hard-to-believe low interest rates in Utah??

[Mercedes Smith]

Hi, I just happened across Associated Mortgages in the Salt Lake City area of Utah. They have interest rates for 30 year conventional mortgages at 3.75% right now, March 9, 2019. This seems exceptionally low. Has anyone heard of them? According to their website they've been in business since 1989 and seemed legit when I met them in person today. I believe they only have 2 or 3 employees, so a very small outfit with no overhead -I assume that's how they are keeping their costs low? Has anyone heard of them? What advice do you have for working with such a small mortgage company? Thanks!

[Chris Mason]

Originally posted by @Mercedes Smith:

Hi, I just happened across Associated Mortgages in the Salt Lake City area of Utah. They have interest rates for 30 year conventional mortgages at 3.75% right now, March 9, 2019. This seems exceptionally low. Has anyone heard of them? According to their website they've been in business since 1989 and seemed legit when I met them in person today. I believe they only have 2 or 3 employees, so a very small outfit with no overhead -I assume that's how they are keeping their costs low? Has anyone heard of them? What advice do you have for working with such a small mortgage company? Thanks!

 All lenders are at 3.75% right now. All lenders are also at 3.5% and 5%. That alone isn't useful. What are the fees/points? The largest mortgage bank in the United States routinely advertises a rate with 2 discount points (hidden in the very small print) on top of 25% down for an owner occupant (also in the very small print), which is literally $10,000 in upfront fees on a $500k loan to get that rate they advertise. Fixed rate? Down payment? Loan amount? Etc.