Roy, UT's Best Home Loan Options

Different Types of Mortgage Loans

We feature a variety of home loan options to suit your needs. It doesn’t matter if you’re a first-time homebuyer, looking to refinance your current home, or interested in a conventional loan—we will offer you the highest quality service and mortgage rates. Our loan specialists will walk you through every step to find the best mortgage match for your personal finances and real estate plans.

Is a Conventional Loan for You?

Conventional loans differ from government-funded mortgage loans. They are made available through non-government lenders, including banks and local credit unions. At Summit Loans, the professionals at Summit Loans are able to offer you a traditional loan starting at three percent down and allow 100% of the gift funds for your down payment. This is all available for you with no origination or closing fees.

Pros: Less expensive closing costs relative to federally insured loans including FHA or VA loans, and they come with personalized term lengths.

Cons: Usually, you’ll be expected to provide at least three to five percent upfront in order to bypass extra costs, such as mortgage insurance. They also often have higher financial requirements compared to government-backed home loans.

Conventional loans are a powerful option, but they are not the right fit for everyone. We’re committed to assisting you in understanding your loan choices and matching you with the loan that aligns with your future plans.

Exploring Refinancing Options

Refinancing your home involves replacing your existing mortgage loan to transition from your original mortgage, typically to save on interest over time. We provide a free refinance assessment for homeowners considering refinancing. We don’t charge upfront origination costs or admin fees, making us your smartest mortgage partner.

Pros: Trimming your monthly housing costs and helping you keep more of your income. You can also use your home’s built-up value, which can be used for remodeling projects, reducing overall debt, or unexpected costs.

Cons: Refinancing your home loan comes with transaction expenses that can be quite high, which may not be ideal for homeowners who don’t plan to remain in the house for the long haul. Extending your home loan term can mean paying more interest throughout the term of your mortgage.

Mortgage Options for Retirees

If you're 62+, you may find yourself wanting more cash flow and still living in your home without monthly loan obligations. With a Reverse Mortgage, you can access a portion of your home’s equity for funds and settle the rest when you sell your property or when you pass on.

Loans for New Home Construction

Construction loans are made to provide fast financing, so you can build your dream home or embark on a large-scale renovation project. They are typically interest-heavy mortgage loans designed to be repaid once the construction is wrapped up. In contrast to most other loans, building loans consist of multiple disbursements throughout the construction process. We offer a variety of construction loans, and our experienced lending team would be happy to help you choose the best fit.

Benefit: Most construction loans require payments solely on interest during the project.

Drawback: Construction loans generally demand a bigger down payment. You’ll be required to have detailed plans, a construction timeline, and a licensed contractor in place before approval.

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

An Easier Path to Homeownership With FHA

FHA home loans are secured by the Federal Housing Administration and intended to assist low-income buyers or new homebuyers. We're an FHA-authorized broker, giving our clients numerous benefits with FHA loan solutions. We offer FHA financing with an initial payment of only 1.5% down and FICO scores as low as 580. Gift funds accepted for the entire down payment, with no hidden charges.

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

Drawback: These loans have set loan limits that vary by county, making it harder to obtain financing for more expensive properties in certain areas. Call one of our Roy, UT mortgage loan experts to find out how FHA loans can help you purchase your dream home.

Government-Backed USDA Mortgages

A USDA loan is a government-backed mortgage designed for low-to-moderate-income homebuyers in rural or suburban areas, offering no down payment and highly competitive interest rates. With us, you can get approved with a FICO score as low as 580 and enjoy no origination or processing fees.

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

Disadvantages: USDA loans require you to meet qualification standards based on location and how many people live in your household. Let’s see if you meet the requirements with one of our licensed USDA loan experts.

Helping Our Veterans With VA Loans

VA-backed mortgage options assist veterans, active-duty members, and spouses of deceased veterans become homeowners. Located near Hill AFB, our loan officers is proud to support military veterans. With 0% down, no mortgage insurance, and affordable terms, we’re proud to offer an affordable loan program to eligible veterans.

Advantages: Credit guidelines for VA loans are much more lenient, making qualification easier for any active-duty service member, veteran, or surviving spouse with less-than-perfect credit.

Disadvantages: Maximum loan amounts may apply on how much you can borrow depending on where you’re buying. As local specialists near Roy, UT, we are here to guide you with tailored guidance and help you obtain the maximum home financing for your home.

Get Into a Dream Home With Exclusive Jumbo Financing

When your home loan exceeds traditional thresholds, our team offers highly competitive Jumbo loan solutions in communities all over the Wasatch Front. Offering a low 10% down payment and no mortgage insurance, we provide a premier Jumbo loan offering. We welcome FICOs as low as 680 or higher with no processing or origination charges.

Pros: You can obtain larger amounts than conventional loans, which is perfectly suited for acquiring expensive residences. With favorable mortgage loan rates, Jumbo loans offer multiple loan terms, providing flexibility for homebuyers who need a larger mortgage.

Cons: While favorable, Jumbo Elite home loan rates can be steeper than those of regular mortgage options, resulting in bigger monthly payments.

The Reasons a Nationwide High Balance Loan May Be Ideal for You

Nationwide High Balance Loans offer the perfect middle ground between standard conventional loans and large loans. Borrow more than conventional mortgage loans but still enjoy competitive interest rates and flexible qualifying criteria. Especially for high-price regions, these mortgage loans offer larger limits with more relaxed criteria, making it simpler for you to buy that forever home you’ve always wanted.

Pros: Attractive mortgage loan rates, offering more affordable loan options for bigger homes. Nationwide High Balance Loans let you access more funds than standard loans and are a solid solution for homebuyers in areas with high home prices.

Cons: Due to the greater borrowing amounts, these loans usually require a larger down payment. Applicants must comply with the stricter credit and income guidelines.

Affordable Commercial Loans

As an independent mortgage brokerage, we aim to lower financing expenses with any kind of mortgage loan. The same goes for commercial properties. Our team delivers prompt loan handling, a wide range of loan programs, and low rates on all types of commercial loans. Speak with us now to find out more about our commercial financing options. We go beyond traditional mortgage lending to back your success in business ventures beyond the home.Commercial loans generally support company operations or acquisitions. Commercial loans are offered in multiple options, such as SBA loans, commercial property loans, and bridge loans. We can find a suitable option for your business.

Pros: Commercial financing options let you access large funds to buy, refinance, or upgrade real estate for your business.p>

Cons: These loans typically come with higher interest rates versus standard home financing because they are riskier. At times, you may need strong business credit, a business plan, and substantial funds upfront to to qualify.

Leverage Our Doctor Mortgage Loan Solutions

Home loans for doctors recognize that physicians typically have strong earning potential but still have heavy student loan debt due to their lengthy and costly education. For this reason, medical professional loans are typically more beneficial to physicians than regular home loans. With low down payments and more forgiving debt-to-income requirements, this loan product is an strong solution for physicians.

Advantages: Doctor mortgage loans are created for healthcare providers, making homeownership more realistic and within reach.

Disadvantages: Loans for doctors are specialized and available at a limited number of lenders. We take pride in our physician mortgage programs and are pleased to offer their special options to physicians and other medical professionals near Roy, UT.

Unable to Find Your Loan?

We're a home loan brokerage. We have access to all the products that our customers need. Unable to find your loan program?. Feel free to reach out and ask. We’re confident we have a mortgage loan program to match your goals. If we don’t have what you need, then we will work with you to build a strategy to achieve your homeownership goals.