Pleasant Grove, UT's Most Trusted Home Loan Options

A Mortgage Financing Option That Is Perfect for Your Situation.

There’s no such thing as a universal loan solution, because each borrower is unique. We all have different needs, plans, and desires. That’s why we go the extra mile to learn about your goals and tailor a mortgage loan that’s a perfect fit for your lifestyle.

We assist people from all life stages:

• First-time buyers
• Borrowers with less-than-perfect credit
• Doctors navigating student debt
• Developers of upscale properties
• Current and former military personnel
• And countless others

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

Traditional Home Loans

These are loans offered by private lenders, such as banks and credit unions. Our team features conventional loan programs with as little as 3% down while offering the most competitive rates nationwide.100% gift funds are accepted to cover your down payment and no initial fees required!

Pros: Reduced fees as opposed to government-backed loans such as FHA or VA loans, and they come with flexible financing timelines.

Cons: Usually, you’ll be required to have at least 3 to 5 percent toward your down payment to steer clear of extra costs, such as mortgage insurance. They also often have more demanding credit and income qualifications compared to programs like FHA, VA, or USDA.

Understanding Home Refinancing

Refinancing your home involves starting a new mortgage to pay off your previous mortgage, typically to improve your loan terms. We include a no-cost mortgage review for homeowners considering refinancing. We don’t charge application fees or underwriting fees, making us your smartest mortgage partner.

Pros: Shrinking your monthly loan payment and freeing up funds for other goals. You can also unlock cash from your home, which can be used for home improvements, paying off high-interest debt, or other expenses.

Cons: Refinancing your home loan comes with upfront fees that can be noticeable, making it a less favorable choice for homeowners who don’t plan to live in the property for many years. Extending your mortgage loan term can mean increased interest costs over the life of your loan.

Equity Release Loans

A valuable opportunity for those 62 and up, a reverse mortgage loan delivers the regular cash flow for your retirement. Instead of making monthly payments to the lender, the lender provides you with payments—with the equity you’ve already built in your home. You can access the money from your reverse mortgage: as a one-time payment, through guaranteed monthly payments, or as a line of credit you can access as needed. A key benefit is that the loan doesn’t have to be paid back until you no longer own the home, relocate permanently, or after your passing.

Pros: You can secure additional income in your later years. Monthly payments aren’t necessary, and the loan is repaid when you no longer live in the home or at the end of life.

Cons: For a reverse mortgage, you must be a homeowner aged 62 or older, have built-up equity in your property, and be prepared for federally required insurance.

Give us a call, and we’ll walk you through whether a reverse mortgage works for your situation.

Launch Your Home Build With Reliable Construction Financing

Construction loans are brief-term loans that provide financing for creating a new home or to complete substantial improvements. Settle your home construction loan confidently. Our efficient and easy loan process provides you a wholesale mortgage loan rate plus fewer closing costs out of pocket. We provide you with a rate lock for 180 days as an option. No origination fees and no extra charges.

Pros: Money is made available to build the home in stages, paying for the cost of all major expenses. The loan is released in stages as the construction advances, guaranteeing money is on hand throughout construction.

Cons: Construction loans usually have shorter terms and higher costs compared to standard home loans, leading to larger monthly payments. These loans can also require a clear plan, a substantial down payment, and a good credit history.

Our expert team knows construction lending and will keep your build on course in terms of cost and construction..

Qualify for FHA Financing

We're an FHA-recognized broker, and we’re committed to showing you the benefits and features of FHA financing options. FHA home loans assist first-time buyers and buyers with limited income, providing more flexible requirements than conventional loans. Lower than average FHA government-backed loans criteria, we require as little as 1.5% down and a credit score of 580..

Benefit: Our programs provide even more flexibility than the traditional FHA requirements, with entry points beginning at 1.5% down and a credit score requirement of 580.

Drawback: FHA loans have set loan limits that vary by county, making it more difficult to get approved for a loan for higher-priced homes in certain areas. Call one of our Pleasant Grove, UT mortgage loan advisors to learn more about FHA loans.

Rural Housing Loans

A USDA loan is a government-backed mortgage designed for low-to-moderate-income homebuyers in eligible non-urban locations, offering no down payment and affordable interest rates. With us, you may qualify with a credit score as low as 580 and take advantage of no hidden costs.

Benefit: USDA loans are more credit-friendly, making it easier for buyers with different financial histories to qualify.

Drawback: Given that USDA loans necessitate additional approval from the USDA itself, the process can need a bit additional time than standard loans.

Serving U.S. Veterans Through VA Mortgage Options

Each veteran should have the opportunity to achieve homeownership without unnecessary barriers or extra challenges. Which is why we proudly offer VA-backed home loans—a exceptional home financing option created for those who have served, current service members, and qualifying spouses. Supported by the U.S. Department of Veterans Affairs, VA loans were created to thank you for your service by simplifying the path to owning a home. With zero down payment, no PMI required, and lenient credit guidelines, the VA loan is one of the best mortgage loans you can access. That’s why we feel proud to provide it to you and those who matter most.

Benefit: If you're eligible, you’re able to decrease your monthly rate with a VA Interest Rate Reduction Refinance Loan (IRRRL).

Drawback: VA loans are designed for owner-occupied properties only, meaning they can’t be used to buy an investment property.

High-Value Jumbo Loan Options

Exclusive estates require financing that complements their size and luxury, which is why Jumbo Elite loan programs are a great option. Jumbo Elite Loans are for homebuyers who require more than what conforming mortgage loan limits allow without settling on competitive rates or hassle-free service. With the help of our expert team leading the process, obtaining funding for a premium residence feels anything but complicated.

Pros: You can obtain bigger loans than conventional loans, which is perfect for acquiring expensive residences. With favorable mortgage loan rates, Jumbo loans offer multiple term options, providing versatility for prospective homeowners who need a bigger loan.

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

Purchase a High-Cost Home with More Attractive Terms

For those of you who intend to buy properties in expensive regions where home prices are considerably higher, a Nationwide High Balance Loan may be the perfect option. Unlike jumbo loans, Nationwide High Balance loans are backed by Fannie Mae & Freddie Mac and typically come with better mortgage loan rates. We’re honored to be one of the few lenders nationwide who can offer access to this exclusive lending option.

Pros: Attractive mortgage loan rates, giving more affordable loan options for bigger homes. Nationwide High Balance Loans let you borrow more than traditional mortgages and are a good fit for buyers in expensive markets.

Cons: As a result of the increased loan limits, these loans generally come with a higher down payment. Applicants must adhere to the tighter qualification standards.

Reliable Commercial Loans

As an independent mortgage brokerage, we strive to lower financing expenses with any kind of mortgage loan. The same goes for commercial properties. We provide efficient processing, customizable loan solutions, and great interest rates on all commercial financing. Speak with us now for more information about our commercial financing options. We offer more than traditional mortgage lending to assist your success in business ventures outside of home buying.Commercial loans generally fund company operations or acquisitions. Commercial loans are offered in different types, such as SBA financing, real estate loans, and short-term financing. Our team will guide you to the best fit for your company.

Pros: Commercial loans help you get major financing to purchase, refinance, or upgrade commercial property.p>

Cons: These loans may carry increased rates compared to typical mortgage loans because they involve greater risk. At times, you may need good business credit, well-prepared documentation, and a large down payment to meet requirements.

Medical Professional Loans

Don’t let your student loan debt stop you from purchasing a home. Loans for doctors make it easy for you to buy the home you’ve been dreaming of. If you are currently in or just finished a fellowship, physician loans allow you to exclude student debt when calculating your loan qualification. Get access to reduced down payments as low as 3% with a FICO score of 720+. Forget about loan origination or processing fees on our loan programs.

Pros: Doctor home loans typically come with little to no money down. This makes it easier for medical professionals to buy a home at the start of their careers. These loans often don’t require monthly mortgage insurance, which can cut down your monthly expenses.

Cons: Doctor loans offer valuable perks, but they may come with slightly higher mortgage loan rates than traditional mortgages because of the added lender risk. Medical professional loans are generally only available to physicians, dentists, and other qualified healthcare providers.

A Variety of Programs

Things change in life, and we’re ready to support you at whatever stage you find yourself. As an all-in-one brokerage, we can customize loans to fit your specific needs. Even if you think you may not qualify for a certain loan type, we can look at your options and find a solution tailored to your individual situation.