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Fixed Rate Mortgages

This traditional loan maintains its original interest rate throughout its life. Any changes in monthly loan payments are due to insurance or taxes. Fluctuations in markets won't have any impact on the amount of interest you pay, because that rate is already fixed. A fixed-rate mortgage loan may be a good choice if you:

  • Want the security of knowing that market rates will not change your monthly payment
  • Plan to stay in this home for at least 10 years
  • Don't expect your income to increase significantly
  • Think interest rates will increase

Utah, Arizona, Idaho, and Nevada fixed-rate mortgage loans come in 10-, 15-, 20-, and 30-year terms.

FHA 15 Year Fixed

Best Choice If:

  • You want to qualify for the largest loan amount related to your income and credit profile, yet desire to have the loan paid off in 15 years.
  • Advantages:

  • Fixed interest rate.
  • Level principal and interest payments for the loan's full term.
  • No risk that changing market conditions will increase your monthly payment.
  • Mortgage insurance is less than a 30 year FHA loan.
  • Disadvantages:

  • Depending on LTV, requires both up-front and monthly mortgage insurance premiums.
  • No Manufactured Housing.
  • FHA 30 Year Fixed

    Best Choice If:

  • You want to qualify for the largest loan amount related to your income and credit profile, yet desire to have the loan paid off in 15 years.
  • Advantages:

  • Fixed interest rate.
  • Level principal and interest payments for the loan's full term.
  • No risk that changing market conditions will increase your monthly payment.
  • Disadvantages:

  • Depending on LTV, requires both up-front and monthly mortgage insurance premiums.
  • No Manufactured Housing.
  • Utah Housing - FHA

    Best Choice If:

  • You are financing your first home and have low to moderate income.
  • You have minimal or no funds for down payment and closing costs. Gifts from family members are allowed.
  • Advantages:

  • Fixed interest rate.
  • Principal and interest payments remain level for the loan's full term.
  • Combining this program with an FHA loan gives you the best options.
  • Loan is assumable.
  • The First Home Plus loan option can assist you in paying up to 6% of your down payment and closing costs.
  • Disadvantages:

  • You must qualify within the program's income limits and buy a home under the maximum cost and value allowed.
  • Cannot be combined with a conventional loan.
  • Utah Housing Score Loan

    Best Choice If:

  • You have minimal or no funds for down payment and closing costs. Gifts from family members are allowed.
  • Advantages:

  • Fixed interest rate.
  • Principal and interest payments remain level for the loan's full term.
  • Combining this program with an FHA loan gives you the best options.
  • Loan is assumable.
  • Disadvantages:

  • You must qualify within the program's income limits and buy a home under the maximum cost and value allowed.
  • Cannot be combined with a conventional loan.
  • 30-year Fixed

    Best Choice If:

  • You plan on staying in the home long term.
  • You think interest rates will increase.
  • You don't expect your income to increase significantly over the coming years.
  • You want to qualify for the largest fixed-rate loan possible.
  • Advantages:

  • Level principal and interest payments for the full loan term.
  • Monthly payments are lower.
  • No risk that changing market conditions will increase your monthly payments.
  • Fixed interest rate.
  • Disadvantages:

  • You pay more interest charges over the life of the loan.
  • Unable to take advantage of lower interest if market changes without refinancing loan.
  • 30-year Fixed Refinance

    Best Choice If:

  • You plan on staying in the home long term.
  • You think interest rates will increase.
  • You don't expect your income to increase significantly over the coming years.
  • You want to qualify for the largest fixed-rate loan possible.
  • Advantages:

  • Level principal and interest payments for the full loan term.
  • Monthly payments are lower.
  • No risk that changing market conditions will increase your monthly payments.
  • Fixed interest rate.
  • Disadvantages:

  • You pay more interest charges over the life of the loan.
  • Unable to take advantage of lower interest if market changes without refinancing loan.
  • 20 -year Fixed

    Best Choice If:

  • You plan to retire in 20 years or less.
  • You want to own your home more quickly.
  • You want to own your home upon retirement, without debt.
  • Advantages:

  • Level principal and interest payments for the full loan's term. Payment higher than a traditional 30-year loan in exchange for a lower interest rate and shorter term.
  • Pay less interest over the loan's life.
  • Fixed interest rate.
  • Disadvantages:

  • Your monthly payment will be approximately 15% higher than that of a 30-year loan.
  • 20 -year Fixed Refinance

    Best Choice If:

  • You plan to retire in 20 years or less.
  • You want to own your home more quickly.
  • You want to own your home upon retirement, without debt.
  • Advantages:

  • Level principal and interest payments for the full loan's term. Payment higher than a traditional 30-year loan in exchange for a lower interest rate and shorter term.
  • Pay less interest over the loan's life.
  • Fixed interest rate.
  • Disadvantages:

  • Your monthly payment will be approximately 15% higher than that of a 30-year loan.
  • 15- year Fixed

    Best Choice If:

  • You want to own your home more quickly.
  • You want to own your home upon retirement, without debt.
  • You plan to retire in 15 years or less.
  • Advantages:

  • Level principal and interest payments for the loan's full term.
  • Lower interest rate and shorter term.
  • Pay substantially less interest over the loan's life.
  • Fixed interest rate.
  • Disadvantages:

  • Your monthly payment will be approximately 25% higher than that of a 30-year loan.
  • 15- year Fixed Refinance

    Best Choice If:

  • You want to own your home more quickly.
  • You want to own your home upon retirement, without debt.
  • You plan to retire in 15 years or less.
  • Advantages:

  • Level principal and interest payments for the loan's full term.
  • Lower interest rate and shorter term.
  • Pay substantially less interest over the loan's life.
  • Fixed interest rate.
  • Disadvantages:

  • Your monthly payment will be approximately 25% higher than that of a 30-year loan.
  • 10 Year Fixed

    Best Choice If:

  • You want to own your home more quickly.
  • You want to own your home upon retirement, without debt.
  • You plan to retire in 10 years or less.
  • Advantages:

  • Level principal and interest payments for the loan's full term.
  • Mortgage length cut by as much as two-thirds.
  • Substantially less interest over the loan's life.
  • Lower interest rate and shorter repayment term.
  • Fixed interest rate.
  • Disadvantages:

  • Your monthly payment will be approximately 30% higher than that of a 15-year loan.
  • 10- Year Fixed Refinance

    Best Choice If:

  • You want to own your home more quickly.
  • You want to own your home upon retirement, without debt.
  • You plan to retire in 10 years or less.
  • Advantages:

  • Level principal and interest payments for the loan's full term.
  • Mortgage length cut by as much as two-thirds.
  • Substantially less interest over the loan's life.
  • Lower interest rate and shorter repayment term.
  • Fixed interest rate.
  • Disadvantages:

  • Your monthly payment will be approximately 30% higher than that of a 15-year loan.
  • Utah Housing - VA

    Best Choice If:

  • You want to buy your first home with no money down.
  • You want to qualify for the largest loan amount related to your income and credit profile.
  • You are a first-time home buyer who desires to use the Utah Housing Corporation loan program to obtain a better interest rate.
  • Advantages:

  • Benefits qualified veterans wishing to purchase a home without a down payment.
  • Fixed interest rate.
  • Underwriting standards are somewhat more flexible than those of conventional loans.
  • No monthly mortgage insurance.
  • Disadvantages:

  • For qualified U.S. veterans only.
  • Requires a substantial funding fee, which can be added to your loan balance at closing.
  • Cannot use program for investment properties.
  • You must qualify within the program's income limits and buy a home under the maximum cost and value allowed.
  • Upon selling the home within the first nine years, members whose incomes exceed certain limits and who make a profit on the home may be required to pay a recapture amount.
  • VA 15 Year Fixed

    Best Choice If:

  • You want to buy a home with no money down.
  • You want to qualify for the largest loan amount related to your income and credit profile.
  • You are a first-time home buyer who desires to use the Utah Housing Corporation loan program in conjunction with your VA loan. See the Utah Housing Corporation loan program description for further details.
  • Advantages:

  • Benefits qualified veterans wishing to purchase a home without a down payment.
  • Fixed interest rate.
  • Underwriting standards are somewhat more flexible than those of conventional loans.
  • No monthly mortgage insurance.
  • Disadvantages:

  • For qualified U.S. veterans only.
  • Requires a substantial funding fee, which can be added to your loan balance at closing.
  • Cannot use program for investment properties.
  • 30- and 15-year fixed rates only.
  • VA 30 Year Fixed

    Best Choice If:

  • You want to buy a home with no money down.
  • You want to qualify for the largest loan amount related to your income and credit profile.
  • You are a first-time home buyer who desires to use the Utah Housing Corporation loan program in conjunction with your VA loan. See the Utah Housing Corporation loan program description for further details.
  • Advantages:

  • Benefits qualified veterans wishing to purchase a home without a down payment.
  • Fixed interest rate.
  • Underwriting standards are somewhat more flexible than those of conventional loans.
  • No monthly mortgage insurance.
  • Disadvantages:

  • For qualified U.S. veterans only.
  • Requires a substantial funding fee, which can be added to your loan balance at closing.
  • Cannot use program for investment properties.
  • 30 year fixed rates only.
  • Mortgage Rates

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