Connie Mascherino

NMLS # 264483

801-272-0600

cmascherino@advfund.com

Connie Mascherino Mortgage Loan Advisor

Mortgage Loan PROGRAMS

Utah Mortgage Loan Options

The following is a partial list of Utah mortgage programs offered by Advanced Funding Home Mortgage Loans with a brief description of the key elements of each. For a complete list of the programs that we offer, please contact us at 801-272-0600 .
 


15-Year Fixed Rate Mortgage

A 15-Year Fixed Rate Mortgage is a loan with the same interest rate and principal and interest monthly payment over the life of the loan. You generally pay a lower interest rate, pay less interest over the life of the loan, and build equity more quickly with a 15-year loan than with a loan carrying a longer term.


30-Year Fixed Rate Mortgage

A fixed-rate mortgage (FRM) is a type of mortgage characterized by an interest rate which does not change over the life of the loan. A 30-year FRM is simply a fixed rate mortgage that last for 30 years.

For a comparison of the 15-year and 30-year Fixed Rate Mortgage programs, please check out this article
 

Adjustable Rate Mortgages (ARM)

Adjustable rate mortgages are loans where the interest rate is recalculated on a periodic basis depending on market values. As interest rates are adjusted so is the borrower's monthly payment. While interest rates on ARM loans are generally lower than fixed-rate loans they can eventually become higher.

Various types of ARM loans include hybrid ARMs such as a 10/1 ARM, 7/1 ARM, 5/1 ARM, and 3/1 ARM programs. These ARM loans are fixed for a period of time indicated by the first number then convert to being adjusted every year following the initial fixed period.
 

Construction Loans

Construction loans are used to finance the construction of a new structure. There are traditionally two types of construction loans, a two-time close loan, and a one-time close loan.

A two-time close loan is when you get a loan for the construction of the new home and it is for a limited term, usually six to 12 months. At the end of the construction phase, you are then required to get a permanent mortgage to refinance the construction loan.

A one-time construction loan is when you secure one loan that offers two phases, first, the construction period and the long-term financing. This loan program only requires one closing and one set of closing costs, often making it a more attractive option. However, each situation is unique and your construction loan choice is dependent on your particular needs.

If you are indecisive between chosing an ARM mortgage and a Fixed-Rate Mortgage, this article may be of help to you.


Conventional Fixed Rate Mortgages (FRM)

A popular loan type, conventional fixed rate mortgage loan feature a constant interest rate for the entire term of the loan. Generally speaking, your monthly payments remain constant. An increase or decrease in the amount of your property taxes, hazard insurance, mortgage insurance, etc., will cause your monthly payment amount to adjust.

The most common term lengths are 30 years, 25 years, 20 years, or 15 years. However, you may request any loan term between five and 30 years.
 

Energy Efficient Mortgages (EEM)

The ENERGY EFFICIENT MORTGAGE means comfort and savings. When you are buying, selling, refinancing, or remodeling your home, you can increase your comfort and actually save money by using the Energy Efficient Mortgage (EEM). It is easy to use, federally recognized and can be applied to most home mortgages. EEMs provide the borrower with special benefits when purchasing a home that is energy efficient, or can be made efficient through the installation of energy-saving improvements.
 

FHA 203K Loans

The 203K loan is a type of FHA loan that is insured by the federal government. It is used to repair, rehabilitation, or to improve an existing home. There are two types of 203K loans, one is referred to as a streamline 203K loan and is for repairs and other costs up to $35,000, a streamline is limited to certain types of improvements. The second type is a full 203K mortgage and has few limitations.
 

FHA Mortgages Loans

FHA loans are insured by the federal government. These loans are popular with borrowers who have minimal funds down, inconsistent work history, and lower credit scores. The required down payment is only 3.5% and you may qualify with a credit score as low as 500. Those who choose these loans are required to pay mortgage insurance.
 

Home Equity Line of Credit (HELOC)

A HELOC works more like a credit card. You’re given a line of credit that’s available for a set time frame, usually up to 10 years. This is called the draw period — during this time, you can withdraw money as you need it. The amount of the line of credit is determined by the amount of equity in your home at the time the loan is given.
 

Investment Property Loans

An investment property mortgage is a type of mortgage available to investors interested in buying rental properties.
 

Jumbo Loans

Jumbo mortgages are loans that exceed the conforming loan limits set by the Office of Federal Housing Enterprise Oversight (OFHEO) and are not eligible to be purchased, securitized, or guaranteed by Fannie Mae or Freddie Mac.

A Utah jumbo loan is for mortgages more than $510,400, typically. There are circumstances where you can avoid a jumbo loan with a loan amount up to $762,450. You can select a conventional fixed-rate or adjustable-rate mortgage (ARM), and there are no prepayment penalties. Talking to a licensed Utah mortgage broker can help you identify the best loan type for your situation as each program maintains its own unique rules.
 

Refinance Mortgage Loans

Homeowners looking to decrease their interest rate, consolidate debt, decrease your loan term, and many other reasons may consider refinancing. A refinance is when the homeowner obtains a new mortgage loan. The funds from the new mortgage are then used to pay off the existing mortgage loan(s) and the homeowner is then bound by the terms of the new mortgage. Depending on your situation a refinance loan could be a great option.

Along with decreasing your interest rate, refinance loans can also help you switch from an ARM to a fixed-rate mortgage.
 

Reverse Mortgages

A reverse mortgage is different than other mortgages, with a traditional mortgage you make monthly mortgage payments, but with a reverse mortgage, the mortgage lender pays you money through monthly installments and/or a one-time lump sum payment. The amount of money you receive is dependent on your age and the value of your home.

One of the great advantages of a reverse mortgage is that you are not required to pay the loan back until the home is no longer your primary residence. Another great feature of a reverse mortgage is you can never owe more than the value of your home, no matter what.

Eventually, the money paid to the homeowner is repaid with interest, however, it generally doesn’t become due until the homeowner leaves the home due to death, move, etc. Reverse mortgages are only available to those that are 62 years of age or older.
 

USDA Rural Housing Loans

A Utah USDA Rural Housing Loan is a mortgage loan that is guaranteed/insured by the U.S. Department of Agriculture and available for qualified individuals who are purchasing or refinancing their Utah home loan in an area that is not considered a major metropolitan area by USDA. One of the advantages of a rural housing loan is that it provides 100% financing.
 

VA Mortgages

A Utah VA mortgage is guaranteed by the U.S. Department of Veteran Affairs (VA). These loans offer a great benefit to those that are on active duty or have been honorably discharged from military service. There are many benefits that other loan types, such as, conventional loans or FHA loans, do not offer. VA mortgages offer a 100% financing option.
 

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