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Need Help Qualifying For A Loan? Our mortgage specialists will help you qualify for a home mortgage loan; from improving your credit score to helping you with your application. Let’s get started.See Our Loan Officers
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About Us

Expert Online Mortgage Brokers That Work For You

Summit Lending is a mortgage broker firm based in Utah and led by a team of mortgage specialists with over 50 years of combined experience in the Real Estate Financing industry. We are driven by one goal: to match you and a home loan with fair terms at excellent interest rates and reasonable repayments.

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“Our mission is to utilize our years of experience and knowledge to meet your personal needs. Matching you with the right mortgage with less fees and great rates.”
Brodie CalderFounder/CEO
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Why Choose Us For Your Home Mortgage Loan?

We're committed to delivering exceptional value. When you partner with us, you’ll enjoy a wide range of benefits such as:

Personalized Service

Our Utah-based mortgage broker team takes time to understand your unique financial situation and find you the best home mortgage loan for your needs.

Transparency

Our mortgage specialists go the extra mile to ensure you understand the terms of your home mortgage loans. With our online mortgage brokers, you can take a loan with confidence.

Experience

Our mortgage specialists have 5 decades of combined experience in the mortgage loan industry. You can count on our mortgage broker firm to guide you through the entire process.
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Let Us Show You the Easy Way Home

Buying a home is one of the most significant investments you’ll ever make. The process of securing a mortgage can seem overwhelming, but with proper preparation and a few insider tips, it can be a smooth and efficient experience. From maintaining good credit to working with experienced professionals, each step you take toward being prepared will get you closer to homeownership. Here are some essential tips to help streamline your loan process and avoid unnecessary delays.

1. Make Sure Your Credit is in Good Shape

Your credit score plays a vital role in your ability to qualify for a mortgage and can influence the interest rates lenders offer. A higher credit score often means access to better interest rates and terms, potentially saving you thousands over the life of your mortgage. Understanding and improving your credit score before you begin the loan process can give you a significant advantage.

Check Your Credit Score with a Mortgage Professional

Getting a clear picture of your credit standing is the first step. While you can access your credit score through free credit-checking services, consulting with a mortgage professional offers a more in-depth understanding. Mortgage professionals have access to specialized credit reports and can identify specific areas where you can improve your score. Here’s a general breakdown of credit score categories:

  • Excellent credit (750+): This score range opens the door to the most competitive interest rates and loan terms.
  • Good credit (700-749): This is a strong range and may qualify you for favorable rates, though perhaps not the lowest.
  • Fair credit (640-699): This range can still qualify you for a mortgage, but you may face higher interest rates.

In some cases, if your score is just below a threshold, small adjustments can help you reach the next level. For example, paying off a credit card balance to reduce your debt-to-credit ratio could push a score from the "good" to "excellent" category.

Try to Lower Your Credit Card Balances

Your credit utilization ratio, or the percentage of available credit you’re using, has a significant impact on your credit score. Aim to keep this ratio under 30% by reducing your credit card balances. High balances signal potential financial strain and can lower your score, even if you’re making all payments on time. If you can pay off outstanding balances or even reduce them by a few hundred dollars, you may see an improvement in your score.

Have at Least Three Open and Active Accounts on Your Credit Report

Lenders often look for at least three active credit accounts in good standing, such as credit cards, car loans, or personal loans. This “credit mix” helps lenders see that you can responsibly manage different types of credit. If you’re just starting to build credit, consider opening a secured credit card or taking out a small, manageable installment loan. Use these accounts responsibly, ensuring that you make payments on time and avoid excessive debt.

2. Document Your Rental History if You’re Renting

If you’re currently renting, your lender may request proof of on-time rental payments over the last 12 months. This shows that you can handle a regular monthly payment, similar to a mortgage. If you’ve been paying your rent in cash, consider switching to checks or an electronic payment method that offers documentation. Some landlords or property managers may provide rental history letters, but having an electronic record or canceled checks is often more reliable and easier for lenders to verify.

3. Don’t Worry About Gathering Old Pay Stubs, Bank Statements, and Tax Returns

One of the most time-consuming parts of the mortgage application used to be gathering various financial documents to verify your income, assets, and taxes. Fortunately, many lenders now use automated systems that can verify this information for you, saving time and reducing errors. This streamlined process can also help you get a faster response from lenders, as they no longer need to manually review paper documents. This not only makes things easier on your end but also increases the accuracy of the information they receive.

4. Be Prepared to Explain Any Gaps in Employment

While lenders look for stable employment, having a recent gap doesn’t necessarily disqualify you. If you’ve had a break in your employment history, be ready to explain the reasons and provide documentation if possible. Some common reasons, such as health issues, education, or family obligations, are generally understandable to lenders. If you’ve returned to a similar role or industry after a short period, you may not encounter any issues at all. Providing a letter of explanation can often clear up any questions lenders may have.

5. Avoid Large Deposits or Withdrawals from Your Bank Account

When lenders review your bank statements, they look for consistent and stable account activity. Large deposits or withdrawals can raise questions about the sources of funds and whether you’re taking on new debt. For example, if a family member provides you with a large gift toward your down payment, lenders will need to verify that this money is not a loan. In such cases, the lender may require a signed “gift letter” confirming that the funds don’t need to be repaid.

6. Determine a Down Payment Amount Based on Your Available Funds

Your down payment is one of the largest upfront costs when buying a home. It affects your mortgage’s overall terms and determines whether you’ll need private mortgage insurance (PMI). While putting down 20% is often recommended to avoid PMI, many lenders offer loans with lower down payment requirements—sometimes as little as 3% to 5%.

If you have extra savings, consider whether a larger down payment could reduce your monthly payment or secure a better interest rate. However, it’s essential to balance your down payment with having enough funds for moving costs, closing fees, and emergency savings.

7. Obtain a Pre-Approval Letter from an Independent Mortgage Professional

A pre-approval letter shows that a lender has reviewed your financial situation and approved you for a specific loan amount. This letter not only strengthens your offer but also helps you set a realistic budget. In competitive housing markets, sellers often prioritize buyers with pre-approval, as it demonstrates financial readiness and reduces the risk of a deal falling through due to financing issues.

Unlike a pre-qualification, which is a rough estimate of what you may be able to borrow, a pre-approval requires a more in-depth review. You’ll need to provide information on your income, assets, and debts, which the lender will verify. Working with an independent mortgage professional can give you access to a wider range of options and help ensure you’re getting the best terms possible.

8. Research a Local Real Estate Agent

Once you’re pre-approved, it’s time to find a real estate agent who understands the local market. An experienced local agent can provide valuable insights into neighborhood trends, property values, and which areas offer the best options within your budget.

When choosing an agent, look for someone with a track record of success in your desired area. A good agent will listen to your needs, offer honest advice, and provide guidance throughout the home-buying process. Read reviews, ask for referrals, and interview potential agents to find one who aligns with your goals and preferences. Many buyers benefit from agents with strong negotiation skills and local market expertise, especially when competing for properties in high-demand neighborhoods.

Final Thoughts: Making the Home-Buying Process Smoother

Buying a home doesn’t need to be a stressful, drawn-out experience. By preparing in advance, understanding your credit, organizing your finances, and working with trusted professionals, you can enjoy a smooth and rewarding home-buying journey. Each step—from improving your credit to securing pre-approval and finding the right agent—brings you closer to your goal of homeownership. With these tips in mind, the process can be quicker, more efficient, and far less daunting.

Buying a home is within reach, and with these steps, you’ll soon be on your way to moving into your dream home.

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Frequently Asked Questions

Everything you need to know about home mortgage loans
Which home loan is right for me?

Your ideal loan depends on several factors like your financial situation, long term goals, and risk tolerance. Fixed rate mortgages offer stability, while adjustable rate loans may save you money initially. Government-backed options can be great for those with lower credit scores. At Summit Lending, we’ll guide you through the options to find a perfect fit.


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