Reliable Mortgage Professionals Near Payson, Utah

There’s a Mortgage Loan Option for Your Situation.

We deliver a full suite of home loan options to match your situation. It doesn’t matter if you’re a first-time house shopper, looking to refinance your property, or interested in a VA loan—we will provide you the best possible service and interest rates. Our dedicated mortgage team will guide you through the process to get the right solution for your unique financial needs and home buying goals.

Understanding Conventional Loans

Conventional loans operate differently than government-supported loans. They are offered by private lenders, such as banks and credit unions. At Summit Loans, we are able to offer you a traditional loan from three percent down and offer complete gift funds for your down payment. This is all available for you with no loan origination or paperwork fees.

Advantages: One of the key benefits of conventional loans is that they often come with reduced costs compared to government-supported financing, such as VA or FHA loans.

Disadvantages: However, your down payment will need to be at least the minimum 3% to prevent extra costs, like private mortgage insurance (PMI).

Refinancing Your Mortgage

It’s true, reworking your mortgage is a smart financial move that may lower your monthly payments in the long run. The standout perk? You could take advantage of a much better mortgage loan rate—lowering what you owe each month and building major long-term savings. Even a small reduction in your monthly housing cost can free up meaningful cash flow—helping you prioritize other financial priorities like paying off debt.

Pros: Decreasing what you owe each month and helping you keep more of your income. You can also use your home’s built-up value, which can be used for property upgrades, debt consolidation, or financial needs as they arise.

Cons: Refinancing your home loan comes with transaction expenses that can be considerable, making it less appealing for homeowners who don’t plan to stay in their home long-term. Extending your mortgage loan term can lead to incurring higher interest charges over the full duration of your loan.

Breaking Down Reverse Mortgages

Our licensed home financing specialists can help you see if this option aligns with your goals.

Home Construction Loans: Built for Your Vision

Construction loans are designed to provide quick financing, so you can create your dream home or embark on a large-scale renovation project. They are typically interest-heavy mortgage loans meant to be paid off once the construction is finished. Unlike standard loans, loans for construction consist of a series of payments throughout the construction process. You’ll find a variety of construction loans, and a knowledgeable loan specialist would be more than willing to find the right one for you.

Benefit: Most construction loans ask for interest payments only during the development stage.

Drawback: Construction loans typically call for a larger down payment. You’ll need comprehensive plans, a project timeline, and a qualified builder in place before getting approved.

Our skilled team understands construction lending and will keep your build on track in terms of cost and construction..

How to Qualify for FHA Financing

FHA home loans are guaranteed by the U.S. government and intended to assist those with limited income or new homebuyers. We're an FHA-authorized broker, giving our clients numerous benefits with FHA financing programs. We offer FHA mortgage options with only 1.5% upfront and a credit score starting at 580. Gift money can cover 100% of your down payment, with no origination or processing fees.

Advantages: FHA mortgage loans usually have reduced rates.

Disadvantages: Caps exist regarding how much you can borrow, which may vary depending on the area you live. Call a local mortgage specialist at Summit Home Loans to talk to an advisor.

Purchase a House in a Qualifying Rural Location with Government-Backed USDA Financing

A USDA loan is a rural development mortgage designed for eligible buyers with modest incomes in designated rural zones, offering no down payment and affordable interest rates. With us, you may qualify with a FICO score as low as 580 and enjoy no hidden costs.

Advantages: Reduced housing costs because of competitive interest rates and affordable insurance rates.

Disadvantages: USDA home loans include guidelines based on the region and number of people in your home. Let us help you find out if you qualify with one of our licensed mortgage experts.

Mortgage Financing to Support Veterans

Each veteran deserves the opportunity to become a homeowner without roadblocks or red tape. This is why we proudly offer VA-backed home loans—a exceptional home financing option designed especially for eligible surviving spouses, active-duty military, and veterans. Administered by the U.S. Department of Veterans Affairs, mortgages for veterans are designed to honor your service by making homeownership more affordable and accessible. Thanks to no down payment, no need for private mortgage insurance, and lenient credit guidelines, VA financing is one of the best mortgage loans available. Because of that, we remain thankful to offer this program to veterans and their families.

Benefit: If you're eligible, you can quickly reduce your interest rate with a VA Interest Rate Reduction Refinance Loan (IRRRL).

Drawback: Veterans Affairs home loans are intended for your main home, meaning they can’t be used to acquire a second home.

Exclusive Jumbo Mortgage Programs

If you're seeking financing beyond conforming limits, our team provides some of the best loan programs available throughout the Wasatch Front. Featuring just 10% down and no extra PMI costs, our Jumbo mortgage solutions are second to none. We work with FICOs as low as 680 with no origination or processing fees.

Pros: You can borrow greater amounts than regular mortgage options, which is ideal for purchasing high-end residences. With attractive mortgage loan rates, Jumbo loans offer various loan terms, providing flexibility for individuals who need a larger mortgage.

Cons: While attractive, Jumbo Elite home loan fees can be steeper than those of standard loans, resulting in larger monthly payments.

Why a Nationwide High Balance Loan Might Be The Right Choice for You

For those of you who want acquire properties in high-cost areas where home prices are considerably higher, a Nationwide High Balance Loan may just be the solution. Unlike jumbo loans, Nationwide High Balance loans are funded by the government-sponsored enterprises Fannie Mae and Freddie Mac and often come with better mortgage loan rates. We’re excited to be one of the limited lenders nationwide who can offer access to this special program.

Advantages: Nationwide High Balance Loans make it possible to buy the residences you desire in a high-cost market. Also, these loans are usually less expensive than jumbo loans and feature more flexible qualifications, making them a solid choice.

Disadvantages: Nationwide High Balance Loans may only be accessed in officially recognized high-cost markets. When buying in an area that doesn’t meet the requirements, this may not be an option for you. Get in touch with one of our mortgage loan experts located near Payson, Utah to learn more.

Ignite Your Business Growth With a Reliable Commercial Loan

When it’s time to grow your business, you need funding that matches your effort. Our commercial financing options make it easier to grow your business—whether you're buying property, modernizing your operations, investing in equipment, or launching a new venture. Access our tailored financing options built around your needs, income cycle, and growth plans—so you can keep your attention on scaling up.

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

Disadvantages: You may need to use security, such as business property or individual assets, to get a commercial financing option. Speak with one of our expert loan officers now to learn more about your commercial lending solutions.

A More Affordable Way for Doctors to Buy a Home

Don’t let your student loans hold you back from buying a home. Physician loans make it easy for you to purchase the home you’ve been dreaming of. Whether you're currently in or recently finished a fellowship, doctor loans let you exclude student debt when calculating your loan qualification. Get access to down payments as low as three percent with a FICO score of 720+. Absolutely no origination or processing fees on our home loans.

Advantages: Medical professional mortgages are designed for those in the medical field, making homeownership more realistic and within reach.

Disadvantages: Physician home loans are specialized and available at a limited number of lenders. We are proud of our doctor loans and are pleased to provide their benefits to physicians and other medical professionals near Payson, Utah.

Not Seeing Your Loan Here?

We're a mortgage brokerage. We have access to all the loan products that our clients depend on. Not seeing the loan program you wanted?. Contact us and inquire. We’re confident we have a mortgage loan program to suit your requirements. If not, then we will work with you to build a plan to attain your homeownership goals.