Mapleton, UT's Best Mortgage Solutions

Home Loan Options

Your circumstances are specific to you. We offer a full suite of home loan options designed to fit your specific circumstances. We have programs for first-homebuyers, veterans, doctors, those looking to refinance, and much more—just ask. Whatever the scenario, we will help you secure the ideal financing option that fits your budget and real estate goals.

Traditional Home Loans

Conventional loans are not the same as government-backed loans. They are provided through private financial providers, including major banks and local credit unions. At Summit Loans, our team offer you a conventional mortgage starting at only 3% down and offer 100% gift funds for your down payment. This is completely available to you with no loan origination or closing fees.

Benefit: You can put down just a 3% down payment with 100% gift funds to cover your down payment. And of course, you won’t pay any upfront charges with us.

Drawback: Conventional loans often have stricter debt-to-income ratio limits, meaning you can’t have too much existing debt.

Conventional loans are a solid option, but they aren’t the perfect solution for everyone. We’re dedicated to assisting you in navigating all your financing solutions and connecting you to the loan that meets your long-term goals.

Mortgage Refinancing Options

Refinancing can be a great option to lower your monthly expenses—to do this, you replace your current mortgage with one that has a lower interest rate. We make available a no-obligation pre-approval for those thinking about refinancing. Also, bypass all upfront charges by obtaining your mortgage loan through our team.

Advantages: Refinancing your mortgage can put you on the path to financial freedom by minimizing how much interest you pay, which can translate into major long-term savings. Additionally, it provides access to the cash tied up in your home. You can use your home’s equity for renovations, paying off high-interest debt, or handling unexpected costs.

Disadvantages: While refinancing your home loan offers many benefits, it can lengthen your repayment timeline and ultimately result in greater interest paid overall. In addition, if you’re not planning on owning the property for many years, this might not be the ideal path.

Have you heard of Senior Home Loans?

Reverse mortgages let you tap into part of your equity in your home for funds without having to sell your home or pay additional monthly bills. Our knowledgeable mortgage consultants

Construction-to-Permanent Loans

Construction loans are designed to offer fast financing, so you can build your dream home or undertake a large renovation project. They are typically costlier mortgage loans meant to be repaid once the construction is fully built. Different from most other loans, construction loans consist of a series of payments throughout the construction process. You’ll find a variety of construction loans, and our experienced lending team would be happy to match you with the right option.

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

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

Our skilled team knows construction lending and will keep your build moving forward in terms of cost and construction..

Federal Housing Administration Loans

We're an FHA-certified broker, and we’re dedicated to assisting you in understanding the benefits and features of FHA mortgage solutions. FHA mortgage loans help people buying their first home and buyers with limited income, providing less strict criteria than typical home loans. Lower than average FHA criteria, we require as little as 1.5% down and a credit rating of 580..

Pros: Government-backed FHA loans are simpler because they have more relaxed credit and income standards than conventional loans.

Cons: Government-backed FHA loans require both initial and recurring mortgage insurance, which raise your total loan expense.There are also federally set parameters on how much you can borrow, which may fall short for higher-priced homes.

USDA Home Loans

If you’re dreaming of wide-open spaces and a home that feels like a true escape, you might find a USDA loan is the path to making it real. USDA loans are designed for specific non-urban regions, and they offer 100% financing, which means no down payment. Purchasing a house in a rural area is a chance to build a life you care about without the burden of a large down payment.

Advantages: Lower monthly payments thanks to competitive interest rates and lower mortgage insurance premiums.

Disadvantages: There are guidelines based on your location and household size. Let us guide you through the process with one of our experienced loan specialists.

Home Financing for Veterans

VA mortgage options help veterans, service members, and spouses of deceased veterans purchase a home. Located near Hill AFB, our loan officers proudly supports those who've served. With as little as zero down, no PMI, and the most competitive rates, we aim to deliver an affordable loan program to our valued veteran clients.

Pros: VA loans include complete financing, ensuring you can buy with nothing down. This makes it easier for eligible those who serve and their loved ones to buy their first home. Also, unlike conventional loans, VA-backed loans do not mandate monthly private mortgage insurance.

Cons: VA-backed loans often include a one-time VA funding fee, which contributes to the final cost of borrowing.

Buy a Luxury Home With Jumbo Elite Loans

Luxury homes call for financing that matches their size and luxury, which is why Jumbo Elite loan programs are a perfect option. Jumbo Elite loan programs are for homebuyers who require more than what conforming mortgage loan limits allow without settling on attractive rates or smooth processing. With the help of our knowledgeable team assisting the process, obtaining funding for a premium residence feels anything but complicated.

Benefit: You aren’t required to have an impeccable credit score for a Jumbo Elite Loan. At Summit Home Loans, you can benefit from features like 10% down, no private mortgage insurance, and financing options for buyers with FICOs of 680 and above.

Drawback: A smaller-sized down payment lets you to purchase your home quicker, but it also means you’re financing a higher portion of the home's cost. Over time, this could increase your overall payments and interest costs, especially for long-term mortgage loan terms.

Nationwide High Balance Lending Options

Nationwide High Balance Loans offer the perfect balance between regular mortgage loans and big loans. Access more than standard conventional loans but still benefit from reduced interest rates and easier qualifying requirements. Especially for high-price regions, these mortgage loans offer increased limits with more relaxed criteria, making it more affordable for you to buy that perfect home you’ve always wanted.

Pros: Favorable mortgage loan rates, providing more affordable financing for bigger homes. Nationwide High Balance Loans let you borrow more than traditional mortgages and are a solid solution for buyers in expensive markets.

Cons: Because of the larger loan sizes, these loans generally need a larger down payment. Borrowers must meet the tighter qualification standards.

Ignite Your Business Growth With a Commercial Loan

As an independent mortgage brokerage, we work to help people spend less across various mortgage options. This also holds true for commercial properties. We offer quick turnaround times, flexible loan options, and competitive rates on all commercial loan products. Connect with us today to discover more about our commercial financing options. We go beyond traditional mortgage lending to help your success in other ventures too.Commercial loans typically fund business growth or property purchases. Commercial loans are offered in different types, such as SBA financing, real estate loans, and interim loans. Let us guide you to a loan that fits for your business.

Pros: Commercial financing options let you get major financing to purchase, restructure, or build commercial property.p>

Cons: These types of loans usually include higher interest rates versus standard home financing because they come with higher risk. At times, you may need strong business credit, a business plan, and a large down payment to to qualify.

A More Accessible Way for Doctors to Purchase a Home

We understand that becoming a medical professional takes years of dedication, but we believe homeownership shouldn’t have to wait.So we’ve designed the best mortgage options, specialized just for healthcare heroes. Whether you're in residency or already an active doctor, our physician mortgage is made for you.

Pros: Doctor loans usually come with low or no down payments. This makes it easier for physicians to get into a home sooner. These loans generally don’t require extra insurance fees, which can save you money every month.

Cons: Doctor loans offer great benefits, but they may come with slightly higher mortgage loan rates than conventional loans because of the associated risk for lenders. Doctor home loans are typically only accessible to medical doctors, dental professionals, and other qualified medical personnel.

Summit Home Loans Offers More

We're a mortgage brokerage. We have access to all the solutions that our customers need. Missed the loan program you need?. Feel free to reach out and ask. We’re sure to have a mortgage loan plan to meet your specific needs. If you don’t find it here, then we will work with you to build a roadmap to achieve your homeownership aspirations.