Strategic Lending

Call Us

801-373-7377
Strategic Lending

Call Us

801-373-7377
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Making Mortgages Easy For You

Start with a free pre-qualification so you know how much
you may be qualified for…

Let’s Get Your Journey Started

Loan Application Process

Loan Application

Fill out our online loan application by clicking the button below. Your information is secure, and a loan officer will be in touch in one business day to review your application.
Financial Report

Mortgage Calculator

Wondering what you mortgage payment might be? Click below to get an idea of various loan payments by changing down payment amounts and interest rates.
Call Us Photo

Contact Us

Give us a call and we can answer any questions for you. We know mortgages, and we can help you navigate the ever-changing, and difficult market for anwers.
Loan Application Process

Loan Application

Fill out our online loan application by clicking the button below. Your information is secure, and a loan officer will be in touch in one business day to review your application.
Call Us Photo

Contact Us

Give us a call and we can answer any questions for you. We know mortgages, and we can help you navigate the ever-changing, and difficult market for anwers.
Financial Report

Mortgage Calculator

Wondering what you mortgage payment might be? Click below to get an idea of various loan payments by changing down payment amounts and interest rates.

MortgageCalculator.org

Mortage

Making Mortgages EASY FOR
YOU For Nearly Two Decades

Strategic Lending has served the lending needs of Utah residents since 2004. As a mortgage brokerage, Strategic Lending offers many advantages over other brokerages. Not only do we do comprehensive Pre-Qualifications for all interested parties, even before a loan is originated, we are also nationally recognized experts in investment lending, and real estate investment purchases. Our expert team of in­ house mortgage professionals work together to ensure that loans are processed efficiently and quickly as possible, making an otherwise complicated loan process as easy as humanly possible. We save you time, hassle, and money, so you can do what you’re good

Your Loan Process… Simplified And Streamlined

Step 1

Application

In this first step, a lender determines a borrower’s ability to qualify for a home loan based on some key information that you submit through an online application. The lender gathers information about your income, your debts, and your credit history. Based on the criteria of the collected information, the lender attempts to match you with a loan program that is suitable to your needs. If a match can be made, the borrower is pre-qualified for a loan, and the lender will begin looking at all of the necessary documentation in order to issue a more official “pre-approval.”

Step 2

Pre-Approval

This step usually takes place shortly after you are pre-qualified. Depending on whether you are trying to apply for a home refinance, for a home purchase, or for an investment purchase, the information required is virtually the same. After you complete the online (or paper) mortgage application you will be required to provide all the required documentation. We will give you a comprehensive list of the items needed. That list will include bank statements, pay stubs, W2’s, tax returns, etc. and we will provide you a secure link to upload and submit the necessary documents. The lender issues documents that disclose the loan amount, fees, and the interest rate. At that point you sign the initial loan documents which allow the lender to begin processing the loan. The application is then submitted to loan processing and underwriting can begin.

Step 3

Underwriting

The loan processor will orders an appraisal, will request home owners insurance, and a preliminary title report. The information on the application, such as bank deposits and employment, are then verified. Once all the verifications have been made and the above orders have been received, the entire mortgage package is then sent to underwriting for final review. The underwriter reviews the loan package to make sure it conforms to all the guidelines required for the loan. They also review the appraisal and title report and may do additional validation of employment and credit history. The underwriter may ask for the borrower to provide additional documentation to support the information in the file. When the underwriter determines that the application is complete and precise, the loan is approved.

Step 4

Closing

Once the loan is approved, a loan closing is scheduled for you to sign the final loan documents. These documents contain the terms of the loan and the official agreement between the borrower and lender. You will provide the down payment at this time in the form of a cashiers check. The closing is facilitated by a licensed title officer. Once the closing has been completed and all documents properly executed, the lender orders the funds for the loan. The money is wired to the seller and the transaction is recorded with the county. The buyer now officially owns the home and is given keys to the property!

Now that you know how simple the loan process can be with Strategic Lending, it’s time to get you started

Loan Types We Offer

FHA

Loan Terms: 15 & 30 year loans
Loan Types: Purchase, Refinance
Interest Rate Types: Fixed, Adjustable
Property Type: Primary Residence

This is a HUD or government insured loan that allows buyers to purchase a home for only 3.5% down. The FHA loan has maximum loan limits for each county which are significantly lower than conventional limits (Utah County’s limit is $323,750). An FHA loan is excellent for someone who has less money to put down, and someone who has higher debt-to-income ratios, or someone whose credit is less than perfect.

  • Only 3.5% down
  • Flexible qualification guidelines
  • Debt-to-income ratio as high as 55%
  • Requires upfront and monthly mortgage insurance (MI)
  • MI required for the entire life of the loan
  • Maximum loan limits vary by county
  • Allow for no cost, no qualifying “streamline” refinance

Conventional

Loan Terms: 10, 15, 20, & 30 year loans
Loan Types: Purchase, Refinance
Interest Rate Types: Fixed, Adjustable
Property Type: Primary Residence, Second Home, & Investment Properties

The conventional conforming loan is the traditional mortgage program. It is called “conforming” because it fits within the standardized guidelines set by Fannie Mae and Freddie Mac. It can be used to finance all different types of residential properties. The loan requires mortgage insurance if the down payment is less than 20 percent. The monthly mortgage insurance required for this loan is cheaper than FHA mortgage insurance. A conventional loan caters to those who have more money to put down & great credit scores.

  • As low as 3% down on a primary residence purchase
  • Debt-to-income ratio as high as 45%
  • Qualifying guidelines more strict than FHA
  • Requires monthly mortgage insurance (MI) if down payment is less than 20%
  • MI can be cancelled at 80% loan-to-value
  • Loan amount up to $417,000 (anything higher is a jumbo loan)

VA Loan

Loan Terms: 15 & 30 year loans
Loan Types: Purchase, Refinance
Interest Rate Types: Fixed, Adjustable
Property Type: Primary Residence

This is a Veterans Administration insured loan available to Veterans of the Armed Forces. It allows for 103% financing so a veteran can buy a home for no money down and finance the closing costs. The VA charges an up-front funding fee (which can be financed into the loan) that varies based on whether or not it is the borrower’s first time getting a VA mortgage. This program is a perfect option for a Veteran seeking the most affordable type of home financing.

  • Available to eligible veterans only
  • No down payment required
  • VA upfront funding fee, but no monthly MI
  • Allows for no cost, no qualifying “streamline” refinance
  • Subject to VA eligibility rules

Rural Housing (RDA)

Loan Terms: 30 year loans
Loan Types: Purchase, Refinance
Interest Rate Types: Fixed
Property Type: Primary Residence

The Rural Housing loan is a federal program offered through the United States Department of Agriculture (USDA). It is designed to help borrowers with low-to-moderate income obtain home financing in specified rural areas. The program has an upfront guarantee fee of 2.0% (which can be financed into the loan) and a low monthly mortgage insurance premium. This is a great loan for those seeking financing in a rural area. Income and property location restrictions apply (see below for more details).

  • Available for properties in specified rural areas
  • No down payment required
  • Flexible qualification guidelines
  • Financing up to 103.5% of the appraised value
  • Requires upfront guarantee premium & low rate monthly mortgage insurance
  • Maximum income limits vary by county (click here for more details)

Pre-Approval Checklist

  • Fully filled out application
  • Most recent pay stubs covering a 30-day period of time
  • Two most recent years W2’s from all employers
    • Two most recent years personal tax returns with ALL pages and schedules
    • Two most recent years K-1s for all businesses owned
  • If ownership in a business is 25% or more, then please provide the corresponding business tax return for the two most recent years
  • Two Most recent month’s bank statements
  • Most recent quarterly account statement of personal assets available (if applicable) such as:
    • 401(k), IRA’s, or other retirement accounts
    • Copy of cash value life insurance policy statement
  • Mortgage statements on all financed homes properties

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Strategic Lending
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