Mortgage

Veritas Funding is a leading residential mortgage lender serving the financing needs of Utah families. Since its inception in 2004, the people of Veritas have operated with integrity, honesty and a practice of quality, fair and responsible lending. “Veritas” is the Latin word for “truth.”

Veritas Funding believes EVERYONE deserves the opportunity for housing, financial stability and wealth creation. This is the business purpose why which we exist, and we are profoundly humbled to provide these opportunities to our community.

Although Veritas Funding is licensed in 7 western states, 98% of its loan production is in Utah. We know the Utah market, we love living and working here, and we are excitedly focused on serving the needs of our Utah clients.

  • Lesa Roeber

  • Mortgage Consultant
  • Veritas Funding
  • Phone: 801-290-5365
  • Email: lroeber@vfund.com
  • NMLS# 270073
Loan Pre-Approval Request
Name:
Phone:
Email:
LOAN CALCULATOR
Home Price $:
Term (yr):
Down Payment $:
Int Rate (%):
Property Tax $:
Payment $:
NOTE: Use this calculator to help estimate your payment.  For accurate information regarding a mortgage loan & payments, request a Loan Pre-Approval in the form above.


ADVANTAGES OF PREAPPROVAL


How the loan Preapproval can improve your experience.

One of the best ways to prepare you for buying your home is to provide you with an understanding of the transaction process. By doing a little bit of homework, you'll be better prepared to ask questions and make important decisions. There's also a comfort level that comes from understanding how things work. This is a big deal, a big investment, and the more information we can give you, the better the experience will be. Get Started Below.

The advantages of pre-approval are often overlooked because it is much more fun to go out and search for a new home without worrying about how much you can afford, etc. It is hard to pass up a day of driving around and looking at all of the great homes. The truth is, getting a letter of pre-approval can keep you from wasting your time, as well as help you to avoid some of the pitfalls in buying a home.


What Is Pre-Approval

Pre-approval means that you've met and conferred with a mortgage lender, your credit files have been reviewed, and any questions which the lender may have had, have been answered. Your loan consultant, after consideration, believes you to be credit worthy and qualified to borrow up to a predetermined amount. Based on the information you provided, your loan consultant, or company, will issue to you a letter of pre-approval which shows your borrowing power to home owners.

Being pre-approved is not the same as closing on your purchase or your mortgage. The full process will still need to be completed, but your pre-approval will speed up the loan process because most of your information has already been reviewed and will only need to be confirmed.


What Are the Advantages?

Outside of speeding up the loan process, pre-approval gives you power when searching for a home. Having your letter of pre-approval will show sellers that you are serious and that you are able to afford the home. Why is this important? Because the seller may have a number of offers on the table. Your offer will have a greater chance of acceptance if the seller knows that there will not be financing contingencies or additional delays.

Another advantage of pre-approval is the disappointment factor. In many cases, would-be home buyers will scour the local market looking at every home in every neighborhood. It's a big task and often times can dampen the fun of buying a home. If you are pre-approved, you know about how much money you are willing, and able to spend. This will help you to narrow your search, and make your Realtor's life a little easier. There are also some cases where a home buyer has found that perfect home, made an offer, and later found out that they were unable to secure the financing. This is not a situation anyone likes and is easily avoidable by working with your lender prior to making an offer.

Not many home buyers will pay cash for their next home, in fact, according to the National Association of Realtors, close to 90% of all homes purchased are financed. If you know that you will need a loan to buy your next home, it is a good idea to give yourself the security, the peace of mind, and the perks of having a letter of pre-approval.

If you are preparing to buy your next home, we can help you begin the process of pre-approval. And remember, you're not bound by any lender simply for getting pre-approved. You can choose any lender.

TYPES OF MORTGAGE LOANS


Which Mortgage Type Will Fit Your Needs.

This article is excerpted from a publication of Fannie Mae
© Copyright. Fannie Mae.

If you anticipate living in your home for many years, the interest rate may be the main factor for you. If you expect to keep the house for only a short period of time, the closing costs may be more important to you. If you want to have ended any mortgage debt by the time you are facing your children's college bills or your own retirement, you may wish to consider a shorter term loan such as a 15-year fixed-rate mortgage. If your own retirement is years away, you may be less inclined toward a shorter-term loan, preferring to extend payments over a longer period of time through taking on a 30-year mortgage loan.

How important to you is the certainty of a fixed mortgage payment each month? If you want to make sure your mortgage payment remains the same each month, then you'll want to focus on various fixed-rate loans. If you are comfortable with periodic changes to your mortgage interest rate, then you may be inclined to consider adjustable-rate mortgages.


Fixed-rate mortgage loans

A fixed-rate mortgage ensures that your interest rate (and your payments) will stay the same over the life of your loan - which may be an important consideration if you plan to stay in your home for several years. When you choose the length of your repayment (usually 15, 20 or 30 years), keep in mind that while shorter term loans may have higher monthly payments, they also let you pay less interest and build equity faster.


30-year fixed-rate mortgage loan

The advantage of a 30-year fixed-rate mortgage loan is that it is the easiest to qualify for, and it gives you an excellent opportunity to keep your mortgage payments reasonable by making monthly payments over a long period of time. This mortgage loan may be ideal if you plan to remain in your home for years and wish to keep your housing expense low and use any extra cash for other purposes. This loan also provides maximum interest deduction for tax purposes.


20-year fixed-rate mortgage loan

The 20-year mortgage often offers a lower interest rate compared to a 30-year loan. This mortgage amortizes principal and interest over a 20-year period, 10 years less than the traditional 30-year mortgage. This may save you a considerable amount of total interest paid over the life of the loan.


15-year fixed-rate mortgage loan

The advantage of a 15-year mortgage is that its interest rate is lower than a 30-year or 20-year mortgage. Such a shorter-term mortgage will save you a significant amount of interest over the life of the loan. By paying off the mortgage more quickly, you also build up equity in your home sooner. A 15-year mortgage can let you own your home clear of debt earlier, which may be important if you are approaching retirement or have other large expenses to cover such as financing your children's education. However, the monthly payments you make on a 15-year mortgage will cost you more than those you would make on a 30-year or a 20-year mortgage loan for the same total mortgage amount.


Adjustable-rate loans

With an adjustable-rate mortgage (ARM), the interest rate you pay is adjusted from time to time to keep it in line with changing market rates. This means that when interest rates go up, your monthly mortgage payments may go up as well. On the other hand, when interest rates go down, your monthly mortgage payments may also go down. ARMs are attractive because they may initially offer a lower interest rate than fixed-rate mortgages. Since the monthly payments on an ARM start out lower than those of a fixed-rate mortgage of the same amount, you can qualify for a larger loan.

The chief drawback, of course, is that your monthly payments may increase when interest rates go up. The types of people who typically benefit from an ARM are those that are planning to move or refinance in the near future, people with a high likelihood of increasing their income in later years, and people who need lower initial interest rates on their mortgage to be able to buy a home. How much your payments can increase will depend on the terms of your mortgage.

Before applying for an ARM, be sure you know how high your monthly payments could go - the so-called "worst-case scenario." An ARM has two "caps" or limits on how large an interest rate increase is permitted: One cap sets the most that your interest rate can go up during each adjustment period and the other cap sets the maximum total amount of all interest adjustments over the life of the loan. The rates on an ARM usually change once or twice a year, and there is typically a lifetime rate cap (or limit) on both the amount of each individual rate adjustment and the total amount the rate can change over the whole term of the loan. For example, if your loan starts at 5 percent, has a 2 percent per-adjustment cap, and a lifetime adjustment cap of 4 percent, you know that your loan might go up to 7 percent the first time the rate changes. You also know that the rate can never go over 9 percent over the life of the loan (5 percent start plus 4 percent lifetime cap). Only you can determine if you would feel comfortable paying this interest rate sometime in the future.

Some ARMs offer a conversion feature, which allows you to convert from an adjustable-rate to a fixed-rate loan at only certain times during the life of your loan. Ask your lender about this feature when researching ARMs. One important thing to know when comparing ARMs is that the interest rate changes on an ARM are always tied to a financial index. A financial index is a published number or percentage, such as the average interest rate or yield on Treasury bills.

MORTGAGE LENDERS & BROKERS


Defining Lender Types &The Services They Offer

There are hundreds of mortgage lenders in the region that will pre-qualify and pre-approve you for a mortgage loan. Major categories of mortgage lenders include:

One of the best ways to prepare you for buying your home is to provide you with an understanding of the transaction process. By doing a little bit of homework, you'll be better prepared to ask questions and make important decisions. There's also a comfort level that comes from understanding how things work. This is a big deal, a big investment, and the more information we can give you, the better the experience will be. Get Started Below.
Savings & Loans



Also called thrift institutions, savings and loan associations (S&Ls) are the largest traditional lenders of residential home mortgages.

A government cleanup of bad loans at S&Ls that ended in the 1990s left behind the stronger S&Ls. These institutions remain a major source of funding for home mortgage loans. S&Ls are often called savings banks in the eastern U.S.


Commercial Banks



Commercial banks offer attractive loan terms, particularly if they evaluate their entire banking relationship with you. Some commercial banks have their own real estate departments and will service your mortgage loan.

Other commercial banks sell their mortgages to Fannie Mae and Freddie Mac, two major government-sponsored enterprises that specialize in buying residential mortgages from lenders.


Mortgage Bankers



Mortgage bankers borrow money from banks or pools of investors, underwrite the loans, and sell them to investors for a profit. They often receive a fee from these investors for servicing your mortgage. Mortgage servicing includes collecting monthly payments, sending out loan statements, and collecting on late payments. For more information, see the Web site of the Mortgage Bankers Association of America (MBAA).


Mortgage Brokers



Mortgage brokers circulate, or "shop," a loan application among lenders to find the most attractive terms for the borrower. In exchange, a lender pays the broker a fee.


Homeowners



You may find that the current homeowner is willing to offer financing in exchange for selling the home sooner. This means that the seller becomes your lender. A common means of financing is for the seller to accept a mortgage note. A mortgage note requires you to make monthly payments to the seller instead of a bank or other lender.


Credit Unions



Since credit unions are owned by their members, they are called cooperative financial institutions. Since they are nonprofit institutions, credit unions may offer attractive mortgage loan rates to their members. Like commercial mortgage lenders, credit unions sell their loans to Fannie Mae and Freddie Mac to maintain access to new sources of funds. The National Credit Union Administration (NCUA) regulates the credit union industry.

When selecting a lender or broker to finance your new home, be sure to do your homework on the company. As interest rates have continued to decline, more and more lenders have appeared in the industry. As rates begin to increase over time, more and more of these new lenders may go out of business. Always check to make sure your lender is qualified and has the resources to service your note for the life of the loan.

We works with many local lenders and we have put together a list of preferred lenders to help you get started. See Preferred Lenders!

CREDIT REPORTS & CONSUMER RIGHTS


Important Information You Should Know About Your Rights

Your credit payment history is recorded in a file or report. These files or reports are maintained and sold by "consumer reporting agencies" (CRAs).

One type of CRA is commonly known as a credit bureau. You have a credit record on file at a credit bureau if you have ever applied for a credit or charge account, a personal loan, insurance, or a job. Your credit record contains information about your income, debts, and credit payment history. It also indicates whether you have been sued, arrested, or have filed for bankruptcy.

The Fair Credit Reporting Act (FCRA) is designed to help ensure that CRAs furnish correct and complete information to businesses to use when evaluating your application.

Your rights under the Fair Credit Reporting Act:



You have the right to receive a copy of your credit report. The copy of your report must contain all of the information in your file at the time of your request.

You have the right to know the name of anyone who received your credit report in the last year for most purposes or in the last two years for employment purposes. Any company that denies your application must supply the name and address of the CRA they contacted, provided the denial was based on information given by the CRA.

You have the right to a free copy of your credit report when your application is denied because of information supplied by the CRA. Your request must be made within 60 days of receiving your denial notice.

If you contest the completeness or accuracy of information in your report, you should file a dispute with the CRA and with the company that furnished the information to the CRA. Both the CRA and the furnisher of information are legally obligated to investigate your dispute. You have a right to add a summary explanation to your credit report if your dispute is not resolved to your satisfaction.

Credit Reporting Agencies:

Trans Union
www.transunion.com

Experian
www.experian.com

Equifax
www.equifax.com

This information is adapted from "Bound for Good Credit" published by the Federal Trade Commission.