Talk to a Lender
Financing Options Available from the Smith Team at The Lending Co:
Conventional, FHA, VA, USDA (Rural Housing), Jumbo, & Non-QM
Conventional: The majority of loans we originate, tend to be conventional loans. With down payment required as low as 3% and flexible mortgage insurance options make conventional loans available to most buyers.
FHA: Low down payment options, and the possibility for a lower interest rate with less than perfect credit.
VA: 100% financing with low rates for those that qualify, based on military service.
USDA: 100% financing for homes in designated rural areas, great option for homes that qualify, although they do have income restrictions.
Jumbo: These loans are for higher loan amounts. Each county has a maximum conforming loan limit, ranging from $510,000-$762,000. This means loans greater than the conforming limit have special guidelines.
Non-QM: We offer a full suite of “out of the box” options for unique income and employment situations. The number of Non-QM loans is growing as investors create unique financing options to meet the needs of those that don’t fit in the “box”.
One of areas we pride ourselves on is preparing the different options available to each client and analyzing the best loan for each situation. Our years of experience have given us the opportunity to work with first time homebuyers, move up buyers, builders – new construction, and relocation.
We have great options for each situation, from low down payment options for first time buyers, larger loans for high-end homes, and financing for second homes and investment properties.
Mortgage Payment Breakdown:
- Principal: The amount of money borrowed
- Interest: The cost of borrowing the money
- Taxes: the amount assessed by the county which are paid annually, these are typically included in your monthly payment.
- Insurance: This is required coverage, provided by the company of your choice, to rebuild your home in the event of loss, such as fire.
- Mortgage Insurance: Insurance typically required on loans with less than 20% down payment. We do have special programs with alternatives to regular mortgage insurance.
What are Typical Closing Costs:
- Investor/Underwriting Fee: This is paid to the investor for review and approval of each loan.
- Credit Report: Provides credit scores and liability/debt info.
- Appraisal: An appraiser helps in determining the fair value of a home, based on how it compares to other homes, recently sold in the area.
- Title Fees: The title company performs the final review and closing of your loan, handles all monies in a transaction, and the transfer of ownership from a seller to the new buyer.
- Pre Paids: The other component of closing costs is the creation of an escrow account for the home insurance and property taxes. This amount will vary, depending on when you close and cost of your insurance and taxes.
Dos and Don’ts During the Loan Process:
When determining your qualifications for a mortgage loan the major components are your credit score, employment and income, and monthly debt obligations. Any changes to these can jeopardize closing on your new home. So, here are some things we recommend:
- Don’t quit or change jobs without talking to us first – even changes to pay structure can affect qualifying.
- Don’t apply for any new loans – credit cards, boat, autos, or buy new appliances or furniture on credit.
- Don’t move money between accounts – we have to source and season funds used for down payment. Moving money between accounts can create extra documentation required.
- Do continue to make payments on time.
- Do call us if you have any questions about any of these items. We can talk through any possible exceptions, based on your situation.
With a combined 30+ years in the mortgage industry, we are passionate about making sure our borrowers are educated and comfortable with the complete homebuying process.
As Mortgage Brokers, we work for you! We have access to more lenders and more loan programs than typical banks and credit unions, with lower cost. What this means for you is, we will provide the best rate, fees and easiest experience for your specific situation. Relationships are our number one goal and we want to make sure we know we are providing the very best for each person we get to help. No matter your need, ie: first time homebuyer, investing, new construction, renovation and refinancing, we have the experience to walk you through each process stress free.
We have both been actively involved in our local and state homebuilder’s association, serving on the Salt Lake Executive board, VP on the State of Utah Board, developed and was the President of the Women in Building Council. This has been very important to understand the infrastructure and demographics of each community we lend in. We are committed to making safe, affordable housing for future generations.
We have 5 fantastic kids, ranging from 15-10. If we aren’t busy with extracurricular’s, you can find us outside. We love to camp, hike, go to Lake Powell, off road in Scott’s Landcruiser, and take our wave runners out. We are complete foodies and Scott has a smoker we’re constantly experimenting on. This often turns into awesome cookouts! That being said, we love our clients and you’ll most likely get invited to one (or a couple) of these cookouts!
Phone: (801) 209-3850
138 E. 12300 S. Draper, UT 84020.
Scott and Kristin Smith
The Lending Co NMLS# 2255809
The Pre-approval Process
Being pre-approved for financing is important for a few reasons:
- First: You will know how much money is needed for down payment and closing costs, the monthly payment for a given property, and that any you are ready to submit an offer.
- Second: Narrowing your search to homes that are within your budget will make the process more exciting and less stressful.
- Third: You are placing yourself in the best position to negotiate with a seller if you are already approved. They will take your offer seriously, which is important in a market where sellers are receiving multiple offers. Doing everything you can to strengthen your offer is important.
What is Needed For Pre-approval:
In order to expedite the processing of your approval you can send us the following items. We have a secure upload system, which you can use to send them electronically. It’s as easy as attaching something to an email.
- Pay stubs covering the most recent 30 day period.
- W2s for the most recent two years
- If employed by a company we’ll need the most recent year’s tax return
- If self-employed the most recent two year’s personal and business tax returns along with K-1 statements
- Copy of valid driver’s license
- Bank Statements for the most recent two months