Credit Union Programs

Salt Lake City Credit Union Programs and You

The Three Home Loan Questions You Must Understand

Before you make your decision on a home loan, make sure you have a good understanding of the answers to the following questions:

1. Who do I trust?

Look for a Salt Lake City source you trust- we hope it is your Credit Union- and make sure they have a good reputation. Service and advice are as much determining factors as price.

2. Looking for a fair deal?

Your choice of lender and type of loan will influence not only your settlement costs, but also the monthly cost of your mortgage loan. There are many types of lenders and types of loans you can choose. Remember: advertisements always have fine print. Call us to get educated or talk to your Credit Union.

3. No cost? How is the lender driving a new Hummer?

No cost? No such thing! It always comes down to how you want to pay for a loan. “No cost” is a direct result of increasing your rate high enough to cover the closing cost expense. If you’re in the greater Salt Lake City, UT area, we can help you understand this further.

The Three Ways To Pay For A Loan

  1. Higher Rate, Lower Costs
  2. Higher Closing Costs, Lower Rate
  3. Combination of the Two

The best option depends on what your goals are and especially how long you plan on keeping the loan.

This lender’s costs are $2,000 less, so I should use them, right?

Hold on! Make sure everyone is on the same page when they explain closing costs. Many Salt Lake City lenders don’t include your taxes, insurance, and interest in their number. So when you sit down to close your loan, surprise! Always keep in mind the three ways to pay for a loan.

Why are the quotes rates so different between lenders?

When you make a phone call and the first thing you ask is, “what is your rate,” many times you will hear an amazing answer- and then somehow that rate will change as you go through the process. These rates vary on program, credit, debt, and home value. Inexperienced Riverton Loan Officers may not be comparing the same program that fits your situation. If your costs are low and your rate is low, get a copy of that lock confirmation. This should be able to be provided 30 days prior to closing, typically.

Lender-required settlement costs

Taxes, Insurance, Interest, Title, Appraisal, Processing, Underwriting, and Credit are the most common required fees. The most negotiable items are Loan Origination Fees because they go directly to the loan officer or company. This is how they make a living.

“As a Credit Union based business, we want to thank you, the members, for your commitment and trust in the Credit Union’s desire to provide the best mortgage services possible.”

Sincerely,
CU Services
“Your Credit Union Partner: Good Advice for Good People”

For more answers to your questions, ask a Salt Lake City lending expert or apply now.

Top 100 Question & Answers For Buying a Home:
http://www.hud.gov/offices/hsg/sfh/buying/buyhm.cfm#Getting