Kaysville, UT's Top Mortgage Loans

Different Types of Mortgage Loans

There’s no such thing as a universal loan solution, because every homeowner has different needs. We all have different financial situations, plans, and dreams. That’s why we go the extra mile to learn about your goals and design a financing solution that’s a perfect fit for your lifestyle.

We assist people from every background:

• First-time buyers
• Low-income borrowers
• Medical professionals managing student loan debt
• Builders of high-end homes
• Military members and veterans
• And a wide range of other clients

If you’re concerned you won’t be eligible or don’t have enough money saved for a down payment, don’t rule yourself out. Give one of our experienced mortgage professionals a call, and you’ll be shocked by how many financing paths there are for you at Summit Home Loans.

Things to Know About Traditional Home Loans

One of the highly favored and adaptable mortgage loan options available is a conventional loan—and for good reason. These loans are funded through independent banks instead of the government, which means you have more freedom when it comes to loan terms, home types, and repayment setup. If you’re financially well-qualified with proven credit strength, we can help you secure a flexible mortgage solution with the lowest mortgage loan rates on the market.

Pros: Lower fees compared to federal loan programs like FHA or VA loans, and they feature adjustable loan terms.

Cons: Usually, you’ll be expected to provide at least 3 to 5 percent toward your down payment to steer clear of extra costs, like mortgage insurance. They also often have more selective financial requirements compared to government-supported mortgage programs.

The Financial Benefits of Refinancing Your Home

It’s true, refinancing your mortgage is a great strategy that may lower your monthly payments over time. The primary reason to refinance? You could get access to a much better mortgage loan rate—slashing your monthly payments and building major long-term savings. Even a slight decrease in your mortgage bill can go a long way—redirecting funds toward other financial priorities like paying off debt.

Advantages: Refinancing your mortgage can boost your financial future by reducing interest costs, letting you keep more of your hard-earned money. Additionally, it grants you access to funds without selling your home. You can use your home’s equity for upgrades in your home, paying off high-interest debt, or handling unexpected costs.

Disadvantages: While refinancing your home loan offers numerous advantages, it can add more years to your mortgage and ultimately cause you to pay more in interest long term. Plus, if you’re not planning on holding onto the home long term, this might not be the route for you.

Key Information About Equity Release Loans

Our experienced loan advisors can help you see if this option aligns with your goals.

Loans for Building a Home

We understand that building your own home goes beyond bricks and mortar, it’s a dream. Construction loan options from us are structured to give you the stability and support to launch your project with certainty. Feel free to work with a construction professional or run the project on your own. Either way, we will help you obtain the financing that fits your financial goals and schedule—this features a 180-day lock option, guaranteeing your mortgage loan rate for 180 days.

Advantages: You get the flexibility of having the funds to build your place exactly as you’d like it.

Disadvantages: Construction loans require a permanent mortgage once the project is completed, but we are ready to assist you with that next step of your loan and find the lowest mortgage loan rate.

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

Qualify for FHA Financing

Here, we make owning a home easier—whether you're a first-time buyer, fixing your credit, or have minimal upfront funds. Insured by the Federal Housing Administration, FHA loans are here to help buyers who require more leeway without compromising on favorable conditions or lasting value.

Benefit: Our programs provide even more flexibility than the standard FHA requirements, with options starting at just 1.5% down and a minimum FICO score of 580.

Drawback: FHA loans have specific loan limits that vary by county, making it challenging to get approved for a loan for more expensive properties in certain areas. Call one of our Kaysville, UT mortgage loan experts to learn more about FHA loans.

Own a Home in a Qualifying Rural Location with a USDA Mortgage

If you’re dreaming of wide-open spaces and a home that feels like a true escape, a USDA loan may be the key to making that dream come true. USDA home loans help specific non-urban regions, and they allow 100% of the cost to be financed, eliminating the need for a down payment. Purchasing a house in a rural area is a chance to start fresh in a home you love without the big initial expense.

Advantages: Smaller monthly bills made possible by affordable mortgage loan rates and affordable insurance rates.

Disadvantages: To qualify for a USDA loan, you must meet certain requirements based on the area you're buying in and your household size. Let’s see if you meet the requirements with one of our experienced financing advisors.

Serving Our Veterans With VA Loan Programs

The U.S. Department of Veterans Affairs offers the best mortgage loan that assists active-duty service members, veterans, and surviving spouses purchase a home with favorable terms and zero down payment. With a Veterans Affairs loan, reap the benefits of lower monthly payments and the most competitive interest rates tailored for veterans.

Benefit: If it makes financial sense, you have the option to reduce your interest rate with a VA Interest Rate Reduction Refinance Loan (IRRRL).

Drawback: VA-backed loans are limited to primary residences, meaning you are not permitted to use them to finance a vacation house.

Boost Your Purchasing Power With Elite Jumbo Financing

If you’re shopping for luxury properties, we’re here to make your purchase possible. Jumbo Elite Loans are specifically designed for high-income individuals who wish to secure luxury or expensive loans that go beyond conventional limits. We accept just 10% down and don’t require mortgage insurance.

Pros: You can secure higher sums than standard loans, which is perfectly suited for acquiring expensive residences. With attractive mortgage loan rates, Jumbo loans offer several loan terms, providing options for borrowers who require a bigger loan.

Cons: While attractive, Jumbo Elite home loan rates can be more expensive than those of standard loans, resulting in bigger monthly payments.

Nationwide High Balance Lending Options

Enjoy the larger house without the higher rate. As little as 10% down payment needed with no mortgage insurance needed. FICOs beginning at 680. With no origination or processing fees. Only a limited number of lenders carry this program throughout the nation.

Pros: Favorable mortgage loan rates, providing more affordable financing for premium properties. Nationwide High Balance Loans let you borrow more than standard loans and are a good fit for buyers in areas with high home prices.

Cons: Because of the larger loan sizes, these loans typically come with a larger down payment. Applicants must adhere to the tighter financial criteria.

Flexible Commercial Loans

As an independent mortgage brokerage, we help lower financing expenses for all mortgage types. The same goes for commercial loans. You can expect quick turnaround times, customizable loan solutions, and market-leading terms on all business property loans. Speak with us right away to discover more about our commercial loan programs. We go beyond traditional mortgage lending to support your success in other ventures beyond the home.Commercial loans commonly fund business expansion or acquisitions. Commercial loans are offered in various forms, such as Small Business Administration loans, commercial real estate financing, and short-term financing. We’ll guide you to a loan that fits for your goals.

Advantages: Commercial loans can provide your business with the money it needs, especially during seasonal and market changes.

Disadvantages: You may need to offer collateral, such as company property or personal assets, to obtain a commercial loan. Speak with one of our knowledgeable commercial loan specialists today to discuss your loan opportunities.

Physician Loans

Don’t let your student loan debt limit you from purchasing a home. Doctor loans help make it easier for you to get the home you’ve been dreaming of. If you are currently in or just finished a residency, doctor loans allow you to exclude student debt when calculating your debt-to-income ratio. Take advantage of reduced down payments as low as three percent with a FICO score of 720+. Zero origination or processing fees on our loan programs.

Pros: Doctor loans usually offer little to no money down. This enables physicians to buy a home early on. These loans typically don’t require Private Mortgage Insurance, which can cut down your monthly expenses.

Cons: Doctor loans offer great benefits, but they may come with somewhat higher mortgage loan rates than standard home loans because of the perceived risk. Doctor home loans are commonly only offered to medical doctors, dentists, and other qualified medical personnel.

Don’t See Your Loan Here?

We're a mortgage brokerage. We have access to all the mortgage options that our borrowers are looking for. Missed the loan program you need?. Get in touch with us and ask. We’re sure to have the best mortgage loan program to suit your needs. If you don’t find it here, then we will guide you in creating a strategy to meet your homeownership aspirations.