Mortgage Loans

Let us help you get the right loan for the house you want

Wasatch Peaks can help you maximize the value of your most important investment by finding the mortgage product that fits your needs. 

Whether you're looking to build, refinance, remodel, take a vacation, consolidate your debt, send yourself or child to college, or pay for a wedding, our mortgage loans can help you reach your financial goals. Our interest rates are always competitive; and we will work to find you the best mortgage rates. In most cases, you may qualify for tax benefits, so be sure to consult your financial advisor.

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Mortgage Rates as of 3/20/2018

Loan Type APR* as low as
30 Year Fixed – Conventional Mortgage 4.500% – 4.579%* 
15 Year Fixed – Conventional Mortgage 3.875% – 4.011%*

*Rates, fees, and Annual Percentage Rates (APRs) displayed are intended as mortgage market indicators only, are time-delayed, and may change without notice. The information provided assumes the purpose of the loan is to purchase a primary residence, single-family dwelling in Utah with a 20% down payment. The rate-lock period is 30 days and the assumed credit score is 740. Actual rates, fees, and APRs may vary based on these and other factors. There may be additional fees assessed by the investor that will increase the APR. NMLS#631141

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Down Payment Assistance Programs

If you've made the decision to purchase a home but need some help making the down payment, Wasatch Peaks can help. Down payment assistance programs offer affordable housing opportunities to either first-time home buyers or other qualified buyers that match a program's criteria who wish to achieve homeownership. 

HomeStart Grant 

The HomeStart Grant Program promotes homeownership by helping first-time homebuyers purchase a home.

  • May be used for down payment and closing costs in combination with funds from other grant or financing sources 
  • No longer requires ANY DEPOSITED FUNDS BY THE HOMEBUYER in order to provide the $5,000 in Grant funds
  • Cannot have owned a home in the last 3 years
  • Demonstrate that household income does not exceed 80 percent of area HUD median income, adjusted for family size, based on their current home address
  • Complete an approved Homebuyer Education course
  • Purchase a home within one year of being enrolled in the program
  • Agree to place a recorded, five-year deed restriction on the home. If the home is sold within five years of purchase, a pro-rata share of the HomeStart Grant must be repaid by the homebuyer

Utah Housing

If cash at closing is your challenge, Utah Housing can help with a simultaneous Second Mortgage (OAC). When combined with your first mortgage, qualified borrowers can purchase a home with little or no cash investment.

  • Must be a First time homebuyer
  • 6% of the first mortgage total loan amount can be borrowed for down payment and/or closing costs
  • The Second Mortgage is a 30 year fixed rate mortgage with an interest rate set at 2% higher than the First Mortgage loan interest rate
  • FHA or VA loan
  • The home must be owner occupied; NO cabins, recreational homes, or homes that will be considered a rental unit

We want to help you get your dream house! Please contact one of our Mortgage Loan Officers to learn about this and other Assistance Programs at 801.452.7881.

1% Down Program 

Purchase your Home with just 1% Down. One month's rent could get you into your dream home!

  • You put down 1%, your lender contributes 2%*, giving you 3% equity at closing
  • Great low rates
  • Close in 30 days or less
  • Available with no monthly Mortgage Insurance

Call our Mortgage Experts today and ask for the Conventional 1% Down with Equity Boost Program.

*2% lender contribution may only be applied to down payment

Mortgage Application Checklist

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Conventional Loans

A Conventional Mortgage is simply any mortgage loan that is not insured or guaranteed by the federal or state government. Whether you're looking for a 10, 15, 20, or 30-year loan, we can help. We offer competitive rates and terms to allow you to work within your budget to fulfill your homeownership dreams.

  • Interest rates are lower
  • Require a higher down payment, usually 5%–20%
    • 1% down payment programs available for qualified borrowers
    • 3% Home Ready, Home Possible down payment programs
  • Have higher income and credit score requirements than government loans
  • Fixed-rate and Adjustable Rate Mortgages
  • Fixed-rate loans have a term of 30 or 15 years
  • No Private Mortgage insurance (PMI) on many conventional loans, including 15 and 30 year Jumbos

Mortgage Application Checklist

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Home Renovation Loans

Renovation Loans are designed for people wanting to finance both the mortgage to purchase or refinance a fixer-upper.

  • One loan, one closing, and one payment for both the mortgage to purchase or refinance the home and the funds needed for major and minor improvements
  • Improvement funds are held in an interest-earning, FDIC-insured escrow account and disbursed as the work is completed (maximum of five disbursements)
  • Competitive long-term Fixed or Adjustable Mortgage Rates
  • Low down payments starting at 3.5% of the property acquisition and repair costs
  • Less-strict FHA qualification requirements
  • Can finance up to six months’ mortgage payments into the loan if the home is uninhabitable during rehab
  • Include funds to cover potential expenses and fees
  • May finance the cost to rent another home during renovations
  • Numerous eligible properties, including one- to four-unit single-family dwellings, condominiums, manufactured housing, and mixed-use properties (residential with commercial); owner-occupied only
  • Six months are allotted to complete the work

Mortgage Application Checklist

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FHA Loans (Federal Housing Administration)

FHA Loans are insured by the Federal Housing Administration homebuyers have an easier time qualifying for a mortgage.

  • Ideal for first-time homebuyers seeking a low down payment
  • Fixed-rate and Adjustable Rate Mortgages are available
  • Offers refinancing options for members with first mortgages from outside lenders
  • More flexibility in qualifying
  • Maximum loan amounts are determined by property location

Federal Housing Administration (FHA) loans require a minimum of 3.5% down payment. FHA loans are subject to an up-front mortgage insurance premium of 1.75% of the loan amount, in addition to a monthly mortgage insurance premium, depending on the loan term and loan-to-value (LTV).

Mortgage Application Checklist

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VA Loans

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veteran Affairs (VA) that is available to most US service members. It offers some very great benefits to those that have served our country.

  • No down payment required (provided the veteran is income- and credit-qualified and the purchase price is more than the reasonable value of the property)
  • Buyer informed of property’s reasonable value
  • Negotiable interest rate
  • Ability to finance the VA funding fee (plus reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation)
  • Comparable closing costs with other financing types (or may be lower)
  • No mortgage insurance required
  • Gifts and seller contributions accepted toward closing costs
  • An assumable mortgage (with the approval of the VA)
  • Right to prepay without penalty
  • VA assistance to veteran homebuyers in default due to temporary financial difficulty

Mortgage Application Checklist

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< A USDA Loan is a mortgage loan that is insured by the US Department of Agriculture and available to qualified individuals who are purchasing or refinancing their home loan in an area that is not considered a major metropolitan area by USDA.

  • 100% financing on a fixed 30 year loan, based on the appraised value of the home
  • 2% guarantee fee may be included in financing
  • No down payment required
  • Competitive interest rates
  • Lender fees and closing costs (including prepaid funds) may be contributed by the seller or may be eligible to include in the loan, depending on the appraised value
  • Gifts or grants permitted from family, friends, and non-profit agencies
  • No post-closing reserves or minimum investment required.

Mortgage Application Checklist

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Jumbo Loans

A Jumbo loan is a mortgage loan that exceeds the conventional limit of $453,100.00. This type of mortgage loan takes longer to close and it has to go through 2 underwriting processes. In some cases it might require 2 appraisals.

Mortgage Application Checklist

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Improved Lot Loans 

If you've found the perfect location for your dream home, but you're not quite ready to begin building, we can help. We have programs available that allow you to purchase a lot or land prior to building your home. Lot loans are available up to 70-80% financing. Land loans have terms up to 10 years.

  • Competitively loan rates
  • 10 and 5 year terms
  • Repayment options to fit your budget
  • Build primary residence or vacation/seasonal home

Mortgage Application Checklist

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Construction Loans

Construction Loan can help make your dream home a reality. With great rates, great terms and interest only payments; a Construction Loan may be just what you need to get your dream project underway.

Mortgage Application Checklist


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Refinance Loans

Nothing beats the reassurance of having affordable, fixed monthly mortgage payments. You can count on us for great rates, experienced, personalized service, and servicing for the life of your loan when you refinance your mortgage with Wasatch Peaks.

  • Refinance options up to 97% loan-to-value
  • Get a lower interest rate and make lower payments
  • Change the term of your mortgage
  • Fixed-rate terms available
  • Get cash from the equity in your home
  • No Private Mortgage Insurance (PMI) on many conventional loans, including 30 and 15 year jumbos
  • No pre-payment penalties

FHA Streamline Refinance

This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal. FHA Streamlined Refinance also cuts down on the amount of paperwork that must be completed by your lender saving you valuable time and money.

In order to qualify for a Streamlined Refinance your original home loan must be an FHA loan in good standing and the refinance must lower your monthly interest payments. This type of refinancing option reduces your monthly expenses by lowering your payments but there is no option to receive cash back. This works well for people who are in good financial standing with no significant debt because it allows you a little extra money each month that can be put to good use elsewhere.

  • Original home loan must be an FHA loan in good standing
  • Reduces your monthly expenses by lowering your payment
  • No option to receive cash back
  • Fastest, simplest way to refinance your mortgage
  • Fixed-Rate Mortgage and Adjustable Rate Mortgages
  • FHA Streamline Refinance rates are as low as those for regular FHA mortgages
  • 30 or 15 year terms
  • No prepayment penalty
  • No income verification required

Second Home

Choose a fixed-rate, adjustable-rate or interest-only mortgage for your second home.

Available options include:

  • 30 or 15 year conforming and jumbo loans**
  • No Private Mortgage Insurance (PMI)
  • Down payments as low as 5%
  • Biweekly payment option available on some mortgages

Second homes may be rented out for portions of the year (seasonal rentals); however, rental income cannot be used to qualify.

**Conforming loans go up to $453,100, except in Alaska and Hawaii, where they go up to $625,500. Jumbo loans are between $453,101 and $2,000,000.

Mortgage Application Checklist

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