Home & Mortgage Loan Rates

The Best Home Interest Rates in Utah!

If you're looking to put down roots in a great neighborhood, you've come to the right place. Our low rates make owning a home in north-central Utah's highly desirable communities a reality for more families.

Three Steps to Apply For A Mortgage Loan in Utah

Mortgage Rate FAQs

• What factors go into determining the loan rate and term I am offered?

  Lenders will look into a combination of factors to determine the rate and term you are offered, including your credit score, income, employment status, and your debt-to-income ratio, as well as the size of the down payment you are able to make. The better qualified you are, the lower the rate and the longer the loan term you will be able to negotiate.

• Why are credit union mortgage rates lower than banks?

  Unlike traditional banks, credit unions are financial co-operatives owned by and run on behalf of their members. While banks are required to distribute a portion of their profits to outside shareholders, credit unions are able to return profits to their members in the form of higher yields on investments, fewer and lower fees, and, in most cases, a measurably lower annual percentage rate (APR).

• What is my debt-to-income ratio?

  Your debt-to-income (DTI) ratio is the ratio of your current income to your existing debt at the time you apply for a new loan. In other words, it is the portion of your earnings that you are using to service your debt. For single-family primary residences, most lenders look for a DTI ratio below 45%.

• What is loan-to-value (LTV)

  Your loan-to-value ratio is the portion of the value of the home you are buying that your lender is willing to finance. In other words, it is the part of your mortgage that you will need to finance yourself with your down payment. For example, an 80% LTV ratio on your financing means you will need to make a down payment of 20% of the value of the property you are buying. Buyers with higher than 80% LTV are often required to pay private mortgage insurance (PMI) to cover the additional risk to the lender.

• What makes a fixed rate mortgage so desirable?

  Fixed rate mortgages offered over 30 or 15 years feature a rate lock for the entire duration of the loan. This means you will owe the same payment amount every month, even if interest rates in the wider economy rise, providing long-term financial stability and predictability.

• Why are rates higher on longer-term loans

  Rates are generally higher on longer-term loans because of the added time that your lender considers their money to be at risk. A longer-term loan includes more time for your personal financial circumstances and conditions in the economy to change, providing more opportunities for you to default on your monthly payment. Lenders seek to “insure” their added risk by charging higher rates.

• What costs other than mortgage monthly payments are involved in buying a home?

  In addition to making monthly payments for the duration of your mortgage, you will also need to pay closing costs on your loan, as well as other costs such as application, appraisal, and origination fees, and transfer charges. In some cases, some of these costs can be rolled into your loan amount and paid off over time.

• Do I need to join Wasatch Peaks Credit Union to apply for a mortgage loan?

  Yes, you do need to be a member to apply for a home loan at Wasatch Peaks Credit Union. Becoming a member is easy. You’re eligible for membership if:

  • 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.

  • You’re a member of Trails Foundation of Northern Utah (TFNU.org), a 501(c)(3) NGO that 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 you still want to join. A Wasatch Peaks Member Service Representative will find the best eligibility option for you.

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Other Great Home Financing Options From Wasatch Peaks