Best Mortgage Lenders in Utah

Angel Oak Mortgage Solutions stands out as the premier option for mortgage lending in Utah

Utah could be the perfect place to call home, especially if it's 5 national parks and robust job market are calling your name. Find the perfect mortgage lender to help you make it happen — check out Benzinga’s guide to learn more about the mortgage process and connect with the right company.

Quick Look: The 5 Best Mortgage Companies in Utah

• Best for Bank Statement Loans: Angel Oak Mortgage Solutions
• Best Online Lender: Quicken Loans®
• Best for First Time Home Buyers: Keller Mortgage
• Best for Self-Employed Professionals: Freedom Mortgage
• Best for VA Loans: Veterans United

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The 5 Best Mortgage Companies in Utah

The best mortgage option depends on a number of factors, but there is a lender that’s right for every situation. Here are our picks for the best mortgage companies in Utah.

1. Best for Bank Statement Loans: Angel Oak Mortgage Solutions

Angel Oak Mortgage Solutions is a full-service mortgage lender offering traditional and portfolio mortgage loans. Among their many customized loan solutions is their Bank Statement product for self-employed borrowers in Utah. This loan does not require tax returns and includes a 1099 Income option for 1099 earners. 

• Loan amounts up to $3 million
• 12 or 24 months personal or business bank statements
• Two years out of bankruptcy, short sale, foreclosure, or deed-in-lieu
• Owner occupied, non-owner occupied, second homes located in Utah
• 1099 option available
• 40-year fixed interest only
• Delayed financing available
• Non-warrantable condos allowed

Angel Oak Mortgage Solutions offers a wide range of loan options allowing you to obtain any mortgage as long as qualification requirements are met. Utah residents can also refinance into any of these loans. The customer service team is easy to reach via email, phone or the online contact form, and you can begin your journey by searching for a local advisor right on the website.

Angel Oak is headquartered in Atlanta, Georgia and is licensed in AL, AZ #0927070, licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, CO, CT, DE, DC, FL, GA #32379, ID, IL, IN, IA, KS, KY, LA, ME, MD, MI, MN, MS, NV, NH, licensed by the N.J. Department of Banking and Insurance, NM, NC, OH, OK, OR, PA, Rhode Island Licensed Lender, SC, TN, TX, UT, VT, VA, WA dba AOHL LLC, WI.

Rocket Mortgage® by Quicken Loans® offers a streamlined platform for an online loan. You can complete everything online and receive preapproval quickly. The app will help you stay connected through the process and provide notifications for important checkpoints and documentation required every step of the way.

Take a look at its monthly mortgage payment calculator to get an idea of how your new mortgage payment will fit into your budget. The Learning Center also offers you a slew of articles to help you learn more about home buying and ownership. 

Rocket Mortgage® offers a superior customer service team both online and by phone.

3. Best for First Time Home Buyers: Keller Mortgage

Utah provides great programs for first-time home buyers, but you can also save with options through private lenders. Keller Home Loans services are offered exclusively through Keller Williams real estate transitions and first-time home buyers can avoid traditional loan costs with its ZeroPlus loan. 

ZeroPlus boasts low interest rates, no origination fees, and no lender fees. You’ll also receive $1,000 to help you pay for closing costs. A Keller Williams agent can get you started toward pre-approval online. 

4. Best for Self-Employed Professionals: Freedom Mortgage

Freedom Mortgage is willing to work with self-employed professionals. All you need to do is provide 2 years of personal and business tax returns and a year-to-date profit and loss statement to qualify for a home loan.

Freedom Mortgage officers are available by phone to walk you through the process. You also apply and manage your account online.

The company’s Eagle Eye pledge means it will contact you when rates drop and your monthly payment could be lowered or if you qualify for a new program that the company offers.

5. Best for VA Loans: Veterans United

Veterans United can pair you with a VA loan if you’re a qualified service member or veteran. A quick visit to Veterans United’s website will help you review the service requirements for VA loans. 

You can also use its website to explore other educational resources, such as a monthly payment calculator and an affordability calculator. When you’re ready, apply and get pre-qualified for your mortgage online. 

Veterans United offers customer service support 24/7 to answer any questions you have about the mortgage process.

Mortgages Explained

There are several mortgage types and terms to choose from and each option has its own set of benefits. Speak to your mortgage broker about the loan terms or lines of credit you need. You can also look into mortgage preapproval or use a mortgage calculator to determine what you can afford.  

Mortgage Type

Mortgage types can range from conventional loans to home buyer programs such as FHA loans. Take a look at each type below and consider which best fits your needs.

• Conventional loan types are a popular mortgage option for many people. You’ll need to meet minimum income and credit score requirements to qualify for a conventional mortgage. Most lenders require a minimum credit score of 620 for conventional mortgage products. Conventional mortgages are offered in several mortgage terms (the amount of time you have to repay the loan), so you’ll need to review those options as well.
• FHA loans are part of a mortgage program managed by the Federal Housing Administration. These loans offer lower minimum credit score requirements than conventional mortgages. The minimum down payment requirement is also lower. You can get an FHA mortgage from any FHA-approved lender in Utah. To qualify, you need to meet the requirements set both by your lender and the Federal Housing Administration.
• VA loans are a mortgage type offered to qualified service members. These loans are backed by the U.S. Department of Veterans Affairs. The VA also sets the service requirements to qualify for a VA loan. VA loans offer low interest rates and the ability to finance 100% of your home’s purchase price.

Mortgage Term

Your mortgage term is the amount of time you’ll spend making payments on your mortgage. The mortgage type and term you choose combine to determine important factors like your monthly payment and the amount of interest you’ll pay over the life of the loan.

• 30-year fixed: A 30-year fixed-rate mortgage lets you lock in your mortgage rate when you finalize your loan. This means that you’ll pay the same interest rate for the lifetime of your loan and make monthly payments on your mortgage for 30 years.
• 15-year fixed: A 15-year fixed-rate mortgage also allows you to lock in your mortgage rate, but you’ll repay your mortgage over 15 years if you choose this term. A 15-year term brings higher monthly mortgage payments because you pay off the loan in half the time. But fewer monthly payments also mean fewer interest payments. 
• 5/1 ARM: A 5/1 adjustable-rate mortgage (ARM) only locks in your mortgage rate for 5 years. After the first five years of your mortgage, your mortgage rate fluctuates once per year until you’ve finished paying off your mortgage.

Which Mortgage Lender is Best for You?

Choosing the right mortgage lender is just as important as choosing the right mortgage type and term. Consider customer service and specific mortgage programs when you choose your Utah mortgage lender. Mortgage loan terms change from one lender to another, and you can submit a mortgage application at any time to simply learn what your options might be. Ask the lender if they can do a soft pull on your credit to expedite the application process and protect your credit score.

• Customer service: You’re going to be working with your mortgage lender for a long time, so make sure you’re happy with its customer service team. Most lenders have customer reviews that rank its customer service support. You can also contact a lender’s customer service team yourself to ask questions when you’re comparing lenders. Your initial experience may tell you all you need to know.
• Mortgage programs: Keep in mind that if there’s a specific mortgage program or mortgage type that you’re interested in, you’ll need to make sure the lender offers it. Mortgages mean commitment, so you may want to consider your potential to refinance down the road. If you want to stay with the same company, look at what they offer beyond your first mortgage.

Lender Credit Score Minimums in Utah

Expect lenders to take a close look at your credit score when you apply for your mortgage. Your credit score is a 3-digit number that represents your financial reliability. Factors that impact your credit score include whether you make your payments on time, how much debt you have and your credit card history. 

Every lender has minimum credit score requirements for its loan programs. Your credit score can also impact the interest rate you’ll receive from a lender.

Current Mortgage Rates in Utah

Mortgage rates are an important factor to consider when choosing your mortgage. Your mortgage rate is the percentage of interest you’ll pay on your mortgage each month. 

Mortgage rates fluctuate frequently, much like stocks on the stock market. This is important to keep in mind when choosing between a fixed-rate or adjustable-rate mortgage. Benzinga monitors mortgage rate fluctuates and updates our current mortgage rate charts regularly to reflect the most recent data.

Average Days to Close on a Loan

Buying a new home is exciting, but unfortunately, you can’t move in immediately. Once the seller accepts your offer, you’ll enter the closing process and arrange your home inspection and appraisal. 

You’ll also be working with your lender to finalize your mortgage. There will be paperwork to sign and payments to submit. Finally, you’ll sign your closing documents and be able to start moving. Take a look at the average days to close for each recommended lender.

Frequently Asked Questions

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