What Does a Mortgage Broker Do? Your Home Loan Options in Utah and Idaho

I'm a mortgage broker, and I help people across Utah and Idaho with all of their home financing needs. But what does a mortgage broker actually do, and how is it different from going to your bank? Here's a simple breakdown, plus the loan options I can help you with.

Mortgage broker vs. a bank

When you go to a bank, you can only get that bank's loan programs and rates. A mortgage broker works with many different lenders. I compare options across those lenders to find the loan that fits your situation best, then guide you through the whole process from application to closing.

That's especially helpful if your situation isn't "cookie cutter," like if you're self-employed, own a business, have investment properties, or have been told no somewhere else.

Buying a home: the main loan types

Conventional loans

Conventional loans aren't backed by the government. They're a great fit for many buyers with steady income and good credit. Some programs allow as little as 3% down for first-time buyers. If you put less than 20% down, you'll usually pay private mortgage insurance, which protects the lender and can be removed later once you have enough equity.

FHA loans

FHA loans are insured by the Federal Housing Administration. They're often a good fit for first-time buyers or anyone rebuilding credit, because the credit requirements are more flexible. Down payments can be as low as 3.5% for qualified buyers.

VA loans

VA loans are for eligible veterans, active-duty service members, and some surviving spouses. They often require no down payment and no monthly mortgage insurance, making them one of the strongest loan options available.

Down payment assistance

Utah and Idaho both have programs that can help cover your down payment or closing costs. I'll help you figure out whether you qualify and how to pair assistance with the right loan.

Refinancing your current home loan

Refinancing means replacing your current mortgage with a new one. People refinance to lower their interest rate and monthly payment, shorten their loan term to pay the home off sooner, or remove mortgage insurance. I'll run the numbers with you so you know whether the savings are worth the cost.

Using your home's equity

Equity is the part of your home you own: its value minus what you still owe. There are a few ways to put it to work:

• Cash-out refinance: replace your mortgage with a larger one and take the difference in cash.

• Home equity loan or second mortgage: keep your current mortgage and borrow a lump sum on top of it.

• Home equity line of credit: a line you can draw from as needed, similar to a credit card backed by your home.

People use these for home improvements, paying off higher-interest debt, or other big goals. Keeping your current mortgage can make sense if it has a low rate, so we'll compare all three.

Investors and business owners

I love working with first-time buyers, and I also specialize in helping investors and business owners. If your income is harder to document on paper, there are options like loans based on bank statements, or loans for rental properties based on the rent the property earns instead of your personal income.

Been told no somewhere else?

Let's connect and see what other options you have. You may be surprised at what's possible when you have access to more lenders and someone who knows how to structure your loan.

Schedule a free strategy call or start your application. What can I help you with today?

This article is for informational purposes only and is not a commitment to lend. Loan programs, requirements, and rates change and depend on your individual situation. All loans are subject to credit approval and program guidelines. Brittany Black, NMLS #1115379. Satori Lending Co., NMLS #2407821. Equal Housing Opportunity.