Best of
Best Utah Mortgage Lenders of 2019
At NerdWallet, we strive to help you make financial decisions with confidence. To do this, many or all of the products featured here are from our partners. However, this doesn’t influence our evaluations. Our opinions are our own.
Looking to buy a home in Utah or get a home equity line of credit? You have many mortgage lenders to choose from. We will help you find the best Utah mortgage lender, based on your needs and circumstances.
Our picks for
first-time home buyers
These lenders treat first-time home buyers in Utah with care.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Works with loan programs offered by state and local housing agencies.
- Specializes in mortgages for first-time home buyers.
- Almost half of its loans are low-down-payment government mortgages.
- Considers alternative credit, such as history of payments on rent and utilities.
Cons
- With a concentration of offices in the West and South, Guild has little presence in the Northeast and Midwest.
- Jumbo borrowers may find that banks are more competitive when it comes to large-amount loans.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Works with most borrowers as long as they have good credit scores and incomes.
- Provides a user-friendly digital platform that’s thorough in covering all types of borrowing scenarios.
- Has a 95% customer satisfaction rate, according to company data.
Cons
- Charges some fees, such as a $1,290 lender fee which includes a $150 application fee.
- Offers many products, which might confuse or overwhelm borrowers.
- Several click-throughs required for personalized rates.
Our picks for
low credit scores
You don’t have to have perfect credit to qualify for a mortgage with these lenders in Utah.
at New American
at New American
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Uses manual underwriting to evaluate creditworthiness.
- Offers full online mortgage application, rate quotes, document upload and loan tracking.
Cons
- Services not available in all 50 states.
National / Regional
National
Min. Down Payment
3%
Pros
- Low down payment options.
- Discounts for Citibank customers.
- Looks at alternative credit data like rent history and child support payments.
- Available in all 50 states.
Cons
- Charges a mortgage application fee.
- Did not disclose origination fees, which may vary.
- Can't complete loan online.
Our picks for
low down payments
Not everyone has the income and the time to save up for a large down payment. These lenders offer mortgages for home buyers who need to make small down payments.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Embraces FHA-backed home loans.
- Offers three construction loan offerings.
- A professional loan package is tailored for the needs of doctors, lawyers, architects and certified public accountants.
- Flagstar reps are familiar with low-down-payment state bond programs for first-time home buyers and income-limited households, as well as the areas that qualify for USDA loans.
- Offers home equity loans and home equity lines of credit.
Cons
- Charges an average $1,000 origination fee.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Allows borrowers to apply entirely online.
- Offers down payment and closing cost assistance programs.
- Accepts alternative credit data for some loan types.
- May give existing customers a discount on mortgage lender origination fees.
Cons
- Charges an application fee of $1,170, on average.
- Has a high volume of consumer complaints, even for a big national bank.
Our picks for
online experience
These lenders offer borrowers in Utah the convenience of an online mortgage platform.
at Rocket Mortgage
at Rocket Mortgage
Min. Credit Score
620
Min. Down Payment
3%
Pros
- The site caters to self-service users who want to apply for a home loan without talking to a human unless it’s absolutely necessary.
- With your authorization, accesses asset statements from 98% of U.S. financial institutions.
- Tells you the loan amount you’ll qualify for within minutes.
- Rocket Mortgage’s document and asset retrieval capabilities can save you a bunch of time and hassle.
Cons
- Doesn't offer home equity loans or HELOCs.
- If you’re a “look me in the eye” type of customer, you’re out of luck.
- Doesn’t consider alternative credit data. It just looks at credit scores and debt-to-income ratios, the way most mortgage lenders always have.
Min. Credit Score
620
Min. Down Payment
3%
Pros
- Well-trained loan officers.
- No minimum income requirement.
- Online loan support, including electronic document submissions.
- A relatively short refinance process.
- Free rate locks.
Cons
- Not available in New York.
- Limited number of branch locations.
- May charge an appraisal deposit fee.
- May charge an application fee.
Our picks for
home equity lines of credit
These lenders offer home equity lines of credit, which allow you to borrow against your home’s value.
at Chase
at Chase
National / Regional
National
Max LTV
80%
Pros
- Get a 0.25% rate discount for having Chase personal checking or 0.5% rate discount with a Premier Platinum checking account.
- Convert all or part of the credit line's outstanding balance into a fixed rate and term.
- Discount introductory interest rate when taking an initial draw of $30,000 or more.
Cons
- Carries $50 annual fee unless you have a Chase Premier, Premier Plus or Premier Platinum checking account.
- Has a $50 origination fee.
- HELOCs not available in Alaska, Hawaii or South Carolina.
National / Regional
National
Max LTV
89%
Pros
- Multiple draw methods.
- Line amounts from $10,000 to $1,000,000.
- No prepayment penalty on home equity loans.
Cons
- Below average customer satisfaction, according to J.D. Power.
- Branch locations in only about half of U.S. states.
Summary of Best Utah Mortgage Lenders of 2019
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
 Guild Mortgage | first-time home buyers | 620 | 3% | Read review |
 Guaranteed Rate | first-time home buyers | 620 | 3% | Read review |
New American Funding at New American | low credit scores | 620 | 3% | at New American |
 Citibank Mortgage | low credit scores | N/A | 3% | Read review |
 Flagstar | low down payments | 620 | 3% | Read review |
 Bank of America | low down payments | 620 | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
 PennyMac | online experience | 620 | 3% | Read review |
Chase at Chase | home equity lines of credit | N/A | N/A | at Chase |
Flagstar | home equity lines of credit | N/A | N/A | Read review |
| Lender | Best For | Minimum Credit Score | Minimum Down Payment | Learn More |
|---|---|---|---|---|
Guild Mortgage | first-time home buyers | 620 | 3% | Read review |
Guaranteed Rate | first-time home buyers | 620 | 3% | Read review |
New American Funding at New American | low credit scores | 620 | 3% | at New American |
Citibank Mortgage | low credit scores | N/A | 3% | Read review |
Flagstar | low down payments | 620 | 3% | Read review |
Bank of America | low down payments | 620 | 3% | Read review |
Rocket Mortgage at Rocket Mortgage | online experience | 620 | 3% | at Rocket Mortgage |
PennyMac | online experience | 620 | 3% | Read review |
Chase at Chase | home equity lines of credit | N/A | N/A | at Chase |
Flagstar | home equity lines of credit | N/A | N/A | Read review |
Last updated on July 2, 2019
Methodology
To recap our selections...
NerdWallet's Best Utah Mortgage Lenders of 2019
- Guild Mortgage: Best for first-time home buyers
- Guaranteed Rate: Best for first-time home buyers
- New American Funding: Best for low credit scores
- Citibank Mortgage: Best for low credit scores
- Flagstar: Best for low down payments
- Bank of America: Best for low down payments
- Rocket Mortgage: Best for online experience
- PennyMac: Best for online experience
- Chase: Best for home equity lines of credit
- Flagstar: Best for home equity lines of credit
