starts payments lower than standard fixed rate loans, and increases the payment by a predetermined amount each year.
  • NON-QUALIFYING LOAN: A loan that may be taken over from the seller by the buyer. The buyer would pay the seller for his/her equity and assume the payments, avoiding qualification. These loans are complicated and rare. Please contact your lender with any questions.
  • VA LOAN: A loan that can be up to 100% of the purchase price, secured by the government for people who have served in the armed forces. Customarily, the buyer pays no costs of the purchase. The extra fees that the seller has to pay are usually added on to the sales price.
  • INTEREST ONLY LOAN: A loan where the payment covers only the interest due. Generally, this will be an adjustable rate mortgage.

    Four things to avoid in a purchase.

  • DO NOT CHANGE JOBS: Changing jobs before or during the loan process can create a real problem in qualifying you for a loan, particularly if that job is in a different line of work or at a lower rate of pay.
  • DO NOT SWITCH BANKS OR MOVE MONEY AROUND: It’s difficult to verify funds if money is moved, so leave everything as is until your loan is closed.
  • DO NOT PAY OFF BILLS: Your loan officer will advise you if it is necessary to pay bills to help you qualify. He/She will show you how to pay off bills so there is sufficient proof of payment. Keep making your regularly scheduled monthly payments so that your credit is not harmed.
  • DO NOT MAKE ANY MAJOR PURCHASES: Large purchases have major impact on qualification. If you add a payment, or increase a payment it will decrease your qualification amount. Stay away from purchases such as cars, boats, recreational vehicles, furniture, etc.