Loan Options & Information
There are literally hundreds of loans to choose from when trying to secure a home loan. There is no easy way to go through all of them on your own, so we suggest you let your lender do that for you. Based on your credit scores, a qualified lender can present to you many loan options that will work for you. At this point you can choose the best one for you. Some may require a certain percentage of down payment while others may not require any down payment, but might have a higher interest rate. The loan that will work best for you is the one that helps you achieve your future goals in home ownership.
Types of Residential Loans
Estimated Loan Costs*
||Any mortgage loan that is not an FHA or VA loan is a conventional loan
|FHA / VA:
||These two loans are very similar. FHA loans are government loans that are insured by the Federal Housing Administration (FHA). VA loans are guaranteed by the Dep't of Veterans Affairs. These loans allow for veterans and service people to obtain a loan with favorable terms and rates.
||Also known as an Adjustable Rate Mortgage. This type of loan has an adjustable rate with many terms to choose from.
||This is a home equity loan.
||This is a home equity line of credit.
There are many fees that are associated with procuring a Real Estate loan. Many of the fee categories are pretty standard, but the amounts will vary depending on the lender you choose to work with.
Some lenders charge "junk fees" to make the profit of the loan higher. To avoid paying these unnecessary fees, we recommend getting quotes from a couple of different lenders and compare the two side by side. Here are estimates on what you will pay when you receive a Real Estate loan.
- Application Fee: $0 - $350
- Origination Fees: .75% - 1.25%
- Credit Report: $15 - $50
- Appraisal Fee: $350 - $550
- Processing Fee: $300 - $800
- Underwriting Fee: $400 - $1000
- Flood Certification: $10 - $30
ZoomUTAH recommends consulting a professional when making important decisions such as purchasing a home, and securing a loan.
* There are also additional closing costs
that are title related, which will affect the total you will pay in closing costs per transaction. For more information regarding the closing process, check out our Closing Section.