Salem, UT's Best Mortgage Loans

Mortgage Loan Types

Your situation is unique. We provide a full suite of loan products customized for your unique needs. We have programs for first-time buyers, those who have served, medical professionals, those looking to refinance, and much more—just ask. Whatever the situation, we will help you secure the best-fit loan that aligns with your financial vision and real estate goals.

Should You Consider a Conventional Loan?

These are loans offered by non-government lenders, such as banks and credit unions. Our team features conventional loan programs with as little as 3% down while offering the best mortgage loan rates across the country.Complete gift grants can be used to cover your down payment with no loan origination extra costs!

Pros: Decreased loan expenses relative to government-backed loans like FHA or VA loans, and they allow for customizable loan terms.

Cons: Usually, you’ll be expected to provide at least 3 to 5 percent toward your down payment to prevent extra costs, like mortgage insurance. They also often have more demanding financial requirements compared to government-backed home loans.

Exploring 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 better rate. We offer a free pre-qualification process for those considering refinancing. Also, eliminate all origination and processing fees by obtaining your mortgage loan using our refinancing options.

Advantages: Refinancing your home can enhance your long-term savings by cutting down what you pay in interest, letting you keep more of your hard-earned money. Additionally, it makes your home’s value work for you. You can use your home’s equity for property improvements, consolidating credit cards, or covering major expenses.

Disadvantages: While refinancing your home loan offers potential savings opportunities, it can stretch out your payment period and ultimately result in greater interest paid overall. Plus, if you don't intend on staying in your home for a long time, this might not be the right financial move.

A Guide to Understanding Retirement Mortgage Options

With a reverse mortgage, you can turn your property’s value for funds without moving or adding monthly financial obligations. Our certified mortgage advisors

Your Dream Home, Your Way—With Construction Financing

At Summit, we believe that constructing your dream home is more than a project, it’s a lifelong goal. These construction loan solutions are tailored to give you the resources and confidence to begin construction confidently. You have the option to work with a construction professional or take responsibility for the build. No matter the route you take, we will help you obtain the financing that suits your timeline and budget—this also includes a 180-day lock option, guaranteeing your mortgage loan rate for 180 days.

Pros: Money is supplied to support the build throughout the project, including the cost of all major expenses. The loan is paid out in stages as the construction continues, guaranteeing money is accessible throughout construction.

Cons: Construction loans typically have shorter durations and elevated rates compared to standard home loans, which may lead to larger monthly payments. These loans might need a complete building plan, a large down payment, and a solid credit record.

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

How to Qualify for FHA Financing

Here, we make purchasing a home within reach—whether you're new to the market, recovering financially, or have a limited budget. Supported by the Federal Housing Administration, FHA loans are built to support borrowers who are looking for extra flexibility without sacrificing favorable conditions or lasting value.

Benefit: We offer even more flexibility than the traditional FHA requirements, with down payments as low as 1.5% and a qualifying score of 580 or higher.

Drawback: Government-backed FHA mortgages have federally defined loan limits that depend on the county, making it harder to secure funding for higher-priced homes in specific locations. Reach out to one of our Salem, UT mortgage loan experts to find out more about FHA loans.

Rural Housing Loans

If you’re dreaming of remote landscapes and a home that feels like a true escape, a USDA loan can help turn that vision into reality. USDA home loans help approved rural and suburban locations, and they let you finance the entire purchase, eliminating the need for a down payment. Choosing a rural home is a chance to put down roots where you’re happy without the heavy upfront cost.

Advantages: Budget-friendly mortgage payments as a result of competitive interest rates and affordable insurance rates.

Disadvantages: USDA home loans include certain requirements based on location and how many people live in your household. Let us help you find out if you qualify with one of our helpful mortgage experts.

Recommended VA Loan Programs

The U.S. Department of Veterans Affairs offers a home loan program that assists active-duty service members, veterans, and surviving spouses buy a home with favorable terms and zero down payment. With a Veterans Affairs loan, get access to lower monthly payments and the lowest available interest rates available to you.

Pros: Veterans Affairs loans feature zero-down financing, so that no down payment is required. This makes it easier for qualifying military families, veterans, and active-duty members to purchase their first home. Also, unlike conventional loans, VA mortgage programs do not mandate PMI.

Cons: VA mortgage programs often include a single upfront VA funding fee, which can add to the total cost of the loan.

Make a High-End Home Yours With Elite Jumbo Loan Products

When your home loan exceeds traditional thresholds, our team features market-leading loan terms and rates across the Wasatch Front. Thanks to a low down payment of just 10% and no PMI, we deliver industry-leading Jumbo loan products. We accept FICOs as low as 680 with no processing or origination charges.

Benefit: You don’t require a flawless credit score for a Jumbo Elite Loan. At Summit Home Loans, you can benefit from perks like 10% down, no PMI, and loan options for buyers with FICOs starting at 680.

Drawback: A smaller-sized down payment allows you to buy 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 repayments and interest charges, especially for lengthier mortgage loan terms.

Nationwide High Balance Loans

Secure the larger house without the higher rate. Just 10% down required with no PMI necessary. FICOs beginning at 680. With no origination or processing fees. Only a limited number of lenders carry this program across the country.

Pros: Competitive mortgage loan rates, providing more affordable loan options for premium properties. Nationwide High Balance Loans let you access more funds than traditional mortgages and are a solid solution for borrowers in regions with costly housing.

Cons: Because of the larger loan sizes, these loans often require a higher down payment. Borrowers must satisfy the more rigorous credit and income guidelines.

Business-Focused Commercial Loans

As an independent mortgage brokerage, we aim to save clients money for all mortgage types. This also applies to commercial loans. We offer efficient processing, a wide range of loan programs, and competitive rates on all commercial loan products. Speak with us right away for details about our commercial financing options. We go beyond traditional home loans to back your success in business ventures outside of home buying.Commercial loans commonly fund business expansion or property purchases. Commercial loans come in different types, such as SBA loans, commercial real estate financing, and short-term financing. Our team will guide you to the best fit for your goals.

Advantages: Commercial loans can support your business with the funds it needs, especially during seasonal and market fluctuations.

Disadvantages: In some cases, you may need to provide collateral, such as business property or private assets, to secure a commercial financing option. Contact one of our knowledgeable lending professionals today to get details on your loan opportunities.

Physician Loans

We recognize that becoming a doctor takes years of training, but we believe homeownership shouldn’t have to be delayed.Because of that we’ve designed the best mortgage options, exclusively just for healthcare heroes. Whether you're in residency or well into your career, our doctor loan is designed with you in mind.

Benefit: You can save significant money every month since Private Mortgage Insurance is commonly excluded.

Drawback: Very few banks specialize in medical professional loans, but we are glad to be among them. Reach out today and take the first step for your new home..

Summit Home Loans Offers More

Life evolves, and we’re here to help at any point in your journey. As a full-service brokerage, we have the capacity to tailor loans to fit your specific needs. Even if you believe you aren’t eligible for a specific loan, we can explore your options and find a solution tailored to your individual situation.