Cedar Valley, UT's Top Mortgage Loans

Mortgage Loan Types

We deliver a diverse selection of mortgage loan solutions to meet your requirements. It doesn’t matter if you’re a first-time house shopper, looking to lower your current loan, or interested in a conventional loan—we will offer you the most reliable service and mortgage loan rates. Our expert team will support you along the way to find the best mortgage match for your specific situation and homeownership dreams.

Could a Conventional Loan Be Right for You?

Conventional loans are not the same as government-supported loans. They are provided through private financial providers, including commercial banks and community credit unions. At Summit Loans, our experts are able to offer you a conventional loan with just just 3% down and offer 100% of the gift funds for your down payment. This is all available for you with no loan processing or transaction fees.

Benefit: You can put down just 3% with complete gift funding to cover your down payment. And of course, there are no processing or origination expenses through us.

Drawback: Conventional loans often have more limited income-to-debt guidelines, meaning you need to show a healthy balance between income and debt.

Conventional loans are a highly effective option, but they are not the right fit for everyone. We’re focused on supporting you in navigating all your financing solutions and matching you with the loan that supports your financial future.

Refinancing Solutions

Refinancing can be a effective option to free up monthly cash flow—to do this, you swap out your existing loan with one that has a lower interest rate. We extend a zero-cost mortgage review for those interested in a better loan. Also, skip all additional lender costs by securing your mortgage loan with our expert team.

Advantages: Refinancing your mortgage can help build wealth by cutting down what you pay in interest, freeing up funds for other priorities. Additionally, it opens the door to borrowing against your equity. You can use your home’s equity for remodeling projects, consolidating credit cards, or handling unexpected costs.

Disadvantages: While refinancing offers potential savings opportunities, it can stretch out your payment period and ultimately increase the total amount of interest you’ll pay over the life of the loan. In addition, if you’re not planning on staying in your home for a long time, this might not be the right financial move.

What You Should Know About Senior Home Loans

A tailored option for homeowners 62 and older, a reverse mortgage loan offers you the financial stability you need for long-term stability. Instead of sending payments to the lender, the lender pays you directly—thanks to the home equity you’ve built. Your reverse mortgage loan can be disbursed: as a single upfront payout, through ongoing monthly installments, or as a line of credit. What’s really convenient is that the loan doesn’t come due until you decide to sell your home, leave the home for good, or pass away.

Advantages: You can maintain residence in your home for as long as you decide to stay. Neither you nor your estate will owe more than the home’s current sale price, even if the loan balance exceeds the value of the property.

Disadvantages: As the amount of the loan increases, it decreases the equity you can pass down to your heirs.

Contact our team, and we’ll help clarify whether a reverse mortgage is a smart choice for you.

Construction Financing: Build Your Dream Home on Your Terms

At Summit, we believe that creating a home from the ground up is so much more than construction, it’s a lifelong goal. Our construction loans are tailored to give you the resources and confidence to start building without worry. You can seek professional construction help or navigate the construction process independently. Regardless of your path, we will help you lock in the financing that matches your timeline and budget—this features a 180-day lock option, guaranteeing your mortgage loan rate for 180 days.

Pros: The loan is given for building the house throughout the project, paying for the cost of everything needed to build. The loan is disbursed in installments as the construction progresses, making sure money is available throughout the project.

Cons: Construction loans usually have shorter terms and increased rates compared to traditional home loans, resulting in higher monthly payments. These loans can also require a clear plan, a significant down payment, and a solid credit record.

Our expert team knows construction lending and will keep your build on course with the budget and structure..

FHA Loans

We're an FHA-approved brokerage, and we’re committed to showing you the benefits and features of FHA mortgage solutions. FHA mortgage loans are designed for people buying their first home and low-income borrowers, providing less strict criteria than traditional mortgages. More flexible than other FHA requirements, we ask as little as a 1.5% down payment and a FICO score of 580..

Benefit: Our programs provide even more flexibility than the traditional FHA requirements, with down payments as low as 1.5% and a minimum FICO score of 580.

Drawback: FHA loans have specific loan limits that vary by county, making it harder to obtain financing for more expensive properties in certain areas. Call one of our Cedar Valley, UT mortgage loan specialists to find out how FHA loans can help you purchase your dream home.

Can't Afford a Down Payment? No Problem with USDA Loans

If you've been longing for open countryside and a home that feels like a true escape, you might find a USDA loan is the path to making it real. These loans are meant for eligible small-town and suburban areas, and they let you finance the entire purchase, so you can buy with nothing down. Buying a home in the countryside is a chance to start fresh in a home you love without the stress of major upfront costs.

Advantages: Reduced housing costs thanks to below-market rates and minimal mortgage insurance.

Disadvantages: There are qualification standards based on the location and the size of your family. We’ll help you check your eligibility with one of our experienced home loan consultants.

Mortgage Financing for Service Members

Every veteran deserves the chance to become a homeowner without unnecessary barriers or extra challenges. That’s why we proudly offer Veterans Affairs loans—a powerful type of mortgage built specifically for eligible surviving spouses, active-duty military, and veterans. Secured through the U.S. Department of Veterans Affairs, VA-backed home loans were created to thank you for your service by removing common barriers to homeownership. Thanks to zero down payment, no monthly PMI costs, and credit-friendly qualifications, it’s one of the best mortgage loans available. Because of that, we remain proud to bring this home loan option to veterans and their families.

Benefit: If needed, it’s possible to improve your loan terms with a VA Interest Rate Reduction Refinance Loan (IRRRL).

Drawback: VA mortgage loan programs are limited to primary residences, meaning you can’t use them to purchase a rental home.

Purchase a High-End Property With Elite Jumbo Loans

If you’re looking to buy a premium home, we’re here to make your purchase possible. Jumbo Elite Loans are specifically tailored for high-income individuals who seek to finance luxury or high-priced loans that go beyond conventional limits. We accept as little as 10% down and do not require mortgage insurance.

Benefit: You don’t require an impeccable credit score for a Jumbo Elite Loan. At Summit Home Loans, you can experience features like 10% down, no mortgage insurance, and mortgage options for buyers with FICOs of 680 and above.

Drawback: A lower down payment helps you to purchase your home more quickly, but it also means you’re financing a higher portion of the home's cost. Over time, this could raise your overall payments and loan costs, especially for lengthier mortgage loan durations.

Why a Nationwide High Balance Loan Might Be Ideal for You

For those of you who intend to buy properties in expensive regions where home prices are above average, a Nationwide High Balance Loan may be the answer. Unlike jumbo loans, Nationwide High Balance loans are funded by Fannie Mae & Freddie Mac and often come with lower mortgage loan rates. We’re pleased to be one of the limited lenders across the country who can offer this special program.

Advantages: Nationwide High Balance Loans give you access to the houses you want in a more expensive market. Also, these loans are typically more affordable than jumbo loans and are easier to qualify for, making them a solid choice.

Disadvantages: Nationwide High Balance Loans can only be obtained in officially recognized high-cost markets. If you plan to buy in a location that doesn't qualify, this loan may not be offered. Speak to one of our mortgage loan experts located near Cedar Valley, UT for more details.

Drive Your Business Development With a Flexible Commercial Loan

When you're ready to take the next step, you need a loan that matches your effort. Our commercial loans make it easier to expand your operations—whether you're purchasing a new space, upgrading your facilities, adding machinery, or launching a new venture. Benefit from our smart loan solutions built around your needs, income cycle, and timeline—so you can concentrate on building your business.

Advantages: Commercial loans can help your business with the funds it needs, especially during seasonal and demand fluctuations.

Disadvantages: You might need to use collateral, such as company property or personal assets, to secure a commercial loan. Speak with one of our experienced financing experts now to explore your commercial loan options.

A More Accessible Way for Doctors to Purchase a Home

We know that becoming a medical professional takes years of commitment, but we believe homeownership shouldn’t have to wait.That’s why we’ve designed the best mortgage solutions, customized just for healthcare heroes. Whether you're in residency or a licensed physician, our doctor loan is here to support you.

Advantages: Physician home loans are created for medical professionals, making homeownership more practical and accessible.

Disadvantages: Loans for doctors are specialized and not provided by all banks. We take pride in our doctor loans and are pleased to offer their benefits to doctors and healthcare providers near Cedar Valley, UT.

Home Financing Options Every Step of the Way

We're a loan brokerage. We have access to all the products that our clients depend on. Don’t see the loan program you were looking for?. Contact us and inquire. We’re sure to have the best mortgage loan offer to fit your specific needs. If not, then we will assist you in creating a plan to attain your homeownership aspirations.