Mortgages & Financing Real Estate in Park City

Securing the right financing for you and your personal situation is a very important part of the home-buying process. For specific mortgage questions and when shopping for a mortgage, we strongly recommend contacting at least three different lenders to compare your options and find the best program for your situation. Additionally, if you live out of state and are buying in Utah, it may be best to use a Utah-based lender, as lenders in other markets may not understand the specific aspects of financing in a resort market.

It has become more difficult to secure financing in recent years, as the industry has imposed stricter qualification criteria. The terms, rules, and programs change often, so it is best to get started early and be prepared for last-minute surprises. It is more important now than ever to use a LOCAL PARK CITY MORTGAGE PROFESSIONAL. Listed below are a few local Park City mortgage providers that may work well for you:

Nikki Varanakis
Intercap Lending
(801) 347-5071
nikki@intercaplending.com
NMLS# 1548445

Ian Poor
Intermountain Mortgage
(435) 200-3161
ian@greatlender.com
NMLS# 1040077

Matt Snyder
US Bank
(435) 714-1317
matt.snyder@usbank.com
NMLS# 288083

Chris Lewis
Security National Mortgage
(702) 353-0895
chris.lewis@snmc.com
UT license is #7347917

Ian Dornfeld
US Bank
(435) 659-5384
Ian.dornfeld@usbank.com
NMLS# 168013

We Recommend that You Speak with a Local Park City Lender.

The main reason to consider a local lender based here in Park City is that we are a destination ski resort/vacation town. That means that many of our condo developments do not fall into the standard or conforming lending guidelines.

For example, a townhome community in Salt Lake City might be similar to a townhome complex in Austin, Texas, or in a suburb of Chicago. It could simply be a community of townhomes, with most owners living in their units or renting them out long-term. That ownership model provides lenders with a sense of stability and is less risky than a vacation rental property. In Park City, a townhome community is likely to have a different mix of ownership situations. A condo or townhome development may include full-time owner residents, long-term rentals, and a high proportion of vacation rentals. Lenders generally do not favor that owner-to-use ratio.

Most townhome and condo developments in the Park City area have a high percentage of investor owners whose properties are in nightly rental programs. While researching financing for your purchase, you might qualify for the loan easily, but the property itself might not. Out-of-state lenders often do not realize that the development may not be eligible for a conforming loan program.

If you have a preferred lender outside the Park City area, we highly recommend that they order the "Condo Association Certificate" early in the process, not at the end. This document is one that the lender will require the HOA to complete, providing information on the HOA's ownership makeup, financial health, and any HOA-related litigation, if applicable. Often, the condo certificate is not reviewed until the final underwriting phase of approval. A local Park City lender usually verifies the community's eligibility early on.

Even with our efforts to explain this to lenders outside our unique market, we have seen deals fall apart at the last minute, which could result in you losing your earnest money deposit.

Until You Close on Your New Mortgage Loan...

• Do NOT change jobs, become self-employed, or quit your current job!
• Do NOT buy a car, truck, boat, or RV!
• Do NOT use your credit cards excessively or miss payments!
• Do NOT transfer balances or open new credit cards!
• Do NOT pay off any credit cards or other revolving debts!
• Do NOT spend money set aside for closing costs!
• Do NOT withhold debts or liabilities from your loan application!
• Do NOT open new credit accounts to buy new furniture, appliances, etc!
• Do NOT make any inquiries into your credit!
• Do NOT make large deposits or withdrawals from your bank accounts!
• Do NOT change banking accounts!
• Do NOT co-sign any loans for anyone!

Inquire with your lender before considering any of the above.

Various Mortgage Providers and Programs

There are many mortgage companies, lenders, and brokers offering a variety of programs to meet different people’s unique needs. Below, we've included some helpful information explaining common mortgage programs. This overview is brief and does not serve as a guide through the mortgage process. 

Mortgage plans can be categorized in a variety of ways, primarily distinguishing between conventional and government loans and between fixed-rate and adjustable-rate options. Conventional loans are defined as any mortgage not backed by the FHA, VA, or RHS. FHA loans, administered by the Federal Housing Administration, are popular for their lower down payment requirements and easier qualification standards. VA loans, guaranteed by the U.S. Department of Veterans Affairs, offer favorable terms for veterans, often requiring no down payment and providing easier access to financing.

Conforming loans meet the guidelines established by Fannie Mae and Freddie Mac, ensuring compliance with lending standards, whereas jumbo loans exceed these limits and typically carry higher interest rates. B/C/D loans cater to borrowers with less-than-perfect credit, offering temporary financing options until they can qualify for compliant loans. Fixed-rate mortgages maintain stable monthly payments over fixed terms, while adjustable-rate mortgages (ARMs) feature interest rates that fluctuate with market indices, and options like balloon loans offer lower rates initially before requiring a lump-sum payment.

For those seeking flexibility, option ARMs offer multiple monthly payment options, allowing borrowers to choose payments based on their financial situation. Hybrid loans, which combine fixed and adjustable features, offer an initial period of stable payments before adjustments take effect. Graduated-payment mortgages start with lower payments that increase over time, while buydown mortgages offer temporary discounted rates. Finally, bridge loans provide short-term financing for buyers transitioning from one home to another, offering essential funding until the sale of their current property is finalized.

Selecting the right loan type is essential and depends on factors such as how long you plan to stay in the home and your comfort level with monthly payments. If you anticipate moving within five to seven years, considering ARMs or balloon mortgages with lower initial rates may be prudent. Conversely, if you plan to stay longer, a fixed-rate mortgage may be the better choice for more stable, predictable payments.