Utah Mortgage Rates

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About Mortgage Rates in Utah

When you are looking for a first  or second mortgage in Utah you could become overwhelmed at the many options you receive. With almost a million housing units and 71% being owner occupied, the banks are very competitive for your business. The Salt Lake City and Logan areas are extremely popular choices for first time home buyers and the right loan could mean lower interest rates, less down payment money and cheaper mortgage payments.

Mortgage 101 can help you find the best mortgage deals and online tools to help secure your loan. First time home owners as well as owners looking to refinance will be given the best possible rates and the most desirable loan features such as low closing cost, the lowest interest rate and best down payment options.

Mortgage Refinancing in Utah

In some instances, refinancing your current mortgage loan can help you lower your mortgage payment. Borrowers can borrow against the equity built up in their home at a lower cost than they can from other sources. Like most mortgage interest, another benefit to mortgage refinancing is that if you pay off credit cards, the interest you pay will now be tax deductible.

Other Mortgage Terms

Origination Fee - The fee charged by a lender to prepare loan documents make credit checks inspect and sometimes appraise a property; usually computed as a percentage of the face value of the loan.

Mortgage Insurance - Money paid to insure the mortgage when the down payment is less than 20 percent.

Annual Percentage Rate (APR) - The measurement of the full cost of a loan including interest and loan fees expressed as a yearly percentage rate. Because all lenders apply the same rules in calculating the annual percentage rate it provides consumers with a good basis for comparing the cost of different loans.

Closing Costs - Expenses over and above the price of the property that are incurred by buyers and sellers when transferring ownership of a property. Closing costs normally include an origination fee property taxes charges for title insurance and escrow costs appraisal fees etc. Closing costs will vary according to the area country and the lenders used.