The Best Mortgage Lenders in Draper, UT
Compare verified mortgage lenders serving Draper, Utah. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Draper
Featured Mortgage Lenders
Mountain America Credit Union
Mountain America Credit Union Mortgage Division
Mountain America Credit Union stands as one of Utah's most trusted mortgage lenders with deep roots in the Draper community. Their local branch provides personalized service with competitive rates, particularly strong in first-time homebuyer programs and VA loans. Members consistently praise their responsive loan officers and streamlined digital mortgage process. As a community-focused institution, they offer exclusive member benefits and financial education resources.
Loan Types:
Guild Mortgage - Draper Branch
Guild Mortgage Company
Guild Mortgage's Draper branch has built an exceptional reputation for personalized service and expertise in complex loan scenarios. Their local team specializes in helping buyers navigate Utah's competitive housing market with creative financing solutions. Highly rated for their communication throughout the loan process and ability to close loans quickly. Particularly noted for their expertise in investment properties and portfolio loans.
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Fairway Independent Mortgage - Draper
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage's Draper location has earned consistent high marks for competitive rates and exceptional customer service. Their local loan officers are praised for making complex mortgage processes understandable and stress-free. Specializes in both purchase and refinance transactions with efficient underwriting and closing timelines. Known for their extensive product portfolio and ability to serve diverse borrower needs across the Salt Lake Valley.
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Frequently Asked Questions
Common questions about mortgage lending in Draper, UT
Are there any special down payment assistance programs for first-time homebuyers in Draper, Utah?
Yes, the Utah Housing Corporation (UHC) offers several statewide programs, like the FirstHome and HomeAgain loans, which are accessible to Draper buyers. These programs provide competitive interest rates and down payment assistance in the form of a second mortgage. Additionally, some Draper-specific new construction developments may offer builder incentives that can help with closing costs.
How do Draper's property taxes affect my monthly mortgage payment?
Draper is located in Salt Lake County, which has a relatively average property tax rate for Utah, but the high home values mean the dollar amount can be significant. Your lender will calculate an escrow payment based on the county's effective rate, which is typically around 0.6% of the home's assessed value. This escrow amount is included in your total monthly mortgage payment (PITI).
What is a typical down payment percentage needed for a home in Draper's competitive market?
While 20% down is ideal to avoid private mortgage insurance (PMI), it's common to see successful offers with 5%, 10%, or 3.5% (for FHA loans) due to the high home prices. In Draper's competitive market, a larger down payment strengthens your offer, but many local lenders work with buyers using conventional loans with just 3% down, especially for first-time buyers.
Does living near a fault line in Draper affect my mortgage or require special insurance?
While Utah encourages earthquake insurance, it is not typically required by lenders for mortgage approval. However, your lender will require standard homeowner's insurance. Given Draper's proximity to the Wasatch Fault, it is highly advisable to purchase a separate earthquake insurance policy, which is an additional cost you should factor into your overall homeownership budget.
Are jumbo loans common in Draper, and how do they differ from conventional loans?
Yes, jumbo loans are very common in Draper due to the city's median home price consistently exceeding the conventional loan limit (currently $766,550 in Salt Lake County). Jumbo loans typically require stronger financial credentials, including higher credit scores (often 700+), larger down payments (usually 10-20%), and more extensive reserve requirements, and they may have slightly higher interest rates.
Why Choose a Mortgage Lender in Draper?
Local Market Knowledge
Lenders who understand Draper's housing market can offer better guidance and competitive rates.
Multiple Loan Options
Access to conventional, FHA, VA, USDA, and jumbo loans tailored to your financial situation.
Proven Track Record
Work with lenders who have years of experience and hundreds of satisfied customers in Utah.
Ready to Find Your Perfect Mortgage Lender?
Connect with top-rated mortgage professionals in Draper and get competitive rates on your home loan.