The Best Mortgage Lenders in Herriman, UT
Compare verified mortgage lenders serving Herriman, Utah. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Herriman
Featured Mortgage Lenders
Fairway Independent Mortgage
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage is a top-rated lender with over 25 years of experience, renowned for its exceptional customer service and competitive rates. They offer a wide range of loan products and have a strong local presence in the Salt Lake Valley, including Herriman. Their personalized approach and efficient processing make them a preferred choice for homebuyers in the area, with high customer satisfaction ratings.
Loan Types:
New American Funding
New American Funding
New American Funding is highly regarded for its innovative technology and dedicated customer support, serving Herriman and the broader Utah region. With two decades of experience, they provide a diverse portfolio of mortgage options and are known for quick loan closings and responsive service. Their commitment to community involvement and competitive pricing solidifies their reputation as a reliable lender.
Loan Types:
Caliber Home Loans
Caliber Home Loans, Inc.
Caliber Home Loans offers comprehensive mortgage solutions with a focus on customer satisfaction and competitive rates. Serving Herriman from their Salt Lake City office, they have built a strong track record for reliability and smooth application processes. Their expertise in various loan types and local market knowledge makes them a trusted option for home financing in the area.
Loan Types:
Frequently Asked Questions
Common questions about mortgage lending in Herriman, UT
Are there any special down payment assistance programs for first-time homebuyers in Herriman, Utah?
Yes, the Utah Housing Corporation (UHC) offers several statewide programs, like the FirstHome and HomeAgain loans, which are widely used by Herriman buyers. These programs provide competitive interest rates and down payment assistance in the form of a second mortgage that can be forgiven over time. Additionally, some lenders in the Salt Lake Valley may offer specific grants or credits for buyers in fast-growing communities like Herriman.
How do Herriman's property taxes affect my monthly mortgage payment?
Herriman is located in Salt Lake County, which has relatively moderate property tax rates compared to national averages. However, due to the city's rapid growth and high demand for new schools and infrastructure, it's important to budget for potential annual increases. Your lender will use the current assessed rate to calculate escrow, but you should inquire about any upcoming bond measures that could affect future tax obligations.
What is the typical timeline for closing on a new construction home in Herriman, and how does the mortgage process differ?
Closing on new construction in master-planned communities like Herriman (e.g., Herriman Towne Center, Rosecrest) often takes 4-6 months from contract to closing. The mortgage process involves multiple draws and inspections, and you'll typically need a construction-to-permanent loan. It's crucial to work with a lender experienced in Utah's new-build market to navigate the builder's preferred lenders and potential incentives.
Are jumbo loans common in Herriman, and what are the specific requirements?
Yes, with median home prices in Herriman often exceeding the conventional loan limits, jumbo loans are quite common. For 2024, the conforming loan limit in Salt Lake County is $766,550; anything above that requires a jumbo loan. Lenders in this market typically require excellent credit (often 700+), a lower debt-to-income ratio, and larger down payments (usually 10-20%) due to the higher loan amounts.
Does Herriman's location in a high-wind zone or its soil conditions affect the mortgage or insurance process?
Yes, certain newer areas of Herriman may be designated as high-wind zones, which can influence homeowner's insurance requirements and costs—a factor your lender will consider. Furthermore, some parts of the city have expansive clay soils, which may require specific foundation endorsements or inspections. It's advisable to discuss these potential add-ons with your insurance agent early in the mortgage process to avoid last-minute surprises at closing.
Nearby Cities
Explore mortgage lenders in cities near Herriman, UT
Why Choose a Mortgage Lender in Herriman?
Local Market Knowledge
Lenders who understand Herriman'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 Herriman and get competitive rates on your home loan.