10 Best Utah Mortgage Lenders of 2021

at Rocket Mortgage, LLC

4.0

Best for online experience

620

at Rocket Mortgage, LLC

New American Funding: NMLS#6606

at New American Funding

5.0

Best for lower credit score borrowers

640

3.5%

at New American Funding

Guaranteed Rate: NMLS#2611

at Guaranteed Rate

4.5

Best for first-time home buyers

620

at Guaranteed Rate

PennyMac: NMLS#35953

at PennyMac

4.5

Best for online experience

620

at PennyMac

Bank of America: NMLS#399802

at Bank of America

4.5

Best for low down payments

620

at Bank of America

Chase: NMLS#399798

at Chase

4.5

Best for home equity lines of credit

620

N/A

at Chase

Guild Mortgage: NMLS#3274

4.0

Best for first-time home buyers

620

Citibank: NMLS#412915

4.5

Best for lower credit score borrowers

N/A

3.5%

Flagstar: NMLS#417490

5.0

Best for low down payments

620

Flagstar: NMLS#417490

5.0

Best for home equity lines of credit

620

N/A

Our pick for

online experience

These lenders offer borrowers in Utah the convenience of an online mortgage platform.

at Rocket Mortgage, LLC

Rocket Mortgage, LLC: NMLS#3030

4.0

Min. Credit Score

620

Min. Down Payment

at Rocket Mortgage, LLC

Why we like it

Good for: borrowers who appreciate convenience online and on the go for a fully digital home loan experience with consistently acclaimed customer service.

Pros

Caters to self-service users who want to apply for a home loan online and talk to a human only as necessary.
Estimates the loan amount you’ll qualify for within minutes.
Streamlines the online process with document and asset retrieval capabilities, including the ability to edit your preapproval letter.

Cons

Getting a customized interest rate requires a credit check, which can affect your credit score.
Doesn't offer home equity loans or lines of credit.
Lender fees are on the high side and the fees aren't offset by particularly low mortgage rates, according to the latest data.

Our pick for

lower credit score borrowers

You don’t have to have perfect credit to qualify for a mortgage with these lenders in Utah.

at New American Funding

New American Funding: NMLS#6606

5.0

Min. Credit Score

640

Min. Down Payment

3.5%

at New American Funding

Why we like it

Good for: borrowers who need to be evaluated on the basis of nontraditional credit and those interested in various down payment assistance programs.

Pros

Uses manual underwriting to evaluate creditworthiness.
Offers full online mortgage application, rate quotes, document upload and loan tracking.

Cons

Mortgage origination fees tend to be on the high end, according to the latest federal data.

Our pick for

first-time home buyers

at Guaranteed Rate

Guaranteed Rate: NMLS#2611

4.5

Min. Credit Score

620

Min. Down Payment

at Guaranteed Rate

Why we like it

Good for: borrowers seeking conventional or government-backed loans, and a totally online experience.

Pros

Offers the ability to securely upload and digitally sign loan documents.
Displays detailed sample rates for many of its loan products.

Cons

Doesn't offer home equity loans or lines of credit.

Our pick for

online experience

at PennyMac

PennyMac: NMLS#35953

4.5

Min. Credit Score

620

Min. Down Payment

at PennyMac

Why we like it

PennyMac excels in online capabilities and makes it easy to shop rates online. Average origination fees are higher than other lenders, and home equity lines of credit and jumbo mortgages were suspended due to the COVID-19 pandemic.

Pros

Offers a full range of online capabilities, including e-signatures and online loan process tracking.
Displays custom rate quotes based on home value, down payment or equity, ZIP code and credit score range.

Cons

Origination fees are on the higher end, according to the latest federal data.
Doesn't offer jumbo mortgages or home equity lines of credit.

Our pick for

low down payments

at Bank of America

Bank of America: NMLS#399802

4.5

Min. Credit Score

620

Min. Down Payment

National / Regional

National

at Bank of America

National / Regional

National

Why we like it

Good for: first-time home buyers looking for low-down-payment options and existing customers who may get a discount on fees.

Pros

Offers down payment and closing cost assistance programs.
May give existing customers a discount on mortgage lender origination fees.
Offers home equity line of credit, or HELOC.

Cons

Doesn't offer renovation loans that roll costs into a mortgage.

Our pick 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

Chase: NMLS#399798

4.5

National / Regional

National

Max LTV

80%

Min. Credit Score

620

at Chase

Min. Credit Score

620

Why we like it

Good for: borrowers who want a name-brand bank with offices in more than half the states that charges lower rates and fees than many other lenders.

Pros

Allows electronic submission and tracking of loan documents.
Carries a wide variety of mortgage types and products.
Generally offers competitive rates, according to the latest data.

Cons

Doesn't offer home improvement loans, such as FHA 203(k) and HomeStyle.
You have to speak with a home loan adviser to complete the application.
Home equity lines of credit (HELOC) are currently unavailable.

Our pick for

first-time home buyers

These lenders treat first-time home buyers in Utah with care.

Guild Mortgage: NMLS#3274

4.0

Min. Credit Score

620

Min. Down Payment

Why we like it

Good for: borrowers who value customer service, and first-time home buyers and others who may need the flexibility of a low-down-payment loan program.

Pros

Offers multiple online conveniences, including a full mortgage application, e-signatures and digital loan process tracking.
Offers a wide variety of loan products, including home improvement and manufactured home loans.

Cons

Does not offer home equity loan products.
Origination fees tend to be on the higher end, according to the latest data.

Our pick for

lower credit score borrowers

Citibank: NMLS#412915

4.5

National / Regional

National

Min. Down Payment

3.5%

Why we like it

Good for: existing Citibank customers, as well as borrowers eligible for the low-down-payment HomeRun mortgage.

Pros

Offers a wide variety of loan options, including low-down-payment mortgages and jumbo mortgages.
Offers low rates and typical fees compared to other lenders, according to the latest data.

Cons

Requires help from a loan officer to complete an online mortgage application.
Customized mortgage rates not available without making contact.

Our pick 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.

Flagstar: NMLS#417490

5.0

Min. Credit Score

620

Min. Down Payment

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

Offers a wide range of loan types and products, including FHA, VA and USDA.
Has a full suite of online conveniences.
Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

Home equity lending is geographically limited.

Our pick for

home equity lines of credit

Flagstar: NMLS#417490

5.0

National / Regional

National

Max LTV

89%

Min. Credit Score

620

Min. Credit Score

620

Why we like it

Good for: borrowers who want a wide range of choices — not only among mortgage products, but also in the channel they prefer, whether a branch, online or on the phone.

Pros

Offers a wide range of loan types and products, including FHA, VA and USDA.
Has a full suite of online conveniences.
Offers customized online rate quotes with monthly payment estimates, including mortgage insurance, when applicable.

Cons

Home equity lending is geographically limited.