Mortgages in Utah encompass all the standard loan types. Conventional fixed rate mortgages in 15 and 30 year time frames, adjustable rate mortgages (ARM’s) and jumbo loans are all accessible within the state. VA and FHA backed loans are available to all those who qualify. Bad credit and first time mortgages are available through specific lenders. Utah also acknowledges Deeds of Trust as a lending instrument in the state. On average a Deed of Trust is created more often than a mortgage. The preference is mainly concerned with foreclosure practices in the state.
Utah Mortgage Rates
Mortgage rates in Utah are comparable to other states out west, with slightly higher rates within the larger cities. Utah’s median housing prices are slightly higher than the averages throughout the country in the larger metropolitan areas. Because of this, interest rates increase with the increase in risk. Mortgage rates will also be determined by person-specific information such as down payment, employment and credit history. Type of loan and lending institution will also play a large part in the mortgage interest rate. Loans offering low interest rates in the beginning phase of the loan (ARM’s) will have a lower interest rate than a conventional fixed rate mortgage. Jumbo loans will carry a higher interest rate than the national average because of the size of the loan. Purchasing mortgage insurance may help reduce the interest rate on the loan by reducing the risk to the lender.
Utah Refinance Rates
Utah’s refinance rates are similar to those found in adjacent states and comparable to the national average. Refinance rates will be determined by the type of loan being sought. A loan in which refinancing the balance only is requested will receive a lower interest rate. Refinancing loans that require cash out or bill payment will have a higher interest rate. Some lenders offer lower refinance rates as a way to gain business from their competition. Evaluating different programs will help the consumer find the best deal.
Utah Mortgage Brokers And Lenders
Utah offers a large variety of financial companies that offer mortgage or Deed of Trust programs. Banks, private lenders and credit unions are all available to lend money. Internet transactions are allowed if the lending company is licensed to do business in the state. Most of the major lenders are located in Utah’s two largest cities, Salt Lake and Provo, however, there are lenders located throughout the entire state.