The Utah housing market is an excellent place to invest your money. Utah homes consistently increase in value, and in most areas of the state, homes are still affordable. If you are in the market for a Utah home mortgage loan, you may want to bypass the traditional bank or offline broker and consider using an online broker.
Why Use an Online Broker?
Online brokers are extremely easy to locate and work with. They also tend to charge lower fees than offline brokers. However, the main benefit of working with an online broker is the sheer mass of loan programs that you will have to choose from. Online brokers work with a variety of lenders and usually have access to a broad range of loan programs. You will also find that an online broker can usually close your Utah home mortgage loan in less time, and more importantly, for less money.
Utah Broker Regulations
Just because a broker operates online, it doesn't mean that they can escape lending regulations established by the state. Online brokers must follow the same rules as anyone else. Unfortunately, the broker regulations in Utah are rather lax. Though brokers must have a surety bond for $25,000, there are no specific education or experience requirements. This means that the broker you are working with may not be any more experienced than you. It's a good idea to get a referral or check a broker out prior to working with them. Utah has a consumer hotline that can be called if you have any questions. The number is 1-801-538-8830. You can also try contacting the Utah Department of Financial Institutions.
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