Preferred Rate - Layton

The types of loans available to home buyers will differ based on their financial situations, certain programs the government is offering at the time, and what type of house they are looking to buy. Here are a few of the different loans we offer: https://preferredrate.com/loan-options/

While the ideal situation would allow for you to save a large amount of cash for a large down payment, that isn’t always possible. Save what money you can, but aside from that, you can begin getting your affairs in order so as to prove who you are, that you are employed, and that you have sufficient cash to close.

There are many things we take into consideration when evaluating a loan application. One main determining factor is your debt-to-income ratio. The debt-to-income ratio is exactly what it sounds like: it’s the amount of debt you have compared to your income. For example, say you and your partner make $7,000 a month before taxes (your gross income), but you have student loans, a credit card payment, and a car loan that equates to $1,000. That makes your current debt-to-income ratio would be 14.

In order to determine if you are qualified for a loan, you should start the application process! You can do that with one of our helpful loan officers either in person or over the phone, or you can apply online at www.PreferredRate.com.

You put in an offer! First, though, you should be preapproved. The preapproval letter is a great way to show the home seller that you’re serious and that you can back up your offer. Depending on the real estate market in your area, getting preapproved before you find a home may be a good idea.

Depending on the terms in your offer, the seller usually has a short window of time to respond to your offer, either with a counteroffer, declination, or acceptance of your offer. Your real estate agent is your advocate in this transaction and will negotiate on your behalf, or decline a counteroffer for you. Getting your offer accepted is just one of many steps in the home-buying process.

If you’ve already completed the application, had your offer accepted by the seller, and are now in underwriting, you are still under scrutiny. Your credit, employment, and finances are being watched, and they will be checked until you close your loan. During this time and until the loan has funded and you’ve signed the papers, do not:

here are three steps in the closing process: 1. Going to signing, where those who are purchasing the home and the sellers sign all of the documents. 2. Those are sent back to the lender, who then agrees that it’s good to go and funding is approved. 3. Your loan records with the county/state. Funding is the actual act of the lender wiring the loan amount funds to the title company, who will then release the funds to the seller. Once this happens, the purchase will be recorded with the county. Once that is done, the buyer receives the keys.

This will depend on the seller’s terms. There are situations where this can be negotiated, but the keys are normally given to a buyer after the loan has funded. If you are trying to occupy your home before the loan funds, you will need to get that included in the contract. Talk to your real estate agent about early occupancy if you need to move into a home before it can close.

All Preferred Rate offices are open! However, we ask that you kindly call ahead to make an appointment ahead of your visit.

Preferred Rate - Layton offers various mortgage loans including 30-Year and 15-Year Fixed Rate Mortgages, Adjustable Rate Mortgages, Interest-Only Loans for refinancing, Jumbo Loans, FHA, USDA, VA Loans, Reverse Mortgages, Bridge Loans, Renovation Loans, Fannie Mae HomeStyle, and Home Possible Advantage by Freddie Mac.

The office is open Monday through Saturday from 8:30 AM to 6:00 PM and closed on Sundays. The office is also closed on certain holidays such as November 11, November 27-28, and December 25.

Preferred Rate - Layton is located at 52 S. Main St., 1st Floor, Layton, UT 84041, USA.

You can begin the loan application process by contacting a loan officer in person, over the phone, or by applying online at www.PreferredRate.com.

Besides saving what you can for a down payment, it's important to organize documents that prove your identity, employment status, and financial capability to close the loan.

Yes, all Preferred Rate offices are open. However, it is recommended to call ahead and make an appointment before your visit.

Qualification is determined by starting the application process with a loan officer who will evaluate your situation based on various factors such as your debt-to-income ratio and financial documents.

You might consider visiting the Davis County Library for some quiet reading or research, Argentine Corner for Latin American dining, or the Hidden Glen Mobile Estates if you're interested in local real estate options.

Nearby landmarks like Clearfield Junction can help with navigation, and nearby services such as the United States Postal Service and Budget Truck Rental can be convenient for related errands before or after your mortgage consultations.

You can visit nearby gyms such as Suzanne Kemp Health & Fitness Coaching, Stroops, or Strike Boxing & Fitness Club to maintain your fitness routine around your visit to Preferred Rate - Layton.