Conventional loans that you will love.

A conventional loan is a type of mortgage that is not guaranteed or insured by the government. In Utah, conventional loans are typically offered by private lenders such as banks, credit unions, or mortgage companies.

Conventional loans offer flexible terms, including fixed-rate and adjustable-rate options, to fit your financial situation and goals.

Unlike FHA loans, conventional loans do not require upfront mortgage insurance, which can save you thousands of dollars.

Conventional loans often have higher loan limits than other types of loans, which means you can borrow more money to purchase a higher-priced home.

If you put down less than 20% on a conventional loan, you will be required to pay private mortgage insurance (PMI). However, Loan Remedy can offer lower PMI rates than other mortgage companies, saving you money each month.

A conventional loan is a type of mortgage that is not guaranteed or insured by the government. In Utah, conventional loans are typically offered by private lenders such as banks, credit unions, or mortgage companies.

The minimum credit score required for a conventional loan in Utah is usually 620, although some lenders may require a higher score. Keep in mind that a higher credit score can lead to better interest rates and more favorable loan terms.

In Utah, the minimum down payment required for a conventional loan is usually 3% of the home’s purchase price. However, if you can afford a larger down payment, it may be beneficial as it can lower your monthly mortgage payments and interest rate.

There are no income limits to qualify for a conventional loan in Utah, although your income and debt-to-income ratio will be taken into consideration during the application process.

Conventional loans can be used to finance a variety of properties, including single-family homes, townhouses, and condominiums. In Utah, you can also use a conventional loan to finance a second home or investment property.

The loan process for a conventional loan can vary, but it typically takes between 30 and 45 days from application to closing. However, the process can be longer if there are any issues with your credit, income, or property appraisal.

When getting a conventional loan in Utah, you can expect to pay fees such as an application fee, appraisal fee, credit report fee, and origination fee. It’s important to review the loan estimate provided by your lender to understand all the fees associated with your loan.

It’s possible to get a conventional loan in Utah even if you have a bankruptcy or foreclosure on your record, but you may need to wait a certain amount of time before you can qualify. The waiting period can vary depending on the circumstances of your bankruptcy or foreclosure.

Some advantages of getting a conventional loan in Utah include potentially lower interest rates than other types of loans, flexible loan terms, and the ability to finance a variety of property types.

You can find a lender for a conventional loan in Utah by researching and comparing lenders online or by working with a mortgage broker who can help connect you with different lenders. It’s important to compare interest rates, loan terms, and fees before choosing a lender.