10 Best Utah Mortgage Lenders of 2019

Why we like it

Ideal for borrowers with a relatively high credit score who may need down payment assistance or help from a state housing agency.

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 loan amounts.

Why we like it

Ideal for borrowers who are looking to apply for a mortgage and manage the process through online tools, whether buying or refinancing. Guaranteed Rate offers FHA, VA and USDA loans for borrowers who meet robust guidelines.

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.

Why we like it

Ideal for borrowers who need to be evaluated on the basis of nontraditional credit. New American Funding offers FHA and VA loans, works with down payment assistance programs, and helps borrowers whose credit histories don't fit the mold of traditional banking.

Pros

• Uses manual underwriting to evaluate creditworthiness.

• Offers full online mortgage application, rate quotes, document upload and loan tracking.

• Home equity lending sets it apart from most non-bank lenders.

Cons

• Services not available in all 50 states.

Why we like it

Ideal for first-time home buyers or those with weaker credit. Citibank Mortgage, a large-scale lender with a full menu of home loan products, offers low down payment options and considers alternative credit data.

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.

Why we like it

Ideal for those who appreciate the full-service experience of a leading regional bank. Flagstar offers a full menu of fixed and adjustable home loans and mortgage refinancing, as well as jumbo loans and home equity financing.

Pros

• Embraces FHA-backed home loans.

• Offers several types of construction and renovation mortgages.

• A professional loan package is tailored for the needs of doctors, lawyers, nurse practitioners, airline pilots 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 $1,295 in underwriting and processing fees.

Why we like it

Ideal for borrowers who prefer a traditional bank. Bank of America offers a wide array of mortgages and online account management tools. It also has first-time home buyer loans with low down payments and no mandatory mortgage insurance.

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.

Why we like it

Ideal for anyone who appreciates smartphone app service, support and time savings. Rocket Mortgage offers a fully digital home loan experience with a large variety of mortgage products.

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.

Why we like it

Ideal for borrowers who want plenty of loan options, as well as advice and help over the phone. PennyMac offers a variety of mortgage types, boasts of its employees' communication skills and services its own loans.

Pros

• Provides a single point of contact during loan processing.

• Customized rate estimates are available before registering.

• Electronic document submissions and online updates.

• Services its loans after closing.

Cons

• Mobile app is only for current borrowers and can't be used to apply for a new loan.

• No retail branches.

• Charges an origination fee, which it says is typically $1,100.

Why we like it

Ideal for homeowners who have a new or existing Chase checking account, where interest rate discounts are available on HELOCs. Chase also offers option to convert HELOC to fixed rate for up to 20 years.

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.

Why we like it

Ideal for current Flagstar customers. Flagstar offers rate discounts for existing customers with high credit scores who withdraw at least $25,000 at closing.

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.