Our Process

The process of obtaining home financing can be daunting. Our smart process will help navigate the otherwise complex mortgage landscape.

Our Process

Understand your case
Your financial success is important to us. Therefore our first step with you will be to thoroughly understand your objectives for obtaining home financing. Our experienced team will review your goals with you to help you make a good decision in your best interest. We'll help you determine which loan program and structure are right for you, including monthly payment, down payment, and purchase price. Your Loan Officer will draw upon our extensive product offerings while tailoring a financing plan which meets your goals whenever possible.
Apply for a loan
Together with your Loan Officer, you choose the best loan program. Then, we will begin gathering the information necessary to ultimately approve your loan. Our staff will walk you through the formal loan application and completion of all required loan disclosures. While industry documentation requirements can be extensive, we will make the process as simple as possible for you.
Processing your loan
Our Loan Officers are supported by one of the most experienced and effective processing and support staff in the industry. You will work closely with your loan team to build your file and prepare for underwriting. Your loan team will give you an initial list of documentation needed from you. Depending on your situation, subsequent additional documentation may be required of you throughout the loan process. To ensure a quick turnaround in your loan decision, be as responsive and prompt as you can in requests from your loan team.
Underwriting your loan
Our in-house underwriting team is fast and accurate. They'll provide you with industry leading turn time in receiving your loan decision. Your underwriter will review the information you've provide regarding your credit, employment, income, assets, and other required documentation. They will also review information your subject property. Items they take into consideration include the property's appraised value, clear title, inspections, insurance coverage, and certifications. If your underwriter asks for additional documentation, recognize that the goal thereof is to get you an approval if possible.
Clear to close
When your underwriter issues a final approval of your loan file, you are "clear to close". At this stage, our expert closing team works efficiently with the title company to prepare all of the documents you will be required to sign at closing and to expedite the funding of your loan. Prior to closing your loan, your closer will send you your Closing Disclosure which details how much money you'll need to bring to closing.
Close your loan
Your loan closing should be seamless, smooth, and on-time. Our entire staff works in harmony to get you into your new home as quickly and efficiently as possible. This is a time for celebration!

First-Time Home Buyers

For us, very few things compare to enabling an individual or family to own their very first home. We take great care with first-time home buyers to make the process as easy and stress free as possible. Learn More

Frequently Asked Questions

Which type of mortgage is best for me?

Conventional loans are the most common because they are typically the least costly overall, but it can be more difficult to qualify for a conventional loan than for other loan types. FHA and Utah Housing loans can be great alternatives for those who can’t qualify for a conventional mortgage. VA loans can be a great option if you are a veteran. If you want to purchase a home in an area that qualifies as rural, a USDA loan can be a great zero-down option. We have jumbo mortgage options for loans that exceed conforming limits. Our team is expert in analyzing individual borrower situations. We can provide you a side-by-side comparison of how different loan options and help you select the loan type that will best serve your individual financial interests.

How long does it take to get a mortgage?

Be very wary of companies that promise to get your loan done in 7-10 days. A litany of qualifiers are required for such a promise. If a lender rushes too quickly to close your loan, you might find yourself in a situation where they are forcing you to help them fix resulting errors and even to re-close your loan. We can generally get you a loan more quickly than any of our competitors and get your loan done right. For most loans, you can expect the whole process to take about 30 days.

Should I get a fixed or adjustable interest rate?

While rates are low, a fixed rate mortgage generally make financial sense for most borrowers. However, there are circumstances when an ARM could be more suitable. If you reasonably expect to sell your home during the fixed period of an ARM, the lower interest rate could save you money. Also, in an environment where rates are falling, you could benefit from an initially low rate that could drop further.

What are closing costs, and how much are they?

Closing cost are all of the charges you pay when you close your loan at the title company. Generally, you pay few if any charges for the process of getting your loan while you are IN the process of putting your loan together.  There are several parties involved in getting your mortgage for you. In addition to Veritas as your lender, you have some or all of the following that provide necessary services for getting your mortgage: appraisers, inspectors, title companies, government recorders, insurance companies, and others. The fees you incur with these entities in the process of getting your loan are all part of your closing costs. Additionally, most borrowers will have funds held in escrow for payments that will be made later on items like homeowner’s insurance and property taxes. Funding your escrow account is also part of your closing costs.  Depending on how you want to structure your loan, these costs can vary widely, but generally you can expect them to be 2-3% of your loan amount.

Is it better for me to rent or own?

There is no mathematical formula to answer this question for you.  People choose to buy a home for a variety reasons, including many that aren’t financial.  For example, some people crave the independence that comes with owning your own place.  Others want to customize their home to make it their own.  However, the most important factors in this decision are financial.  Because your situation is unique, it is impossible give you a definitive answer to this question.  However, our Rent vs. Own calculator is one of the best out there for helping you simplify the complexities you need to consider when making this important financial decision.

What does my credit need to be to get a mortgage?

It is possible to be approved for a mortgage with a credit score even in the 600s. However, generally the lower your credit score, the higher your interest rate will be.