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How to Choose a Salt Lake City Mortgage Lender

Choosing the perfect Salt Lake City mortgage broker is not an easy task, especially if you are moving to Salt Lake City from out of state and are not familiar with the area. The mortgage lending business is highly competitive and mortgage originators come from all forms of education, training, experience, and affiliations. After you find the perfect home, the next step is to find the best mortgage broker for you. This can become a confusing process with factors such as APR, interest rate, monthly payment, Good Faith Estimate, and hidden fees. Local All My Sons moving company wants to help navigate you when searching for the best mortgage lender. Here is a general guideline of tips on how to find the best fitted Salt Lake City mortgage broker to get you into your dream home with peace of mind.

  • Update your financial portfolio. The better your credit standing the easier it is to maneuver the mortgage process. Get an updated credit report, make a list of financial debt, and put together a list of all of your assets.

  • Check the local mortgage rates. Ask all prospective lenders their individual interest rates, based on the type of mortgage you are considering after moving to Salt Lake City.

  • Ask your Salt Lake City movers, neighbors, and co-workers who they recommend as a mortgage lender. Most realtors have in house mortgage lenders or you can search online mortgage broker databases for the most reputable lenders in the Salt Lake City area.

  • Perform a background check of your potential lenders. Check the lender’s reputation for getting loans completed, their experience, and if they have had any disciplinary actions against them.

  • If you hold a mortgage with a current Salt Lake City lender, have good standing with them, and enjoyed your previous business agreements with them, then check to see if they are offering any incentives for if you continue a business relationship with them after you move.

  • You don’t have to apply for a loan to ask questions. Hold interviews with some of your top choices of Salt Lake City mortgage lenders. Ask about turnaround time, who will be servicing your loan, and who you will be in contact with. Salt Lake City movers suggest that you ask for Good Faith Estimates and Truth in Lending statements, and don’t be afraid to ask the lender to explain in terms that you can understand.

  • Take notes on each lender and compare all of the notes and documentation that you have collected. The lowest rate is not necessarily the best option. If there are thousands of dollars in fees and expenses than a slightly higher interest rate loan.

  • Narrow your possible choices of Salt Lake City mortgage lenders and understand each loan type they are offering. There is a big difference between a 30-year fixed-rate and a 30-year adjustable-rate mortgage. Know the differences and feel confident in your lender’s explanation.

  • Lenders may be able to waive or lower some of the fees in the Good Faith Estimate, so don’t be afraid to try to negotiate. The answer is always “no” if you don’t ask.

  • Contact your chosen lender and lock in the interest rate that you have negotiated. Then, you can finally have your favorite Salt Lake City moving company All My Sons, move you into your dream home!