Frequently asked questions.

GENERAL

  • Melissa Lusty is a licensed mortgage broker (NMLS #2018598) with First Rate Home Loans (NMLS #1733687). She helps clients across Utah—especially in the Salt Lake City area—find the right home loan.

  • Melissa is a mortgage broker—not a bank—so she shops multiple lenders to find the best fit for your needs. She provides personalized guidance during the loan process and stays in touch after closing to be your long-term resource for all things finance-related. Need a contractor, plumber, or handyman? Melissa has a trusted network of professionals she can refer to help with home repairs or upgrades.

  • No. Your first consultation is always free, and there’s no obligation—just helpful, expert advice.

  • While I’m not a credit repair specialist, I do have access to credit simulation tools that help identify potential steps to raise your score. I’ll review your credit report with you and run scenarios to see what actions could improve your mortgage eligibility. If you need more in-depth credit help, I can connect you with a trusted credit professional. My goal is to support you every step of the way on your path to homeownership.

Home Buying Process

  • Start by getting pre-approved. It helps you understand your budget and makes your offer stronger when you're ready to buy. Melissa will walk you through every step of the process.

  • Ideally, 3–6 months before you're ready to buy. This gives you time to address any credit or budget adjustments needed.

  • Pre-approval is when a lender reviews your financial information and estimates how much you can borrow. It’s a key first step and shows sellers you’re serious and qualified.

  • Once you're under contract, the loan process typically takes about 30 days. Timelines can vary depending on your readiness, the market, and the type of loan you're using.

  • Yes. I offer flexible options like bank statement loans, which don’t require traditional income documentation.

  • That’s okay! Pre-approvals typically last 60–90 days and can be updated. Melissa can help you stay ready while you search.

  • Start by getting pre-approved. It helps you understand your budget and makes your offer stronger when you're ready to buy. Melissa will walk you through every step of the process.

  • Reach out to start the pre-approval process. We’ll review your financial info and help determine your purchase power.

  • As a broker, Melissa can compare loan options from many lenders to find you the best deal—something banks can’t always do.

  • You can reach Melissa through the contact form on this site, by phone, or on social media.

  • It depends on the loan. Some programs allow as little as 3% down, and down payment assistance may be available. Melissa can help you understand your options and estimate closing costs.

  • Reach out to start the pre-approval process. We’ll review your financial info and help determine your purchase power.

  • Yes, there are options for borrowers with lower credit scores, including FHA loans. Melissa can help you explore what you qualify for.

  • Most purchase loans close in about 30 days (or less). I'll guide you step-by-step and keep things moving smoothly.

  • Yes! I specialize in working with first-time buyers, helping them navigate the process and access programs that reduce upfront costs.

  • After your offer is accepted, Melissa will guide you through appraisal, underwriting, and final loan approval. She’ll work with your real estate agent to ensure a smooth closing.

Mortgage Process

  • To apply for a loan, click here.

  • Typically, you'll need recent pay stubs, tax returns, W-2s (or 1099s if self-employed), bank statements, and a copy of your ID. We’ll send a full list during pre-approval.

  • We offer many different loan programs which evolve often, however, we have the following available as of 2025:

    • Conventional loans

    • FHA

    • VA

    • USDA

    • Bank statement

    • DSCR

    • Down payment assistance programs

    • Solar Programs

    • Construction

    • Land

    • Manufactured/Mobile Home Loans

  • That’s okay! Melissa works with a variety of lenders and loan programs—including FHA and other options designed for borrowers with lower credit scores.

  • It depends on the loan type. Some programs allow as little as 3% down—or even 0% for qualified VA or USDA borrowers.

  • Your monthly payment usually includes principal, interest, property taxes, and homeowners insurance. Depending on the loan, it may also include mortgage insurance (PMI).

  • Absolutely. Melissa can help you set a “strike price”—a target interest rate that would make refinancing worth it. She monitors rates and will reach out when the time is right, so you don’t miss an opportunity.

  • It depends on your home’s current value, equity, and how recently you closed. Some lenders have seasoning requirements. Melissa can review your situation and let you know your options.

  • Yes, depending on the home and foundation type. Contact us for more details.

  • Yes! VA and USDA loans offer zero-down options, and some down payment assistance programs can help cover the upfront costs.

  • Most purchase loans close in about 30 days (or less). I'll guide you step-by-step and keep things moving smoothly.

  • Yes. Melissa offers annual mortgage reviews to make sure your loan still fits your goals. She’ll help you evaluate changes in the market, your equity, and whether it makes sense to refinance, pay down faster, or stay the course.

  • Yes! Melissa stays connected after closing to answer mortgage questions, provide financial guidance, and help with referrals if you need home repairs, updates, or trusted local professionals. She’s here to support you through every stage of homeownership.

  • Yes. we can lock in a rate to protect you from market changes during the loan process.

  • Yes, we work with lenders that offer new construction loan options, including both construction-to-permanent and stand-alone construction loans. We’ll help you find the right solution based on your builder, timeline, and financial goals.

  • Absolutely. I’ll help you review current rates and your financial goals to see if refinancing makes sense for you.

  • I’ll help you establish a "strike price"—a target interest rate you’d like to see. When the market hits that rate, I’ll let you know.

  • Rates can fluctuate daily based on economic factors. Melissa monitors rates closely and can help you decide when to lock in.

  • Most HELOCs have variable rates that can change over time. Closed-end seconds typically have fixed rates. Melissa can help you compare options based on your budget and long-term goals.

  • A HELOC (Home Equity Line of Credit) works like a credit card—you can draw funds as needed, up to a set limit, and repay over time. A closed-end second is a lump-sum loan with a fixed rate and set repayment term. Both let you tap into your home’s equity without touching your first mortgage.

  • Closing costs are fees related to your home purchase, such as appraisal, title, and lender fees. They're usually 2–5% of the purchase price.

  • Yes! We offer options for second homes and investment properties, including DSCR loans that qualify based on rental income.

  • Most lenders require you to keep at least 10–15% equity in your home after the new loan. Melissa will run the numbers and show you what’s possible.

  • These are great options if you want to avoid refinancing your low-rate first mortgage. Use them for home improvements, debt consolidation, education costs, or other large expenses—while preserving your primary loan.