Utah mortgage loans is committed to helping you find the right mortgage product for your needs in Clearfield. We understand that every borrower is different, and we off a varity of products to meet your individual requirements. We make the process of securing a mortgage simple and straightforward by offering you the latest in financial tools that enable you to make sound financial choices.
This mortgage rate quote form will take approximately 60 seconds to complete. Here's how our service works:
1. Complete our short form below
2. We will search hundreds of mortgage lenders and thousands of loan programs in our database
3. You will then receive quotes from up to 4 competitive lenders in your state
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Our fast Mortgage application will help you find the perfect lender. It takes only one minute
This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
FHA offers the most popular home loan programs among first time
home buyers. This is mainly because of the low down payment and
easy qualifying criteria's. FHA, which stands for Federal
Housing Administration, is a governments backed loan. Most
people are not aware that FHA does not provide loans. Instead,
the loan which your lender provides to you, will be backed up
and insured by FHA.
In other words, if you default on your loan, your lender will be
covered by FHA insurance funding. This represents the main
reason why it's easier to qualify for the FHA Loan Program.
Normally the only criteria's that a lender will request in order
to qualify for the program include:
* 1. Credit Score. A credit score above 575, which is poor but
moderate credit. Also, they will expect you not to have any
derogatory accounts on your credit report. All past collections
should be paid off upon submission of loan application.
* 2. Good and stable employment history. You will need at the
least two years at your current position and or two years of
employment history in the same line of work.
* 3. Down payment. You need funding to pay for closing cost and
down payment cost. The closing cost normally range from 2-3% of
home value and the down payment averages around 3% or more of
the home value. There are FHA programs that offer zero down
loans. The amount your lender will lend to you depends on your
income and the amount of your current debt. FHA figures your
loan amount based on your monthly income and total debt combined
with future mortgage expenses. They request that all of your
debt not exceed 45% of your monthly income. This amount includes
PITI (principal, interest, tax, and insurance.
For example:
If your gross monthly income is 4500.00, your monthly mortgage
and debts can not exceed 2025.00. If you current debt averages
1000.00, you will only qualify for a monthly mortgage not to
exceed 1025.00 including PITI.
Most lenders are strict with this criterion and will ask to see
two years of W2's and six months to a year of pay stubs; in
order to verify your monthly income is stable and does not
fluctuate per month.
To get the best benefits of the FHA loan program find a lender
that is most compatible with your current financial and credit
situation.
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