The Best Mortgage Lenders in Magna, UT
Compare verified mortgage lenders serving Magna, Utah. Find competitive rates on conventional, FHA, VA, and jumbo loans from experienced professionals.
Available Loan Programs in Magna
Featured Mortgage Lenders
Guaranteed Rate
Guaranteed Rate, Inc.
Guaranteed Rate is a highly-rated national mortgage lender with a robust local presence in the Salt Lake Valley, including Magna. Known for its competitive rates, digital mortgage tools, and exceptional customer service, the company has consistently high ratings for its efficient loan processing and knowledgeable loan officers. With over two decades of experience, they offer a wide range of loan products and are praised for their transparency and support throughout the homebuying process.
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Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation
Fairway Independent Mortgage has built a strong reputation in Utah for over 25 years, serving Magna and the broader Salt Lake area with personalized mortgage solutions. They are acclaimed for their community involvement, competitive rates, and dedicated customer support, with numerous reviews highlighting their responsiveness and expertise in various loan types. Their long-standing presence and high customer satisfaction make them a top choice for homebuyers seeking reliable and tailored financing.
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New American Funding
New American Funding
New American Funding is a nationally recognized lender with a dedicated local team in Utah, offering comprehensive mortgage services to Magna residents. They are highly rated for their diverse loan options, including programs for first-time homebuyers, and are known for their responsive service and educational resources. With two decades of experience, they have a track record of helping clients navigate the mortgage process smoothly, backed by strong customer reviews and a commitment to inclusivity and support.
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Frequently Asked Questions
Common questions about mortgage lending in Magna, UT
Are there any special down payment assistance programs for first-time homebuyers in Magna, Utah?
Yes, Magna homebuyers can access statewide programs like the Utah Housing Corporation's (UHC) FirstHome loan, which offers down payment assistance and competitive interest rates. Additionally, specific grants or second mortgage options through UHC can be particularly helpful given Magna's more affordable price point compared to the broader Salt Lake Valley, making homeownership more accessible for local buyers.
How does Magna's location in a high seismic risk zone affect the mortgage process?
Due to Magna's proximity to the Wasatch Fault, lenders will require a standard earthquake hazard disclosure, but it typically does not mandate separate earthquake insurance for loan approval. However, your homeowner's insurance premium may be higher than in other Utah areas, and it's strongly advised to purchase a separate earthquake policy to protect your investment, as standard policies exclude this coverage.
What are typical property tax rates in Magna, and how do they impact my monthly mortgage payment?
Unincorporated Salt Lake County property tax rates apply to Magna, currently around 0.95% to 1.05% of assessed value. This is a critical factor in your total monthly payment (PITI). For a $400,000 home, expect to escrow roughly $3,800-$4,200 annually for taxes, which is generally lower than many incorporated cities in the valley, contributing to Magna's overall affordability.
Are USDA rural housing loans available for homes in Magna, UT?
Yes, most of Magna is eligible for USDA Rural Development loans, which offer 100% financing (no down payment). This is a significant advantage for buyers with moderate incomes looking at Magna's single-family homes. You must meet income eligibility limits, which are based on the area's median income and are quite attainable for many Magna residents.
How does the appraisal process work in Magna's unique market with a mix of older and new construction homes?
Appraisals in Magna require appraisers familiar with the local market dynamics, where older miner's cottages sit alongside new subdivisions. They will use comparable sales ("comps") primarily from within Magna and nearby Kearns or West Valley City. The value of updates to older homes and the premiums for new builds in areas like the "Magna Metro Township" are carefully evaluated to ensure your loan aligns with the home's true market value.
Why Choose a Mortgage Lender in Magna?
Local Market Knowledge
Lenders who understand Magna'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 Magna and get competitive rates on your home loan.