Utah mortgage loans is committed to helping you find the right mortgage product for your needs in Vernal. 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:
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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.
Creating and maintaining wealth is a very difficult task. Ask
any millionaire!!! The delicate balance of living a dream
lifestyle and holding expenses tight creates this difficulty. As
a financial advisor, I have assisted people accumulate monies to
live their dream life while discovering ways to reduce their
necessary expenses. Everyone would agree mortgages are necessary
expenses. Probably the biggest expense most of us have.
Mortgages present the opportunity to secure income tax
deductions while utilizing the house to live. What if you could
reduce your mortgage interest rate to 3% and be required to pay
interest only for 5 years? Would you refinance your current
house? Purchase another? While refinancing a client's mortgage,
I discovered such a mortgage. The client will save lots of money
the next few years. Here is his scenario:
Client #1 $500,000 Loan Amount Current 30 Year Fixed @ 6.00%=P&I
$2,997.75/ month 5th year loan balance $456,989.77 Equity
(assuming no appreciation) $43,010.23
Past LIBOR ARM @ 3.00%=Interest only $1,250.00/ month Applied
additional $1747.75 / month to principal for 5 years 5th year
loan balance $362,370.82 Equity (assuming no appreciation)
$137,629.18
Creating and maintaining wealth is a very difficult task. Ask
any millionaire!!! The delicate balance of living a dream
lifestyle and holding expenses tight creates this difficulty. As
a financial advisor, I have assisted people accumulate monies to
live their dream life while discovering ways to reduce their
necessary expenses. Everyone would agree mortgages are necessary
expenses. Probably the biggest expense most of us have.
Mortgages present the opportunity to secure income tax
deductions while utilizing the house to live. What if you could
reduce your mortgage interest rate to 3% and be required to pay
interest only for 5 years? Would you refinance your current
house? Purchase another? While refinancing a client's mortgage,
I discovered such a mortgage. The client will save lots of money
the next few years. Here is his scenario:
Client #1 $500,000 Loan Amount Current 30 Year Fixed @ 6.00%=P&I
$2,997.75/ month 5th year loan balance $456,989.77 Equity
(assuming no appreciation) $43,010.23
Past LIBOR ARM @ 3.00%=Interest only $1,250.00/ month Applied
additional $1747.75 / month to principal for 5 years 5th year
loan balance $362,370.82 Equity (assuming no appreciation)
$137,629.18
Client #2$1.2 Million Loan Amount Current 5/25 ARM @4.25%=P&I
$5,903.28/ month 5th year loan balance $1,064,681.48 Equity
(assuming no appreciation)$ 135,318.35
Proposed LIBOR ARM @3.00%=Interest Only $3,000/ month Applied
additional $2903.20 / month to principal for 5 years 5th year
loan balance$ 971,261.81 Equity (assuming no appreciation)$
228,738.19
You can see from these scenarios this mortgage can be a great
tool to reduce your monthly mortgage payment or to shave down
the loan balance thereby increasing your equity. This mortgage
interest program is termed negative amortization. Rather than
paying off the interest over the time period, you are paying of
a small portion of the interest but not the required amount.
Interest rates can go as low as 1.25%. If you want savings
refinance your mortgage.
About the author:
Ida B. Byrd-Hill is the President of Uplift Inc.and
http://www.livinginstyleonline.com. She was the President of The
Harvard Group Wealth Management L.L.C. for 10 years. She has
served as guest columnist for the Michigan Front Page for 2
years and a speaker for the Better Investing television show
hosted by David Chilton, author of The Wealthy Barber.