As a first time homebuyer, a lot of stuff was over my head and new to me. UCCU really took the time to explain things and call me with any ideas that would be to our benefit as homebuyers. From my limited knowledge I felt very well taken care of and treated as if I was their only client. Great stuff.

Tyler W.

UCCU was amazing!  They worked very hard in our behalf and went the extra mile to help us get our loan done.  I'd say we probably had one of the more difficult loans and they were on our side the whole time.

Brigham B.

This is our third loan with UCCU..  They are amazing and I would recommend them to anyone!

Clay M.

UCCU has the perfect approach—totally dependable, thorough, and easy to work with.  We also like the benefits that UCCU provides. We will definitely be working with UCCU when we look to buy a house again.

Justin T.

We are in love with our new house!!! Thank you so much for your help and answering all of our questions. We sure appreciate all the time you took explaining things and making sure we understood them. Again...thank you so much for your help!

Vanessa B.

UCCU was PHENOMENAL.  We felt like we got very personalized attention, and appreciate the willingness to watch the market and lock in our rate when the timing was ideal.  My wife repeatedly remarked how UCCU made us feel like we were their only clients.

Mark J.

Nothing could have been better.  This is the fifth time we have either bought or refinanced a home and without question,  it has been the best process we have experienced.  If we have any friends or family who might be purchasing a home, we will definitely recommend UCCU Mortgage.

Patrick P.

This is the second mortgage I have done and this was leaps and bounds better than the first done through a competitor. UCCU was very friendly, professional and quick. I loved my experience with UCCU!

Steven H.

Debt to Income Ratio

The percent of your gross income in relation to your monthly debt payments.

Your Home Buying Expert will make sure these numbers work in the best way possible and may suggest actions that could strengthen your percentages.

Types of Loans

Just as there are different types of buyers, there are different types of loans, and your Home Buying Expert will find the very best loan options for you.

The three most common types of loans:

Fixed Rate - Conventional

A fixed rate is exactly what it sounds like – a set interest rate that will not change over the life of the loan, which is usually 15, 20, or – most commonly – 30 years.

Adjustable-Rate (ARM) or Variable Rate

Usually offers a lower initial interest rate that will fluctuate over the life of the loan, rising as interest rates rise. Hybrid adjustable-rate programs include fixed rate features  (i.e. 3/1, 5/1,  etc).

Federal Housing Administration (FHA)

Insured by the federal government, FHA loans often qualify buyers more flexibly than traditional fixed loans and only require a 3.5% down payment. Mortgage Insurance is required for all FHA loans.

PITI

An acronym that stands for Principal, Interest, Taxes, and Insurance.  Your monthly loan payment will include all four of these items, so it’s important to know what these numbers are when calculating your target monthly payment.

Online mortgage calculators are handy, but they typically only tell part of the story. When considering a monthly payment, your Home Buying Expert will factor in all the numbers, so that you can determine your monthly payment with precision.

Closing Costs

The fees paid when closing the purchase of a home.

Closing your loan should be a happy moment, free from “surprises.” Your Home Buying Expert will make sure you understand exactly what these costs are, what they cover, and who’s paying for them. As always, your expert will be on your side and will make sure you’ve got the best options.

Loan to Value

The amount of the mortgage vs. the current value of the home.

Your Home Buying Expert will verify the ratio and use it to help you avoid paying monthly mortgage insurance payments.

Down Payment

The amount of money, out of pocket, put down on a home loan.

There are many loans with different options – some starting as low as $0. When reviewing your income and budget, your UCCU Home Buying Expert will provide all of the best options so that you can choose the loan – and down payment – that’s right for you.

Mortgage Insurance

An insurance policy that protects the lender in the case of a loan default — typically a monthly fee made with the mortgage payment. While mortgage insurance is an automatic requirement for all FHA loans, it is not required with many loans.

Mortgage insurance might help you get the loan (and interest rate) you want. On the other hand, it may be something you want to avoid entirely. The decision is yours — and it can really depend on your personal situation. That’s why your Home Buying Expert will carefully review everything and provide the information you need to make the best decision.

Application & Pre-Application

Don’t be intimidated by the application. Your Home Buying Expert will be there to walk you through every step. And if you’d like, your expert would be happy to complete the application for you.

Once the application is complete, your Home Buying Expert will get you pre-qualified to shop for your home.

Types of Homes

Do you know what kind of home you’re looking for? After all, your home should fit you perfectly. And your Home Buying Expert can help you understand the differences (as well as the potential advantages and disadvantages) of different types of homes.

Homes can be categorized into three types:

Single Family Home

A term that classifies a free-standing, detached, residential building. Simply put: a traditional house.

Condominium

A specific residence inside of a larger property— typically an apartment within a complex. The residence is privately owned by the homeowner, while all other connecting areas of the complex are communally owned by all of the homeowners.

Townhouse

An individual house that is placed side-by-side, with one or more other residences, and connected by one or more shared walls.

HOA

An acronym that stands for Home Owner Association, which is an organization (with an elected board) that manages and maintains the standards and amenities of a residential complex or neighborhood.

HOA fees are not part of your mortgage, but they are a part of your monthly financial obligation (similar to necessary utilities). If you own a condo or townhouse within an HOA, you will be required to be a member of that HOA, pay its monthly or annual fees, and abide by its rules.

HOA fees – and what they provide – can be vastly different from one complex to the next. When considering buying a condo or townhouse, it’s important to know and understand what they are and how they are used within a specific community.

MLS

The MLS, or Multiple Listing Service, is an easy and informative way to look at homes for sale where a realtor is involved. You can make your search as broad or specific as you like, using such search options as location, price, home type, square footage, number of bedrooms, etc.

You can access MLS by visiting utahhomebuzz.com.

The MLS, or Multiple Listing Service, includes pictures and detailed information about all of the homes (including townhomes, condos, and manufactured homes) that are currently for sale and listed by realtors.

FSBO

FSBO (For Sale By Owner) homes are typically offered by sellers that would prefer to avoid the realtor fees associated with selling a property. Because FSBOs are not listed by realtors, you won’t find them on the MLS.

If you’re interested in looking at FSBOs, a good place to start are local online listings, such as KSL Classifieds. (Note: change listing type to “By Owner” to see only FSBO properties.)

Foreclosures & Short Sales

When a homeowner fails to make a certain number of payments on a residence, the property may fall into foreclosure. The lender may attempt to collect a portion of the original borrower’s debt by selling the home as a “Foreclosure Sale.” Similarly, the lender may sell a property as a “Short Sale,” which means the lender is willing to sell the property for less than the loan balance that is owed by the previous owner.

Foreclosures and Short Sales can provide good deals for homebuyers. They can also be complicated and require more time and effort than the typical home purchase. When looking at these properties, your Home Buying Expert can provide invaluable assistance that can make the process as simple as possible and help you avoid a bad purchase.

You can find a detailed list of foreclosed homes by visiting utahforeclosures.com or UCCU Reposessions.

Making an Offer

You’ve found the home you want—now it’s time to make an offer! Sure, you’ve seen the asking price… but how low is the seller willing to go? Your Home Buying Expert (and realtor, if you’re working with one) can provide invaluable help when determining what offer to make using a Real Estate Purchase Contract.

Once your offer is accepted and both parties have completed and signed the Real Estate Purchase Contract, it’s time to close your loan!

Home Inspection

For a small cost, a licensed Home Inspector will complete a thorough inspection of the home to confirm the quality and detect anything that might be an unpleasant surprise. A home inspection is not required, but it is recommended, because it can help protect you from making a bad purchase.

Your Home Buying Expert can provide more information and refer you to a trusted Home Inspector.

Verifications

Providing income and deposit (savings) verifications is a standard and necessary step in preparing a loan for underwriting.

For some people, verifying income is as simple as providing a pay stub and a W-2. For others (such as self-employed buyers), more verification may be required. Verifications of Deposits might also be required.  Your Home Buying Expert will make the process as simple as possible.

Title Company

A company that verifies that a property’s title is free of liens and judgments. Every home sale requires two title policies, both of which are provided by title companies. An Owner’s Policy insures the new buyer while a Lender Policy protects the lender.

Together, you and your Home Buying Expert will choose a reputable title company who will confirm the legal description of the property and prepare the title insurance policies that will protect and cover both you and the seller.

Underwriting

A professional who checks over the figures, make sure all paperwork is in order and gives final loan approval.

Your Home Buying Expert will prepare your loan file for final review and approval from a UCCU in-house underwriter. UCCU has three full-time mortgage underwriters - a big advantage that makes this final step as fast and convenient as possible.

Loan Closing & Title Transfer

It’s time to close your loan and transfer your title. This typically takes place at the title company and your Home Buying Expert will be there, at your side, to help walk you through it and avoid any “surprises.”

Congratulations! You just bought a home!