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Guide to Utah Mortgages
Maybe you are buying your first home in Utah, or perhaps you're relocating to Utah from another state. Then again, you may be a long-time Utah resident who is looking to either refinance your current mortgage or take out a home equity loan for home improvements. Regardless of your situation, it's important that you educate yourself on Utah home loans before shopping for a home and/or mortgage. This article explains what you will need to know before seeking a home loan in Utah:
The median price of a home in Utah is $211,500. Recently, homes in Utah have been appreciating at rates well above the national average. As a result, income levels in many parts of Utah are too low to purchase a median-priced home with a conventional loan. Although average interest rates in Utah are below the national average, Utah has one of the lowest levels of home affordability in the nation.
In Utah, before a buyer submits an offer on a home, their real estate agent is required to present them with a completed Real Estate Transfer Disclosure Statement. This document, completed by the seller of the property, requires the seller to name all of the property that will be included in the purchase (refrigerator, stove, alarm system, etc.) and rate certain aspects of the conditions of both the included property and of the house itself. This document requires the seller to disclose any potential problems or hazards that may discourage the buyer from putting an offer in on the home.
Utah's Civil Code Provision of the Real Estate Act regulates the issuance of variable interest rates for the purchase of real estate. Therefore, borrowers who are issued large mortgage amounts are guaranteed a fixed rate mortgage. Utah law also prohibits the charging of interest more than one day prior to the recording of the mortgage even if the borrower received the loan prior to that time.
In July of 2002, Utah law enacted a set of anti-predatory lending laws in order to help protect Utah homebuyers from predatory lenders. Some of the provisions of this new set of laws include the prohibition of a lender charging points and fees in excess of 6% of the total principal financed amount, the prohibition of a mortgage company issuing a loan to a borrower in an amount that the borrower could not reasonably afford to repay, and the prohibition of the financing of single-premium credit insurance, among others.
If you're buying a home in the state of Utah, you qualify for both federal and state FHA, USDA, and VA loans. First-time home buyers qualify for Utah FHA loans with below-market interest rates, and, depending on their eligibility, may also qualify for a loan in order to cover down payment and/or closing costs. Teachers and other professionals who work in an educational capacity may qualify for Utah's Extra Credit Teacher Home Purchase Program, a down payment assistance loan with forgivable interest.
In addition to FHA loans, the state of Utah also offers comparable programs to persons with disabilities or persons who live with and care for persons with disabilities. The state also offers several unconventional loans designed to aid homebuyers with the costs of their monthly mortgage payment. For example, Utah's Interest Only PLUS loan provides qualified homebuyers with a 100% financing 35-year loan that only requires payments toward the accrued interest on the mortgage for the first five years of the loan -- borrowers do not have to pay toward the principal amount borrowed until after the first five years. The individual requirements of each of these loans vary depending on the county in which you are buying a house. Specific requirements can be obtained through the Utah Housing Finance Agency.
Last Updated: Friday, November 21, 2008
Utah Real Estate Market View
updated Friday, November 21, 2008
| Housing & Social Facts |
Utah |
United States |
| Total housing units |
873,097 |
n/a |
| Owner-occupied housing units |
70.6% |
66.9% |
| Renter-occupied housing units |
29.4% |
33.1% |
| Vacant housing units |
9.3% |
10.8% |
| Average Home Value |
$167,200 |
$167,500 |
| Average Mortgage Payment |
$1,200.00 |
$1,295.00 |
| Average Rental Payment |
$307 .00 |
$388.00 |
| Total Population |
2,427,350 |
n/a |
| Percentage Male |
50.1% |
49.0% |
| Percentage Female |
49.9% |
51.0% |
| Median Age |
28.5 |
36.4 |
| Under 5 years |
9.7% |
7.0% |
| 18 years and over |
69.6% |
74.6% |
| 65 years and over |
8.5% |
12.1% |
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1 Year Market Value Change for Utah |
| 1yr | 5yr | 10yr |
 |
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Popular Utah Cities and Towns
| Location |
Population |
Median Family Income (2005) |
| Bountiful |
41,301 |
$55,993 |
| Clearfield |
25,974 |
$38,946 |
| Cottonwood Heights |
27,569 |
$62,814 |
| Kearns |
33,659 |
$45,711 |
| Layton |
58,474 |
$52,128 |
| Logan |
42,670 |
$30,778 |
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| First Colony Mortgage Corporation |
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First Colony Mortgage Corporation is a Utah corporation. Since 1984, we have been assisting people achieve the American Dream of home ownership by providing quality loan products to fit individual needs and exceptional customer service. We are approved by Freddie Mac, Fannie Mae, FHA, VA, and offer a wide variety of mortgage products. First Colony is here to serve you with fast, efficient service. We are readily available to answer any questions you might have about the mortgage and home buying processes, free of charge and with no obligation. We understand that purchasing a home or refinancing an existing mortgage is a huge commitment and can be quite stressful. With our stellar and professional service that we offer, we will make the loan process as easy, efficient and stress-free as possible that way you can concentrate on more important things like moving into your new home. First Colony originates, underwrites, closes and funds their own mortgages, giving you outstanding service and quick turn around times. We understand that between work, the kids, and everything else, it is not always possible for you or prospective buyers of your home to come in during normal business hours. Evening and Saturday appointments can be arranged to fit your busy schedule. First Colony Mortgage Corporation
1320 South 740 East
Orem , UT 84097
Phone: (801) 226-7456 We lend in the following states: Alabama, Arizona, Colorado, Hawaii, Idaho, Indiana, Missouri, New Mexico, Oklahoma, Oregon, South Carolina, Texas & Utah. First Colony Mortgage is a real estate broker licensed by the UT Dept of Real Estate License
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| Layton Hills Mortgage |
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Welcome to our website. We know that each customer has specific needs, so we strive to meet those specific needs with a wide array of products, investment tools, mortgages and best of all quality service and individual attention.
Today's technology is providing a more productive environment to work in. For example, through our website you can submit a complete on-line, secure loan application or pre-qualify for a home loan. You may also evaluate your different financing options by using our interactive calculators and going over various mortgage scenarios. Our mission is to serve our customers with competence, integrity and most importantly, honesty. Our goal is to provide home loans to our clients while providing them with the lowest interest rates and closing costs as possible. We know that the loan process, whether you are purchasing a home or refinancing an existing mortgage can ring about a lot of stress. Layton Hills Mortgage pledges to assist the borrowers to overcome any roadblocks that can arise while securing the loan, thus making the loan process easy, efficient and stress-free. Here is a list of our loan programs that we offer to our clients: Fixed Rate Mortgages, Adjustable Rate Mortgages, Hybrid ARM's, Interest Only Mortgages, Balloon Mortgages, Reverse Mortgages, Graduated Payment Mortgages and more. Layton Hills Mortgage
1916 N. 700 West Suite 200
Layton, Utah 84041
Tel: 801-728-0352
Fax: 801-728-9956 Layton Hills Mortgage is a real estate broker licensed by the UT Dept of Real Estate License
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| Sun Valley Mortgage Services, LLC |
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Sun Valley Mortgage Service was a company created from top producing Loan Originators that had goals of exceeding what other companies could only dream of doing. The foundation is based upon two key factors that carry throughout Sun Valley Mortgage Services and their branch partners - Like and Trust. This philosophy along with success and constancy toward growth has been the company's main objective since 1992. Combining career oriented Loan Originators with a top Mortgage Banking Executives we have achieved only what other companies hoped for. Taking advantage of our administrative services, leading edge technology, origination volume, lending lines, bank lines and government programs other partners have been able to join the journey with us. We demand the best from our affiliates and partners - the same as what has been demanded from us. Together we have created an origination system in which any mortgage company or bank should strive for. Again, this has been based upon the company foundation of like and trusts. Our administrative Office is located in the heart of the Western United States, Salt Lake City Utah. We have numerous locations and licensing throughout Utah, Idaho, Arizona, and Wyoming and soon to be in Nevada. By the end of 2007 we are projecting offices in each of the Western United States including Hawaii. Along with the geographical areas we have full menus of any lending requirements matched by the same amount of lending sources. If you or your company is growing, take the opportunity to contact us and join us on this journey. Through partnering power we can! Sun Valley Mortgage
2068 South 1100 East
Salt Lake City, UT 84106
Phone: 866-803-3402
Fax: 801-994-8453 Sun Valley Mortgage Service is a real estate broker licensed by the UT Dept of Real Estate License
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