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January 30, 2013
Downtown-Salt-Lake-CitySearching for the right Salt Lake City home mortgage may feel like a Herculean task. Who to turn to and who to trust when it comes to such an important decision may seem difficult, especially with so many options to choose from.  Taking the time to shop around for the right home loan can potentially save you thousands of dollars.

So how do you know you are getting the best mortgage to suit your needs? Here are five steps you can take to secure the best possible Salt Lake City mortgage.

Shop Around Without Affecting Your Credit Rating
Don’t be afraid to get a few quotes from local Salt Lake City mortgage lenders as well as national providers. You can always start with us, but we encourage our clients to seek as many quotes as needed to feel like they can make an informed decision. You have a 30-day window from the time you first have your credit checked to seek other offers without negatively affecting your credit score due to multiple screenings.

Explore All Available Loan Types with Your Lender
There are several types of mortgages available. You may qualify for one of the many beneficial government home loans, such as an FHA or USDA loan, allowing you to purchase with little or no money down. You also need to consider the benefits of a fixed-rate vs. adjustable-rate mortgage. Your lender should we willing and able to discuss each loan type as well as your financial goals to make sure the loan is aligned with your needs.

Discuss Buying Down Your Interest Rate
You can knock interest rate points off your mortgage by paying for discount points on your mortgage. You pre-pay the money up front in exchange for a lower interest rate over the life of your loan. This only makes sense if you have the upfront cash to do this and plan to stay in your home for an extended period, but it is worth discussing with your broker/lender to determine if it would be a wise option financially.

Fully Understand Your Closing Costs
The government requires your lender to provide a good faith estimate (GFE) three days after the loan was applied for. Carefully review the closing costs and don’t be afraid to ask what they are. Don’t hesitate to be a shrewd negotiator, ask for reduced fees and see what charges you may be able to negotiate down.

Go Local
Face-to-face time and personalized service can be a crucial benefit when you are working with a large, complex transaction. Look for a mortgage lender with a Salt Lake City branch and be sure to read local reviews about the mortgage company you are considering.

At First Option, our loans are tailored to the requirements of Utah laws and regulations. Our Salt Lake City Mortgage professionals will be thrilled to serve you!

If you’re currently planning to purchase, refinance, or learn more about mortgage rates, simply fill out our Fast Response form or give us a call at 888-644-1999.  Our experienced mortgage professionals would love to discuss your needs.

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