Getting your loan locked down is just one part of a real estate transaction. MOVE Utah Real Estate is seasoned at assisting both new and experienced buyers alike in all areas of real estate. Contact us if your needs include a professional REALTOR® ready for the business side of buying and selling.

Are you looking to finance your new home?

Feeling lots of anxiety over applying for a mortgage? You don't have to be. We have excellent relationships with various lenders in Utah, and they've helped uslearn some things that make the process of applying for a loan a snap.

1 – Assemble a list of questions regarding your loan program

If you do not perfectly comprehend the ins and outs of the various programs, be sure you bring a list of questions with you. We or one of our lender contacts will assist you in understanding the advantages and disadvantages of each program, because it's a challenge to understand the distinctions between fixed and adjustable rate mortgages.

2 – Decide when to lock

Locking in the interest rate denotes that your mortgage lender holds to the mortgage interest rates for the loan – generally at the time the loan application is submitted. By floating the rate, you can lock the rate at any time between the day you apply for your loan and the issuing of closing documents. Buyers who decide to float conclude the interest rates will drop in the near future. Click here to see the outlook for the next 90 days of interest rates.

3 – Decide if you want to pay additional points to reduce your rate

Generally you can choose to pay additional points to lower the interest rate of your loan. Every point is 1 percent of the mortgage loan and is payable in cash at closing. Click here to use our points calculator. This tool will assist you with determining if purchasing points is the best option for you.

4 – Bring your paperwork

Acquiring a mortgage loan requires lots of paperwork, so you should spend some time getting all your documents together. Click here to see typical questions you'll have to answer on a loan app.

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