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Types of Loans

First Utah Bank offers a variety of loan types listed below. We offer loans for purchase and refinance of primary residences, vacation homes and investment 1-4 unit dwellings. We lend on single family, manufactured homes, townhomes, and condominiums. We offer grant programs to help you with your down payment.


Fixed Rate Mortgage 30, 25, 20 and 15 Year Terms
The traditional fixed-rate mortgage has a constant interest rate and monthly payments that never change. This may be a good choice if you plan to stay in your home for seven years or longer.

Federal Housing Administration (FHA) Fixed rate loan program backed by the Federal Housing Administration. This loan program allows for low down payment. Flexible credit requirements for those working on trying to improve their credit.

Veterans Administration (VA)
A mortgage loan program back by the United States Department of Veterans Affairs. This is a no money down loan option tailored for US Veterans.

Rural Housing Services
Fixed rate no money down option for buyers that would like to purchase in a rural community.

Idaho Housing and Finance
Low to no money down fixed rate options for borrowers looking to buy in Idaho.

Hybrid ARM (3/1 ARM, 5/1 ARM, 7/1 ARM)
These increasingly popular ARMS—also called 3/1, 5/1 , 7/1 or 10/1—can offer the best of both worlds: lower interest rates (like ARMs) and a fixed payment for a longer period of time than most adjustable rate loans. For example, a "5/1 loan" has a fixed monthly payment and interest for the first five years and then turns into a traditional adjustable-rate loan, based on then-current rates for the remaining 25 years. It's a good choice for people who expect to move (or refinance) before or shortly after the adjustment occurs.

2/1 Buy Down Mortgage
The 2/1 Buy-Down Mortgage allows the borrower to qualify at below market rates so they can borrow more. The initial starting interest rate increases by 1% at the end of the first year and adjusts again by another 1% at the end of the second year. It then remains at a fixed interest rate for the remainder of the loan term. Borrowers often refinance at the end of the second year to obtain the best long-term rates. However, keeping the loan in place even for three full years or more will keep their average interest rate in line with the original market conditions.

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First Utah Bank Mortgage
11027 South State Street, Sandy, UT  84070
Office:  (801) 561-2300
Toll Free:  (844) 740-3418
internet-support@firstutahbank.com NMLS #616429
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