Home Loans

Why use a Utah-based Credit Union

When you are looking for mortgage lenders in Utah, you have many options, from massive national banks to online-only lenders. However, choosing a local, Utah-based credit union like Wasatch Peaks Credit Union offers distinct advantages that you simply will not find elsewhere.

First and foremost, we understand the local real estate market. The housing landscapes in Utah, Idaho, and Wyoming have unique characteristics, and our local loan officers live and work in the same communities you do. We know the neighborhoods, the market trends, and the unique challenges buyers face in this region. This localized knowledge allows us to offer tailored advice and structure loans that make sense for your specific situation.

As a credit union, we are a not-for-profit financial cooperative. This means our primary goal is to serve our members, not to maximize corporate profits for distant shareholders. Because of this structure, we can offer highly competitive interest rates, lower closing costs, and fewer fees compared to traditional banks. When you secure your mortgage with us, the interest you pay helps fund loans for your neighbors and supports community initiatives across our footprint.

Finally, we pride ourselves on delivering exceptional, personalized service. We take the time to get to know you, your financial goals, and your long-term plans. You are never just an account number to us. We provide dedicated support throughout the entire application, approval, and closing process, ensuring a smooth and transparent experience from start to finish.

Explore Our Home Financing Solutions

Finding the right mortgage is just as important as finding the right house. Explore our core mortgage products designed to fit a wide range of financial goals.

Conventional Mortgage

A conventional mortgage is an excellent choice for borrowers with a strong credit history and a stable income. Unlike government-backed loans, conventional loans are offered by private lenders and often provide maximum flexibility when it comes to purchasing a primary residence, a vacation home, or an investment property.

At Wasatch Peaks Credit Union, our conventional home loans in Utah and surrounding states come with highly competitive fixed and adjustable-rate options. A fixed-rate mortgage ensures your principal and interest payments remain exactly the same for the life of the loan, providing ultimate budget predictability. This is ideal if you plan to stay in your home for many years. An adjustable-rate mortgage (ARM) typically offers a lower initial interest rate for a set period, which can save you money in the short term if you plan to move or refinance within a few years.

We offer various term lengths, typically ranging from 10 to 30 years, allowing you to choose a payment schedule that aligns with your financial strategy. Whether you want to minimize your monthly payments with a longer term or pay off your house quickly to save on interest, our conventional mortgages can be customized to fit your needs.

HELOC (Home Equity Line of Credit)

Your home is likely your most valuable asset, and over time, as you pay down your mortgage and property values rise, you build equity. A Home Equity Line of Credit (HELOC) allows you to tap into that hard-earned equity to finance major life expenses.

A HELOC works similarly to a credit card. You are approved for a specific credit limit based on your available home equity, and you can draw from those funds as needed during a set "draw period." You only pay interest on the amount you actually borrow, not the entire credit limit. This makes a HELOC an incredibly flexible and cost-effective borrowing tool.

Many of our members use a HELOC to fund significant home renovations, such as remodeling a kitchen, finishing a basement, or adding a new roof. Because these improvements often increase the value of your home, reinvesting your equity back into the property is a smart financial move. However, a HELOC can also be used for other major expenses, such as consolidating high-interest debt, paying for college tuition, or covering unexpected medical bills. With competitive rates and flexible repayment terms, a HELOC from Wasatch Peaks Credit Union puts your home's equity to work for you.

Mortgage Refinancing

If you already own a home, mortgage refinancing could be a strategic financial move that saves you thousands of dollars over time or provides you with much-needed cash. Refinancing simply involves replacing your current mortgage with a new one, ideally with better terms.

There are several reasons why refinancing your home might make sense. If interest rates have dropped since you originally purchased your home, refinancing can secure a lower rate, significantly reducing your monthly payment and the total interest you pay over the life of the loan. Alternatively, you might want to switch from an adjustable-rate mortgage to a fixed-rate mortgage for more stability.

Another popular option is a cash-out refinance. This allows you to refinance your mortgage for more than you currently owe and take the difference in cash. Similar to a HELOC, these funds can be used for home improvements, debt consolidation, or other major expenses. Our expert loan officers can review your current mortgage, analyze your financial goals, and help you determine if refinancing is the right step for you.

FAQs ABOUT HOME FINANCING IN UTAH

• What do I need to qualify for a home loan in Utah?

  To qualify for a home loan in Utah, you’ll need to meet basic credit, income, and documentation requirements. Lenders want to see that you can repay the loan and that the property is worth the purchase price. Here’s what they typically look for:

  • A credit score of 620 or higher for most conventional loans.
  • Proof of stable income and employment.
  • A low debt-to-income ratio, usually under 43%.
  • Bank statements, W-2 forms, tax returns, and ID verification.

• How much of a down payment do I need for a house in Utah?

  Conventional loans generally require between 5% and 20 % down, with as little as 3 % possible for some first-time homebuyers. Putting down 20 % helps you avoid private mortgage insurance (PMI). FHA loans start as low as 3.5 % down for well-qualified borrowers. USDA and VA loans offer 0 % down options for eligible borrowers.

• How much do I need to make to afford a 400k house in Utah?

  Assuming a 30-year fixed-rate mortgage with a loan amount of $400,000 at 6.5%, you would need to make a monthly payment of $2,275 per month. To maintain a debt-to-income ratio of less than 43% you would therefore need to make at least $5,290 per month, or around $63,500 per year.

• How do I know which mortgage is best?

  The best mortgage for you depends on your budget, how long you plan to stay in the home, and how much you are able to put down. Compare interest rates, fees, and loan terms to see which option offers the lowest overall cost with an affordable monthly payment. A reputable lender such as Wasatch Peaks Credit Union can help guide you to the best choice for your personal financial situation.

• What is the best place to get a mortgage loan?

  It’s worth comparing mortgage loans from several lenders. While credit unions, banks, and online lenders all offer access to home financing services, credit union mortgages generally offer better rates. Credit unions are also more likely to take your personal circumstances into account when deciding whether to offer home financing or extend credit. 

• Do I need to join Wasatch Peaks Credit Union to apply for a mortgage, refinance, or home equity loan or line of credit?

  For HELOCs, yes, a membership is required. However, for all other mortgage loans no membership is required.  

  Becoming a member is easy! You simply need to meet these criteria:

  • You are an immediate family member of an existing member-owner: parent, child, brother, sister, spouse or surviving spouse, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships.
  • You live, work, worship, attend school, or regularly conduct business with companies and other legal entities located in Weber, Davis, and Morgan Counties, or within a select underserved community located in Box Elder, Salt Lake, Summit, Utah, Tooele, and Juab Counties.
  • Member of Trails Foundation of Northern Utah (TFNU.org), a 501(c)(3) NGO functions as a planner, promoter, constructor, and protector of a network of public paths, trails, and related open spaces for non-motorized use. Not a member of the Trails Foundation Northern Utah? Wasatch Peaks will enroll you at no additional cost to you.
  • None of these fit, but I still want to join. A Wasatch Peaks Member Service Representative will find the best eligibility option for you.

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