People applying for Salt Lake City mortgages should be aware of the mortgage application process for their area. On average, the mortgage rate Salt Lake City is at 3.39% within a 30-year fixed term. Of course, the number changes with each decrease of the term. At 20 years, applicants only have to pay around 3.17%.
Other than the money, however, what's even more destabilizing about getting a mortgage are the preparations before and the application process itself. For those who are hoping to speed up their application, here are some of the requirements you need to make the process quick:
Identity and Income Verification
After knowing the mortgage rates, City Creek Mortgage and other lending institutions in Salt Lake City noted to prepare the following:
- Phone number
- Email address
- Residential mailing
- Change in addresses over the last two years
- Name, addresses, and contact numbers of employers over the past two years
- An estimate of annual property taxes
- Homeowner’s insurance
- Insurance payment history
- Debt obligations per month
- Primary and any secondary source of income
- Savings in bank
- Retirement savings, investments, and other assets
Those who are self-employed might need to fill a completely different form, although the basic information would still be the same.
Property to Purchase
Applicants need to provide as much information as they can about the property they intend to buy. Ideally, important data like the year the house was built, the condition, the estimated down payment, and the purchase price of the property are what you need to know.
Tax documents are necessary for verification purposes. Bank statements and taxes paid within the last two years should be ready at a moment’s notice. Other items that you might need include the purchase contract between the buyer and the seller. You must also mention any past bankruptcy filing to the lender to show good faith.
By having all these information on standby, it would be easier for individuals to apply for a mortgage and go straight to the in-depth aspect of the process.