Experienced Mortgage Loan Experts Near Magna, UT

A Mortgage Loan That Matches Your Needs.

We deliver a wide range of financing programs to match your situation. It doesn’t matter if you’re a first-time homebuyer, looking to refinance your property, or interested in a Jumbo loan—we will deliver you the best possible service and financing rates. Our loan specialists will guide you through the process to identify the best mortgage match for your personal finances and real estate plans.

What to Know About Conventional Loans

Conventional loans operate differently than government-insured mortgage loans. They are made available through private financial providers, including banks and community credit unions. At Summit Loans, our team of mortgage loan professionals deliver you a conventional mortgage from only 3% down and allow total gift funds for your down payment. This is fully available to you with no loan processing or closing fees.

Advantages: One of the biggest advantages of conventional loans is that they often come with fewer charges compared to federally insured mortgages, such as VA or FHA loans.

Disadvantages: However, your down payment will need to be at least the minimum 3% to reduce out-of-pocket fees, like private mortgage insurance (PMI).

Conventional loans are a reliable option, but they don’t work for every financial situation. We’re focused on helping you in exploring your mortgage options and connecting you to the loan that meets your long-term goals.

How a Mortgage Refinance Can Put Money Back in Your Pocket

It’s true, refinancing your home loan is a great strategy that may lower your monthly payments in the long run. The standout perk? You could secure a dramatically reduced rate—slashing your monthly payments and keeping more money in your pocket for years to come. Even a minor cut in your mortgage bill can go a long way—freeing up money for other financial priorities like handling everyday expenses more easily.

Pros: Lowering your mortgage bill and helping you keep more of your income. You can also access your home’s equity for cash, which can be used for renovations, paying off high-interest debt, or unexpected costs.

Cons: Refinancing your home loan comes with transaction expenses that can be considerable, which may not be ideal for homeowners who don’t plan to live in the property for many years. Extending your mortgage term can result in accumulating more interest over the full duration of your loan.

Loans for Seniors

A perfect option for seniors aged 62+, a reverse mortgage loan supplies the consistent monthly cash flow for peace of mind. Instead of sending payments to the lender, the lender makes payments to you—thanks to the home equity you’ve built. Funds from your reverse mortgage can be distributed: as a all-at-once payment, through regular monthly income, or as a line of credit you can access as needed. What makes it even better is that the loan doesn’t have to be paid back until you no longer own the home, transition to a new residence, or after your passing.

Advantages: You may continue to reside in your home for as long as you wish to. Your heirs will not owe more than the home’s value at the time of sale, even if the outstanding loan is more than the home’s value.

Disadvantages: As the loan amount rises, it impacts the equity you can leave behind for your heirs.

Start the conversation today, and we’ll work with you to see if a reverse mortgage fits your needs.

Construction Loans: Personalized Financing for Your Future Home

Here, we understand that bringing your vision of a home to life is more than a project, it’s where your future begins. We offer construction loans that are designed to provide you with the flexibility and financial support to break ground with confidence. Feel free to work with a construction professional or take control of the build. Regardless of your path, we will help you secure the financing that aligns with your financial goals and schedule—this also includes a 180-day lock option, ensuring your mortgage loan rate for 180 days.

Advantages: You gain the flexibility of accessing the funds to build your home just the way you want.

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

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

Government-Backed FHA Loans

We're an FHA-certified broker, and we’re committed to assisting you in understanding the benefits and features of FHA mortgage solutions. FHA financing options are ideal for first-time buyers and moderate-income families, providing more flexible requirements than typical home loans. Lower than average FHA requirements, we ask as little as a 1.5% down payment and a credit rating of 580..

Benefit: We offer even more flexibility than the traditional FHA requirements, with options starting at just 1.5% down and a credit score requirement of 580 or higher.

Drawback: Government-backed FHA mortgages have federally defined loan limits that vary by county, making it challenging to get approved for a loan for more expensive properties in specific locations. Reach out to one of our Magna, UT mortgage loan advisors to find out more about FHA loans.

Can't Afford a Down Payment? It’s Still Possible with a USDA Mortgage

If you’re planning to move to a USDA-eligible non-urban location, the government offers flexible mortgage options that support homeownership and economic growth in these areas. Become approved for a USDA mortgage loan with a credit rating as low as 580 and 100% financing available. Give us a call for a streamlined approval experience.

Advantages: Lower monthly payments as a result of low interest rates and lower mortgage insurance premiums.

Disadvantages: There are guidelines based on the location and the size of your family. Find out if you’re eligible with one of our experienced financing advisors.

Home Lending Options to Support Eligible Veterans

VA-backed home loans help military veterans, active-duty members, and spouses of deceased veterans become homeowners. Serving the Hill AFB area, our loan officers proudly supports veterans. With as little as zero down, no PMI, and the most competitive rates, we aim to deliver a high-quality financing option to our valued veteran clients.

Pros: Veterans Affairs loans come with zero-down financing, so that a down payment isn’t necessary. This helps simplify the process for military families, veterans, and active-duty members to buy their first home. Also, unlike conventional loans, VA mortgage programs do not mandate private mortgage insurance (PMI).

Cons: VA mortgage programs often include a one-time loan fee, which contributes to the final cost of borrowing.

Top-Tier Jumbo Loan Products

Upscale residences call for financing that fits their magnitude and luxury, which is why Jumbo Elite loans are a perfect option. Jumbo Elite Loans are for individuals who need more than what standard mortgage limits allow without compromising on favorable rates or efficient service. With our skilled team guiding the process, getting financing for a high-end property feels effortless.

Advantages: Jumbo Elite Loans offer mortgage loan rates that are more budget-friendly than conventional jumbo loans.

Disadvantages: Applicants must demonstrate robust financial capacity for these loans.

The Reasons a Nationwide High Balance Loan Could Be For You

Nationwide High Balance Loans offer the perfect solution between regular mortgage loans and large loans. Borrow more than traditional loans but still take advantage of reduced interest rates and flexible qualifying criteria. Especially for expensive areas, these mortgage loans offer increased limits with easier requirements, making it simpler for you to purchase that perfect home you’ve always wanted.

Advantages: Nationwide High Balance Loans get you into the properties you desire in a high-cost market. Also, these loans are typically less expensive than jumbo loans and have simpler qualification requirements, making them a solid choice.

Disadvantages: Nationwide High Balance Loans are restricted to distribution in designated high-cost areas. If you're buying in an area that isn’t eligible, you might not qualify for this option. Connect with one of our financing consultants located near Magna, UT to explore your options.

Boost Your Business Success With a Commercial Loan

As an independent mortgage brokerage, we aim to lower financing expenses for all mortgage types. This also holds true for commercial properties. We offer prompt loan handling, flexible loan options, and competitive rates on all business property loans. Reach out today to find out more about our commercial loan programs. We offer more than traditional mortgage lending to back your success in other ventures too.Commercial loans typically finance business growth or property purchases. Commercial loans come in a range of formats, such as SBA financing, real estate loans, and short-term financing. We can find a loan that fits for your goals.

Benefit: We offer competitive rates to make it easier for you to manage your expenses as you expand your business.

Drawback: Based on the loan type and your financial situation, a higher down payment might be needed.

Doctor Loans

Don’t let your medical education loans keep you from purchasing a home. Doctor loans help make it easier for you to get the home you've always wanted. Whether you're in or have recently completed a residency, doctor loans let you exclude student debt when calculating your debt ratio. Qualify for reduced down payments as low as three percent with a FICO score of 720 or higher. Forget about loan origination or processing fees on our mortgage loans.

Benefit: You could save significant money every month since extra mortgage insurance is often not needed.

Drawback: Only a small number of lenders specialize in medical professional loans, but we are proud to be one of them. Call us now and start your pre-approval for your new home..

Don't See a Loan Option that Suits You?

Life constantly changes, and we are here to support you at every stage of your journey. As a comprehensive mortgage brokerage, we can customize loans to match your goals. Even if you think you might not qualify for a certain loan type, we can review your choices and offer a solution based on your unique situation.