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Rates, fees & pricing
Are your loan officers really paid a salary instead of a commission?Yes, 100%. Most traditional mortgage companies have officers that earn commission based on the size or interest rate of your loan. City Creek Mortgage loan officers earn a flat salary. How does this change things? It means our team has zero financial incentive to push you into a larger mortgage, add unnecessary origination fees, or steer you toward a higher rate. Our only goal is to give you honest financial advice that protects your long-term wealth.
We believe you shouldn't have to trade your privacy just to see what a mortgage will cost. With our Digital Loan Officer tool on our website, you can view live, transparent mortgage rates and complete, itemized fee sheets 24/7. It doesn't require any phone calls or hard credit pulls.
Closing costs typically range between 2% and 4% of your total loan amount and cover third-party services like property appraisals, title insurance, state taxes, and escrow pre-paids. At City Creek Mortgage, we operate with a strict zero junk fee policy. We break down every single line item up front on your Loan Estimate so you know exactly where every dollar is going.
In most cases, yes. Because we operate as an independent mortgage broker, we shop across dozens of top wholesale investors to secure lower rates and cheaper fees than big retail banks or online lenders. If you already have a Loan Estimate from another company, call or text us and our salaried team will review it line-by-line, point out any hidden charges, and show you if we can save you thousands.
Home Buying & Pre-Approval
In Utah's fast-moving housing market, speed matters. Once you submit your basic income and asset documentation, our local, in-house team can usually review your file and issue a verified Pre-Approval letter within 24 to 48 hours (or even faster if you're on a tight deadline). Having a verified City Creek pre-approval signals to seller agents that your financing is solid and ready to close.
You do not need a 20% down payment to buy a home. While 20% eliminates Private Mortgage Insurance (PMI), many excellent loan programs require far less upfront:
- Conventional Loans: As low as 3% down for eligible buyers.
- FHA Loans: Minimum 3.5% down with flexible credit guidelines.
- VA & USDA Loans: 0% down payment options for military veterans and eligible rural/suburban areas.
Running rate scenarios on our Find Your Best Rate tool or requesting a soft rate check will not affect your credit score at all. When you officially apply for a pre-approval, a standard credit inquiry is made. However, credit scoring models treat all mortgage inquiries within a 14-to-45-day window as a single inquiry, allowing you to rate-shop freely without repeatedly dinging your credit score.
A lender's "approval budget" is based strictly on your gross (pre-tax) income and reported debt obligations (debt-to-income ratio). It doesn't account for daycare, groceries, travel, retirement savings, or healthcare. At City Creek, we help you calculate a lifestyle budget; evaluating your actual take-home pay and living expenses so your monthly mortgage payment feels comfortable and keeps you from becoming "house poor."
Refinancing & Equity Strategies
Refinancing makes sense when the long-term savings outweigh the cost of closing the new loan. This typically happens if market interest rates drop by 0.5% to 1% or more, if you want to shorten your loan term (e.g., 30-year to 15-year), or if you want to eliminate monthly PMI. We also offer a Rate Watch feature that tracks your current mortgage and automatically alerts you the moment market rates drop to your personal break-even point.
If your home has appreciated, a Cash-Out Refinance or HELOC (Home Equity Line of Credit) allows you to tap into your built-up equity. Many Utah homeowners use this strategy to replace high-interest credit card debt (which often carries 20%+ interest rates) with a much lower, tax-advantaged mortgage rate, significantly reducing their overall monthly debt payments.
Yes! If you hold a conventional loan, your lender is legally required to remove PMI once your loan balance reaches 78% of the original home value. Furthermore, if your home's market value has increased significantly due to Utah real estate appreciation or recent renovations, you can request an appraisal to cancel your PMI early once your Loan-to-Value (LTV) ratio hits 80%.
Why Choose City Creek Mortgage?
Big retail banks and online lenders only offer their own in-house loan products, which often come with rigid guidelines and higher overhead fees. As an independent mortgage broker, City Creek Mortgage shops wholesale lenders across the nation on your behalf.
Because our underwriting, processing, and advisory teams are located under one roof in Utah, our average loan closes in 14 to 21 days. That is well below the national industry average of 40+ days. This fast turnaround gives your purchase offers a major competitive edge with local real estate agents and sellers.
