Utah Mortgage Lender Helping Families Find the Right Home Financing
I'm Felix Vivanco, a licensed mortgage loan officer serving Lehi, Provo, Salt Lake City, and the entire Wasatch Front. Whether you're a first-time buyer, refinancing, or looking into down payment assistance — I'll find the right loan at the best rate for your situation. FHA, VA, USDA, conventional, and more. Hablamos Español.
Helping Utah families close with confidence · NMLS #2002977 · First Colony Mortgage NMLS #3112
About Me
Meet Felix Vivanco
Felix Vivanco
Senior Mortgage Lender and Broker
With over six years of experience as a mortgage loan officer, I've helped hundreds of families achieve their dream of homeownership. I hold an Honors Economics degree from the University of Utah and two master's degrees, including an MBA from BYU's Marriott School of Business.
I'm fluent in both English and Spanish, which allows me to serve a diverse community of borrowers and make the mortgage process clear and comfortable for everyone.
My mission is simple: help families navigate the home buying process with honest, personalized service — no matter what language you speak.
NMLS# 2002977Bilingual6+ Years ExperienceHonors Economics, U of UMBA, BYU Marriott106 Google ReviewsLehi, UT
Utah offers some of the best homebuyer assistance programs in the country — up to $70,000 in free money toward your home. Click any area to learn more.
As a First Colony Mortgage loan officer, I'm a preferred lender for these builders — meaning you get exclusive incentives and a streamlined process when you finance through me.
Why use a preferred lender? Builders offer their best incentives — rate buydowns, closing cost credits up to $60K, and faster closings — exclusively when you finance through their preferred lender. I handle new construction loans every day, so your process is seamless from contract to keys.
Buying your first home is one of the most exciting — and complex — financial decisions you'll ever make. Over the past six years, I've walked hundreds of first-time buyers through the process, and I can tell you this: the families who come in prepared move faster, get better rates, and close with far less stress. This guide covers everything you need to know before you start shopping for a home.
The first step is understanding your finances. Pull your credit report from all three bureaus — Equifax, Experian, and TransUnion — and look for any errors. Your credit score has a direct impact on your interest rate. A borrower with a 760+ score can receive a rate that is a full half-point lower than someone at 680, which over a 30-year loan amounts to tens of thousands of dollars. Spend two to three months paying down credit card balances before you apply, and avoid opening any new lines of credit.
Next, get pre-approved — not just pre-qualified. Pre-approval means a lender has actually verified your income, assets, and credit. Sellers take pre-approved buyers seriously, and in a competitive market like Utah, showing up with a strong pre-approval letter can be the difference between getting your offer accepted or watching your dream home go to someone else. I can typically issue a pre-approval within 24 hours once I have your documents.
When shopping for a home, keep your budget realistic. A common mistake first-time buyers make is qualifying for the maximum loan amount and then wondering why they feel house-poor after moving in. Factor in property taxes, homeowners insurance, HOA fees if applicable, maintenance costs (budget 1% of the home's value per year), and utilities. I always recommend buying at 80–90% of your maximum approval to leave breathing room in your budget.
Once you're under contract, you'll enter the due diligence period. Get a thorough home inspection — never skip this, even on new construction. Your lender will order an appraisal to confirm the home's value supports the loan amount. From there, the underwriting team reviews your file, and you'll get a Closing Disclosure at least three business days before closing that itemizes every cost. Read it carefully and compare it to your Loan Estimate. On closing day, bring a government-issued ID and a cashier's check or wire transfer for your closing costs and down payment.
The whole process from pre-approval to keys in hand typically takes 30–45 days. The buyers who have the smoothest experience are the ones who respond to document requests quickly, avoid changing jobs mid-process, and don't make any large purchases or deposits without telling their loan officer first. If you're thinking about buying in the next 3–12 months, let's start a conversation now so we can build a clear action plan together.
Ready to start your homebuying journey? Let's build your plan.
Your credit score is the single most powerful number in the mortgage process. It influences your interest rate, your loan options, and sometimes whether you qualify at all. The good news is that credit scores are not fixed — they respond to your behavior, and with the right moves, you can see meaningful improvement in as little as 30 to 90 days. Here's what actually works, based on what I've seen move the needle for my clients.
The fastest way to improve your score is to reduce your credit utilization ratio. This is the percentage of your available revolving credit that you're currently using. Credit bureaus like to see this number below 30%, and the best scores typically show utilization below 10%. If you have a $10,000 credit card limit and carry a $4,000 balance, you're at 40% utilization — a clear drag on your score. Paying that down to $1,000 could add 20–40 points in a single billing cycle once the new balance reports to the bureaus.
Check your credit reports for errors. According to the Consumer Financial Protection Bureau, roughly one in five Americans has an error on at least one credit report. Disputing inaccurate late payments, accounts that aren't yours, or balances that have already been paid can result in a rapid score jump at no cost. You can get your free reports at AnnualCreditReport.com and dispute errors directly with each bureau online.
Avoid closing old credit cards, even if you don't use them. Length of credit history makes up about 15% of your FICO score, and closing an old account reduces your average account age while also lowering your total available credit — both of which hurt your score. Instead, use the card for a small recurring charge like a streaming subscription and set it to autopay. This keeps the account active without adding debt.
Do not apply for new credit in the six months before you apply for a mortgage. Each hard inquiry can drop your score by 5–10 points, and lenders are suspicious of borrowers who suddenly open multiple new accounts before buying a home. If you need to rate-shop with multiple mortgage lenders, the credit bureaus generally treat multiple mortgage inquiries within a 45-day window as a single inquiry — so do your shopping within a compressed timeframe.
If you have collection accounts, talk to a mortgage professional before you pay them off. Counterintuitive as it sounds, paying off an old collection can sometimes temporarily lower your score because it updates the date of last activity on the account, making it appear more recent. I help my clients develop a strategic payoff plan so they improve their score without triggering any unintended consequences before closing.
Want a free credit review before you apply? I'll walk you through your full picture.
One of the most common reasons people delay buying a home is the belief that they need to save a full 20% down payment before they can qualify. That's a myth. I've helped buyers close with as little as 3% down on a conventional loan, 3.5% on FHA, and even zero down with VA and USDA programs. That said, having a solid savings strategy still matters — for down payment, closing costs, and cash reserves. Here are five strategies that work.
First, explore down payment assistance programs. Utah Housing offers several programs that provide grants or second loans to help cover your down payment and closing costs. Many of these are available to both first-time buyers and repeat buyers who haven't owned a home in the past three years. Income limits apply, but they're higher than most people expect. When I work with a client, one of the first things I do is check every program they might qualify for — because free money is the best down payment.
Second, automate your savings into a dedicated account. Open a high-yield savings account and set up an automatic transfer on the day after each paycheck hits. Even $200 per paycheck adds up to over $5,000 in a year. The key is to make it automatic and invisible — money you never see in your checking account is money you won't spend. Name the account something motivating like "My Home Fund" so every time you check your balance, it reinforces the goal.
Third, use gift funds strategically. FHA, conventional, and VA loans all allow portions of the down payment to come from family members as a gift. There's a formal process involved — the donor needs to sign a gift letter confirming the funds are not a loan — but there are no limits on how much can be gifted. If you have family members who want to help, this is a legitimate and commonly used strategy. Just make sure to document the transfer properly or it can create underwriting headaches.
Fourth, look at your retirement accounts. First-time homebuyers can withdraw up to $10,000 from a traditional IRA without incurring the 10% early withdrawal penalty, though you will pay income taxes on the amount. Roth IRA contributions (not earnings) can be withdrawn at any time tax- and penalty-free. If you have a 401(k), some plans allow hardship withdrawals or loans for a primary home purchase. This strategy has trade-offs, so consult a financial advisor before tapping retirement funds.
Fifth, trim your largest expenses temporarily with a clear timeline. If you're spending $1,800 a month on rent plus car payments, subscriptions, and dining out, there may be $300–$500 you can redirect for just 12 months to reach your goal faster. A short-term sacrifice for a long-term asset is one of the best financial trades you can make. Create a written savings plan with a specific target date — people who write down their goals are significantly more likely to achieve them.
Let's find out which down payment programs you qualify for today.
Pre-Qualified vs Pre-Approved: What's the Difference?
If you've started researching the homebuying process, you've likely seen both terms — pre-qualification and pre-approval — used almost interchangeably. They are not the same thing, and confusing the two can put you at a serious disadvantage in a competitive housing market. Understanding the difference could be the reason your offer gets accepted over someone else's.
Pre-qualification is an informal estimate of how much you might be able to borrow. It's typically based on a self-reported conversation about your income, debts, and assets — no documents required, no credit pull (or at most a soft pull that doesn't affect your score). A pre-qualification letter tells a seller that you've had a conversation with a lender. It carries very little weight in a competitive offer situation because anyone can get one in five minutes without the lender verifying anything.
Pre-approval is a different level entirely. A lender actually verifies your income (pay stubs, W-2s, tax returns), your assets (bank statements), your employment, and runs a hard credit inquiry. The underwriter reviews your full financial picture against the loan guidelines and issues a conditional commitment to lend. A pre-approval letter tells a seller that a professional has reviewed your finances and confirmed you can afford this home. Sellers — especially those with multiple offers — strongly prefer buyers who come in pre-approved.
There's actually a third level above pre-approval that not enough buyers know about: underwritten pre-approval, sometimes called a TBD approval or credit-only approval. In this process, your entire loan file goes through full underwriting before you've even found a property. Once you find a home and it's appraised, the only remaining condition is the property itself. This is the gold standard, and it essentially means you're a cash-equivalent buyer in the eyes of a seller. I offer this to clients who want maximum competitive strength in a hot market.
A few things to keep in mind: pre-approvals typically expire in 60–90 days and will need to be renewed if you haven't found a home in that timeframe. Your approval amount is based on your financial snapshot at the time of application — if your income changes, you switch jobs, or you take on new debt, you need to tell your lender immediately. Making a large purchase like a car or furniture before closing is one of the most common reasons deals fall apart at the last minute.
My recommendation: skip the pre-qualification and go straight to a full pre-approval. The process typically takes 24–48 hours when you have your documents ready, and it gives you a genuine competitive advantage. You'll also know your exact rate range, your maximum purchase price, and your estimated monthly payment — which makes home shopping focused and efficient rather than stressful and uncertain.
Get a real pre-approval — not just a pre-qual — in 24 hours.
Refinancing means replacing your existing mortgage with a new one — ideally on better terms. Done at the right time, a refinance can save you hundreds of dollars per month, cut years off your loan, or give you access to equity you've built for renovations, debt consolidation, or other financial goals. Done at the wrong time, it can cost you more than you save. Here's how I help clients evaluate whether a refinance makes sense.
The most common reason to refinance is a rate-and-term refinance — lowering your interest rate, shortening or extending your loan term, or both. The classic rule of thumb is to refinance if you can lower your rate by at least 1%, but in my experience this oversimplifies the decision. The real question is your break-even point: divide your total closing costs by your monthly savings to find out how many months it takes to recoup the cost of the refinance. If you plan to stay in the home longer than that break-even period, the refinance makes financial sense.
Cash-out refinancing allows you to borrow against your home equity. For example, if your home is worth $500,000 and you owe $300,000, you have $200,000 in equity. A cash-out refi might let you borrow up to 80% of the home's value, giving you access to $100,000 in cash while taking on a new loan of $400,000. Homeowners use cash-out refis for home improvements (which can increase the home's value), paying off high-interest debt, funding education, or investing. The interest rate on a mortgage is almost always lower than credit cards or personal loans, making this a cost-effective way to access capital — as long as you're disciplined about not running those debts back up.
Refinancing to eliminate PMI is another strong reason to act. If you put less than 20% down when you bought your home but your property has appreciated, you may now have enough equity to remove PMI without waiting for your balance to naturally pay down. On a $450,000 home, PMI can run $200–$350 per month — eliminating that cost can more than offset the new closing costs within a year or two. I run this calculation for my clients whenever home values in their area have risen significantly.
Timing matters more than most people realize. Refinancing makes the most sense when rates are meaningfully lower than your current rate, when you have significant equity, and when you plan to stay in the home for several more years. It makes less sense if you're planning to sell in the next two years (because you won't hit break-even), if your credit has deteriorated since your original loan, or if you've already paid down your 30-year mortgage to just a few years remaining (because starting a new amortization schedule resets your interest payments).
If you're unsure whether refinancing makes sense for your situation, reach out and I'll run the numbers with you. There's no cost and no obligation — sometimes the answer is yes, refinance now; sometimes it's wait six months and let your equity build. Either way, you deserve an honest analysis rather than a sales pitch.
Curious if refinancing could save you money? Let's run the numbers.
One of the most common surprises for first-time buyers — and even some repeat buyers — is the full amount of closing costs. People focus on the down payment and forget that there's a separate set of fees due at the closing table. Closing costs typically range from 2% to 5% of the loan amount, which on a $400,000 home means $8,000 to $20,000 in additional upfront costs. Knowing exactly what you're paying for puts you in a much stronger position to budget, negotiate, and potentially reduce some of those costs.
Lender fees cover the cost of originating your loan. These include the origination fee or points (which can be used to "buy down" your interest rate), an underwriting fee, and sometimes processing or application fees. When you apply, you'll receive a Loan Estimate within three business days that itemizes all of these. Shop and compare these fees across lenders — they vary significantly and are entirely negotiable. I'm always transparent with my clients about every fee on the Loan Estimate and explain exactly what each one represents.
Third-party fees are charges from service providers other than your lender. The appraisal fee (typically $500–$800) pays for a licensed appraiser to confirm the home's market value. The title search and title insurance protect you and the lender from any ownership disputes or liens against the property that might exist from its history. A real estate attorney or escrow company handles the closing itself. A home inspection, while technically optional, is one I always recommend — and at $300–$500, it's among the best investments you'll make in the process.
Prepaid items are not fees in the traditional sense — they're costs you're paying upfront that will be due eventually anyway. These include prepaid homeowners insurance (usually 12 months), prepaid property taxes, and prepaid interest that covers the days between your closing date and the end of that month. Your lender will also collect initial deposits into an escrow account for taxes and insurance so they have funds on hand when those bills come due. The timing of your closing within the month affects how much prepaid interest you owe — closing late in the month minimizes this cost.
There are several legitimate ways to reduce your closing costs. You can ask the seller to contribute a concession toward your closing costs — in a buyer-friendly market, sellers will often agree to pay 1–3% of the purchase price toward your costs. Some loan programs also allow lender credits in exchange for a slightly higher interest rate, which can eliminate most out-of-pocket closing costs (though you pay more over the life of the loan). Down payment assistance programs in Utah often cover closing costs as well as the down payment itself.
Three business days before your scheduled closing, you'll receive a Closing Disclosure. This is your final, binding breakdown of every cost. Compare it line by line to the Loan Estimate you received at application — some fees can change and some cannot. If anything looks significantly different or you see a charge you don't recognize, call your loan officer immediately. You have every right to ask questions and get clear answers before you sign. Going to the closing table fully informed means no surprises, and that's exactly how I want every one of my clients to experience their closing day.
Want a clear estimate of your closing costs before you apply? Let's talk.
