Current Utah Mortgage Rates
Quick Mortgage Definitions / Terms / Facts
What is a Jumbo loan?A Jumbo loan is any loan amount that is higher than the conforming loan limits set by Fannie Mae and Freddie Mac--typically a $333,701 loan amount or higher for a single family residence.
What is prepaid interest?
This is the interim interest that accrues on the mortgage loan from the date of the loan closing to the beginning of the period covered by the first monthly payment. For example, if your closing date is scheduled for April 15, the first mortgage payment is due June 1. The lender will calculate a per-day interest amount that is collected at the time of closing. This amount covers the interest accrued from April 15 to May 1 and then your June 1 payment covers interest from May 1 to June 1.
First Steps to Getting a Mortgage?
Get a Free Credit Report!The first step to getting a mortgage is to know your credit score. Understanding your credit report is a critical part to getting your mortgage. Raise your score while you shop for your home to get the lowest rate at closing, with a few easy steps you can easily raise your score in within a few months.
