Experienced Mortgage Loan Experts Near Clearfield, Utah

Varieties of Mortgage Loans

There’s no such thing as a single loan that fits all, because no two people are the same. We all have different financial situations, plans, and desires. That’s why we make it a priority to understand what makes you unique and craft a financing solution that’s conducive to your life.

We help people from all walks of life:

• New homeowners
• Homebuyers with limited income
• Doctors navigating student debt
• Luxury home builders
• Those who have served
• And a wide range of other clients

If you’re worried you won’t meet the requirements or don’t have enough saved for your down payment, don’t count yourself out. Give one of our knowledgeable team members a call, and you’ll be amazed by how many options are available for you at Summit Home Loans.

Standard Mortgage Loans

These are loans provided through non-government lenders, such as banks and credit unions. Our team provides conventional loan programs with as little as 3% down while offering the lowest rates coast to coast.All gift offerings are accepted on your down payment with no loan origination fees needed!

Pros: Lower fees when compared with federal loan programs including FHA or VA loans, and they feature personalized loan terms.

Cons: Usually, you’ll be expected to provide at least 3% or more as a down payment to avoid extra costs, like mortgage insurance. They also often have more demanding credit and income qualifications compared to government-backed home loans.

How a Mortgage Refinance Can Put Money Back in Your Pocket

Refinancing can be a smart option to improve your monthly budget—to do this, you replace your current mortgage with one that has a better rate. We provide a free pre-qualification process for those considering refinancing. Plus, avoid all origination and processing fees by refinancing your mortgage loan through our team.

Pros: Trimming your monthly housing costs and freeing up funds for other goals. You can also access your home’s equity for cash, which can be used for remodeling projects, reducing overall debt, or personal goals.

Cons: Refinancing your home loan comes with settlement charges that can be noticeable, making it less appealing for homeowners who don’t plan to stay in their home long-term. Extending your mortgage term can result in accumulating more interest over the entire life of your mortgage.

Mortgage Options for Retirees

When you're 62 or older, you may find yourself interested in boosting your finances without moving or making monthly mortgage payments. With a Reverse Mortgage Loan, you can tap into your home equity to receive cash and settle the rest when you sell the home or upon your death.

Move Forward on Your New Home With Construction Financing

We know that constructing your dream home is more than just a task, it’s a dream. We offer construction loans that are created to offer you the stability and support to break ground with confidence. You can partner with a general contractor or handle the construction yourself. Whichever option you choose, we can help you lock in the financing that suits your financial goals and schedule—this also includes a 180-day lock option, guaranteeing your mortgage loan rate for 180 days.

Advantages: You enjoy the flexibility of having the funds to make your home in your preferred style.

Disadvantages: Construction loans demand a permanent financing option once the project is finished, but we are here to guide you with that next phase of your loan and help you find the most competitive mortgage loan rate.

Our skilled team knows construction lending and will keep your build on schedule financially and structurally..

Easier Homeownership with FHA Financing

Here, we make buying a home easier—whether you're just starting out, recovering financially, or starting with a minimal down payment. Insured by the Federal Housing Administration, FHA loans are designed to assist buyers who are looking for more leeway without compromising on competitive rates or lasting value.

Benefit: You’ll find our programs offer even more flexibility than the traditional FHA requirements, with entry points beginning at 1.5% down and a qualifying score of 580.

Drawback: These loans have specific loan limits that depend on the county, making it harder to get approved for a loan for more expensive properties in specific locations. Speak with one of our Clearfield, Utah 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 a USDA Mortgage

A USDA loan is a federally supported mortgage designed for eligible buyers with modest incomes in designated rural zones, offering zero down payment and affordable interest rates. With us, you can get approved with a credit standing as low as 580 and enjoy no origination or processing fees.

Benefit: USDA-backed loans are more lenient with credit, helping people from various credit backgrounds to qualify.

Drawback: As USDA loans necessitate additional approval from the USDA directly, the process can take a bit longer than traditional loans.

Top U.S. Department of Veterans Affairs Mortgage Options

The U.S. Department of Veterans Affairs offers a home loan program that helps active-duty service members, veterans, and surviving spouses purchase a home with favorable terms and zero down. With a Veterans Affairs loan, get access to reduced mortgage costs and the best interest rates available to you.

Advantages: Credit guidelines for VA mortgage loans are much more lenient, making qualification easier for those who have served and their families with less-than-perfect credit.

Disadvantages: There are limits to the amount of financing available depending on where you’re buying. As seasoned specialists near Clearfield, Utah, we will support you with professional advice and help you access the most competitive mortgage loan rate for your home.

Jumbo Loans for High-Income Buyers

When your home loan exceeds traditional thresholds, our team offers extremely competitive rates and programs in communities all over the Wasatch Front. With a 10% down payment and no additional mortgage insurance, our top-tier Jumbo program offers unmatched benefits. We welcome FICOs as low as 680 with no origination or processing fees.

Benefit: You aren’t obligated to have a flawless credit score for a Jumbo Elite Loan. At Summit Home Loans, you can experience features like 10% down, zero mortgage insurance, and funding solutions for buyers with FICOs as low as 680.

Drawback: A smaller-sized down payment helps you to move into your home quicker, but it also means you’re borrowing a higher portion of the home's cost. Over time, this could increase your overall monthly payments and interest charges, especially for longer mortgage loan terms.

Nationwide High Balance Financing

Nationwide High Balance Loans offer the perfect ground between standard conventional loans and large loans. Secure more than conventional mortgage loans but still enjoy lower interest rates and more relaxed qualification criteria. Especially for premium areas, these mortgage loans offer greater amounts with more flexible qualifications, making it simpler for you to purchase that perfect home you’ve always wanted.

Advantages: Nationwide High Balance Loans get you into the homes you want in a high-cost market. Also, these loans are commonly more affordable than jumbo loans and are easier to qualify for, making them a smart choice.

Disadvantages: Nationwide High Balance Loans are accessible solely in federally approved high-cost zones. If you're buying in a location that isn’t eligible, this option may not be available. Reach out to one of our home loan advisors near Clearfield, Utah for more details.

Smart Commercial Loans Options

As an independent mortgage brokerage, we help reduce costs for our clients with any kind of mortgage loan. This also holds true for commercial properties. Our team delivers fast service, diverse financing choices, and competitive rates on all commercial financing. Connect with us now to learn more about our commercial loan programs. We go beyond traditional home loan services to assist your success in other ventures as well.Commercial loans usually cover business expansion or property purchases. Commercial loans are offered in different types, such as SBA-backed funding, commercial property loans, and bridge funding. Let us help you find a loan that fits for your goals.

Advantages: Commercial loans can support your business with the cash it needs, especially during seasonal and industry changes.

Disadvantages: Sometimes you may need to put up collateral, such as business property or private assets, to qualify for a commercial financing option. Reach out to one of our experienced loan officers right away to get details on your commercial loan options.

Explore Our Doctor Mortgage Loan Options

Physician home loans understand that healthcare providers typically earn high incomes but nevertheless carry significant student loan debt because of their extended, high-cost education. Because of this, physician mortgages are frequently more advantageous to healthcare providers than standard loan options. With low down payments and flexible DTI (Debt-to-Income) ratios, this financing option is an great solution for healthcare professionals.

Benefit: You may save a considerable amount monthly since extra mortgage insurance is commonly excluded.

Drawback: Few lenders offer doctor mortgage programs, but we are glad to be among them. Call us now and take the first step for your new home..

Tailored Home Loan Solutions for Every Life Stage

Life evolves, and we are here to support you at any stage in life. As a full-service brokerage, we are able to tailor loans to fit your specific needs. Even if you believe you aren’t eligible for a certain mortgage, we can review your choices and find a solution that fits your needs.