How to Use a Mortgage Payment Calculator

When you’re considering buying a home, you want to make sure you choose one that you can afford. But how do you know? Integrity First Lending’s mortgage payment calculator can help.

How to Use a Mortgage Payment Calculator

How Do You Use a Mortgage Payment Calculator?

Integrity First Lending has a tool that makes it easy to calculate your mortgage payments. Simply plug in the numbers: the cost of the home, your down payment, the interest rate, the term you are choosing and the type of mortgage you’re applying for. Our mortgage payment calculator then gives you an estimate of what your monthly mortgage payments will be.

This figure is an estimate because several factors can affect the final number:

  • Type of interest rate: If you choose an adjustable-rate mortgage rather than a fixed-rate mortgage, your monthly payments can change — sometimes significantly — with the going interest rates.
  • Taxes: If the city, town or state you live in raises property taxes, your monthly mortgage payments will go up. Most mortgage lenders collect tax payments from homeowners every month to put in escrow to pay their property taxes. So while property taxes are not technically part of your mortgage, you pay them at the same time as your mortgage. However, even when you pay your mortgage off, you must still pay property taxes, although if you are elderly, you may be eligible for a reduction in the amount.
  • PMI: If a homebuyer does not put at least 20% down on their home, they must pay private mortgage insurance until 20% equity is reached. This number is often $100-$200 per month, depending on many factors, including your credit score.

Determining How Much House You Can Afford

The beauty of our mortgage payment calculator is that you can play with the numbers and make adjustments to find a way to make buying a house affordable for you.

For instance, if the mortgage payment calculator says your payment will be about $2,000 and that is too much for you, try lengthening the term to see how much it lowers your payments. Or, if you can borrow money from a friend or relative to increase your down payment, this will also decrease your monthly payments.

If you can’t find a way to make the numbers work, consider shopping for a lower-priced house.

As mortgage lenders, we sometimes see homeowners who do not leave themselves enough wiggle room with their mortgage. They take on a large mortgage that they can technically pay, but if something unexpected happens — a job loss, an expensive car repair or another financial setback — it can quickly tip the scales, putting them behind on mortgage payments. This is not only stressful, but it affects your credit too.

It’s better to leave yourself a little cushion when shopping for a home loan in Utah.

Your Friendly Mortgage Company in Utah

Now that you know how our mortgage payment calculator works, play with it for a little while and then come in and see our mortgage lenders. We’ll collect some information from you, such as your income, credit score, debt-to-income ratio, etc., and run the numbers to see what type of mortgage you qualify for and how much house you can afford. Once you are pre-approved, you can start shopping for a home in Utah with confidence!

How to Get a Home Loan in Utah After Bankruptcy

If you have filed for bankruptcy, you may wonder when you will be eligible to apply for a home loan in Utah. The time period varies based on a number of factors. To find out whether — or when — you qualify for a home loan in Salt Lake City after filing for bankruptcy, talk to the mortgage lenders at Integrity First Lending.

How to Get a Home Loan in Utah After Bankruptcy

How Bankruptcy Affects Your Credit

Filing for bankruptcy can be a difficult and painful choice. Consumers who file for bankruptcy often feel overwhelmed, afraid and sad.

While filing for bankruptcy can sometimes be a relief of sorts, it also carries with it a certain stigma. Many lenders and others who extend credit to consumers assume that someone who files for bankruptcy is a poor money manager who cannot be trusted to pay their bills.

The truth is, however, that the most common reason people file for bankruptcy is due to medical bills, which are no fault of their own. Other reasons include divorce, which many people also have no say in, and student loans.

Regardless of the reason, those who file for bankruptcy suffer by being unable to obtain credit for a period of time.

How Long Do You Have to Wait to Apply for a Home Loan in Utah?

If you filed for Chapter 7 bankruptcy, which discharges many of your debts (but not student loans or income tax debt), you have to wait at least four years to apply for a conventional home loan in Utah.

However, if you apply for a USDA loan, you only need to wait three years. For VA and FHA loans, it’s two years. You may or may not qualify for these programs, however; talk to the mortgage lenders at Integrity First Lending to see if you are eligible to apply.

With a Chapter 13 bankruptcy filing, you must wait at least two years after the court discharges your bankruptcy to apply for a conventional mortgage. You may be eligible to apply for government-backed mortgages sooner.

Why Your Credit Matters with Home Loans in Utah

These waiting periods are minimums. If you have made late payments or had other credit snafus during this time, it can affect your eligibility to apply for a mortgage.

Your credit score and your credit history are like records of your financial health and behavior. Lenders take a risk when they approve your mortgage, and some may opt not to take that risk Or, they may take the risk but charge higher interest rates because of your credit history.

The good news is that your financial mistakes will not follow you forever. They eventually disappear from your credit report, and hopefully are replaced with line items about on-time payments.

Home Loans from Integrity First Lending

If you filed for bankruptcy and wonder if you are eligible yet to apply for a home loan in Utah, come see the mortgage lenders at Integrity First Lending. We’ll run the numbers with you, and if you don’t qualify yet, we’ll tell you what you can do to improve your chances of qualifying next time. We’re your friendly, local Salt Lake City mortgage company.

Is Now a Good Time to Refinance in Utah?

You may have considered refinancing during the pandemic, but you may have been unsure about whether that was the best time. Should you wait to see if mortgage rates in Utah fall even lower? Or will you miss out on a better deal by waiting? It can be hard to tell. You need a Utah mortgage lender like Integrity First Lending on your side that knows the ins and outs of refinancing.

Is Now a Good Time to Refinance in Utah?

Why Refinance Your Home in Utah?

There are several reasons homeowners in Utah are interested in refinancing. One of the most common reasons to refinance is to take advantage of lower interest rates. Interest rates have fallen over the past year, but in order for refinancing to make sense, the interest rate needs to fall enough to save you money.

Of course even a tenth of a percent can save you money over the life of the loan, but the process of refinancing also costs you money, so you have to do the calculations to see if you will come out ahead. Closing costs are often 2% to 3% of your loan, which can be substantial, depending on how much you want to borrow. You may also have to pay for an appraisal, lawyer’s fees and other costs.

If you aren’t saving enough with your lower interest rate, refinancing might not be worth it. It isn’t always easy to figure out, so that’s why it’s good to have help from a trusted mortgage company in Salt Lake City.

Refinancing to Improve Your Terms

When you originally took out your mortgage, you might have chosen a 30-year loan in order to have monthly payments that were low enough to afford. If your circumstances have changed, however, and you can now afford higher payments (and take advantage of a lower interest rate), you could refinance your home in Utah and choose a shorter term, such as 20 or even 15 years.

The interest rates for these shorter-term loans are even lower — plus, you save money by paying off your home quicker.

Another reason homeowners might want to refinance their home in Utah is to switch from an adjustable rate mortgage to a fixed-rate mortgage. An ARM usually offers lower interest rates at the beginning of the loan than a fixed-rate loan. However, at the end of this introductory period, the rates go up, and can continue to fluctuate over the life of the loan, unlike a fixed-rate mortgage, which stays the same.

Some homeowners prefer the certainty of a fixed-rate mortgage, but needed the affordability of the lower rates when they first bought their home.

Best Mortgage Company in Utah

If you’re looking to save money by refinancing your home in Utah, consult with the mortgage lenders at Integrity First Lending. We’ll look at current mortgage rates, run the numbers with you and help you determine whether now is a good time to refinance your mortgage.

How to Get a Zero Down Mortgage in Utah

It can be hard to save up $50,000 or more for a down payment on a home. You may wonder if you qualify for a zero down mortgage in Utah. Talk to the mortgage lenders at Integrity First Lending of Salt Lake City. We can help you find out if you qualify for this helpful program.

zero down mortgage in Utah

Qualifications for a Zero Down Mortgage in Utah

To qualify for a zero down mortgage, applicants need a good credit score. For this type of mortgage, that’s usually around 620-700. If your credit score is below that, you can take some time to bring it back up and then apply for a mortgage.

Other factors your lender will look at are your credit history, debt-to-income ratio, employment history and salary, and possibly other considerations as well.

Pros of a Zero Down Mortgage

The most attractive part of a zero down mortgage for most home buyers in Utah is that they don’t have to wait to save up a down payment in order to become a homeowner. This means you don’t have to spend years paying rent without anything to show for it.

Owning your own home is a great investment. When you make your mortgage payment, you’re paying toward something you own, versus a rent payment, in which you’re paying for something someone else owns.

Cons of a Zero Down Mortgage

When you have no money to put down for a mortgage, you must borrow more money to pay for your house. That means you owe more, and your payments will be larger.

Home buyers who don’t put at least 20% down on their homes must pay private mortgage insurance every month until they build up 20% equity. This is usually another $100-$200 on top of your mortgage payment.

When you have no equity in your home, it’s possible you could end up in an “upside-down mortgage” situation. What this means is that if you put zero down on a $300,000 home and two years later you wanted to sell it but it was only valued at $275,000, you would owe more on your home than it was worth.

This rarely happens because lenders take great pains to make sure they lend money safely, and would not approve a loan for an overpriced home. Further, if you can hang on to an upside-down mortgage and avoid selling and moving for a couple of years, your value would likely come back up during this time.

Best Mortgage Lenders in Utah

The pros of a zero-down mortgage often outweigh the cons, since buying a home is usually a better financial decision than renting. If you’re not sure, come talk to the mortgage lenders at Integrity First Lending. We’ll look over your financial information and run some numbers to see whether we think you would qualify for a zero-down loan. Don’t wait — call today!

How Important Are Current Mortgage Rates in Utah?

Your mortgage rate determines how much you pay for your home loan. Interest rates change over time, but should you base your decision to buy a home on the current mortgage rates in Utah? The mortgage lenders at Integrity First Lending explain how much weight you should give to current mortgage rates when deciding to buy a home in Utah.

current mortgage rates in Utah

What Is a Mortgage Rate?

A mortgage rate is the percentage of interest you pay on your home loan. When you take out a home loan in Utah, you pay mostly toward your interest for the first years you have your mortgage, then you pay more on the principal toward the end.

Because home prices have been high for a while, most homeowners today have 30-year mortgages. For a $300,000 home bought at 4.5% interest, the homeowner would pay about $250,000 in interest over the life of the loan. However, if they opted for a 15-year loan at 4%, they would pay only $100,000.

The difference is that mortgage payments on a 15-year-loan are much higher than on a 30-year loan.

What Mortgage Rate Will I Get?

Mortgage rates fluctuate, but not usually by very much each day. When you check the current mortgage rate, the numbers are expressed out two decimal places, such as 3.16. That way, it’s easy to see even small changes.

A mortgage rate is based mostly on current interest rates, but other factors can influence your rate. For instance, your credit score is a factor. The higher your credit score is, the better chance you have at getting a lower rate. That’s because rates are based, in part, on the level of risk a bank takes on in lending you money. If your credit score is poor, you are a higher risk and will pay higher interest — if you can get approved for a loan at all.

Sometimes applicants’ credit scores are too low to qualify for a home loan. However, over a period of a few years, you may be able to improve this score enough to qualify for home loan.

Factors to Take into Account

Other factors that influence your mortgage rate include your mortgage term, debt-to-income ratio and the value of the home you want to purchase in relation to is price.

Mortgage rates are usually lower for shorter-term loans, because the lender gets their money back faster.

Your debt-to-income ratio refers to how much you make and how much you owe. You might earn a salary upwards of $100,000, but if you’re struggling with debt, you may not qualify for a mortgage.

Lenders sometimes reject applications for home loans because they have determined the property is not worth the purchase price. If a lender has to foreclose on a $400,000 home and can only sell it for $300,000, this financial decision will have cost them a lot of money.

The Importance of Current Mortgage Rates in Utah

The bottom line is, current mortgage rates are important, but they don’t usually fluctuate wildly in a short period of time. What is more important in determining your mortgage rate is your financial health.

Come talk to the team at Integrity First Lending, the best mortgage lenders in Utah, to find out what mortgage rate you might qualify for. We can give you advice about changes you can make that can improve your credit score, your financial health, and eventually, your mortgage rate.

Perks for First-Time Home Buyers in Utah

If you’re thinking of buying your first home, Integrity First Lending can help! We’re the mortgage company in Utah that’s known for helping first-time home buyers realize their dream of homeownership. We can show you the steps you need to take to own your own home.

first-time home buyer in Utah

What Is a First-Time Home Buyer?

You would think this would be a simple question to answer, but the truth is more people qualify as first-time home buyers in Utah than you might think.

For instance, if you have not owned a home in three years, you may qualify as a first-time home buyer. Ditto if you have previously owned a home but your new spouse has not. You also may qualify if you’re divorced or a single parent who owned a home with your spouse but never on your own. There are a few more special circumstances as well — contact our Utah mortgage lenders to see if you qualify as a first-time home buyer.

Perks for First-Time Home Buyers in Utah

The reason first-time home buyer programs exist is because the government wants to help U.S. residents improve their financial health. While there are lots of ways to do this, one of the best ways is to purchase a home. Real estate is almost always a good investment, and paying your mortgage each month is a much better use of your money than paying rent to another person who owns the property you live on.

In an effort to help prospective homeowners qualify for a mortgage, some first-time home buyer programs in Utah offer applicants assistance with down payments and closing costs.

If you don’t have 20% of the purchase price of your home, you will be required to pay personal mortgage insurance until you reach 20% equity. Average housing prices in Utah are about $300,000-$400,000, which translates to a $60,000-$80,000 down payment — a stretch for most anyone.

Closing costs can be another 3%-6%, or $9,000-$24,000 — another hefty sum. First-time home buyer programs can help you get a second mortgage to pay off these costs over time.

First-Time Home Buyer Requirements in Utah

Because first-time home buyer programs are designed to help those who may not otherwise be able to afford a home, eligibility is limited to those under a certain income threshold. Also, limits might be placed on the price of the home you are allowed to buy.

Get Help from a Mortgage Lender in Utah

Getting a home loan can be complicated, so you want knowledgeable professionals in your corner. Moreover, if you’re a first-time home buyer in Utah, you want to make sure you don’t miss out on any of the perks available to this special group.

Trust the team at Integrity First Lending. We’re the mortgage company in Utah that can help you through the process of becoming a first-time home buyer. Contact us for more information, or apply online today.

Why You Should Use a Home Loan Calculator in Utah

Many factors come into play when computing your mortgage. However, some of these elements, such as PMI, can easily be overlooked if you don’t make a conscious effort to keep track of them. Good thing there are now home loan or mortgage calculators in Utah available online, such as the one on the Integrity First Lending website. Now, you can quickly get a close estimate of how much your monthly payments will be, no matter which stage of the financing process you are in.

Computing your monthly payments beforehand allows you to get a better grasp of what your current financial capacity is and what the different terms and rates available to you are. Using a mortgage calculator will also enable you to make a better-informed decision on which payment arrangement will benefit you more and determine which ones you can afford.

Home Loan Calculator

What Is the Purpose of a Mortgage Calculator in Utah?

This tool takes the guesswork out of computing your future home loan payments. It can be used by those looking to refinance their loans, first-time homebuyers or those considering a reverse mortgage, as it allows you to check and compare your options quickly and easily.

All you have to do is provide the figures and information it asks for, and it does all the calculations for you. However, remember that its accuracy is dependent on the data you feed into it.

Are Home Loan Calculators in Utah Accurate?

Yes. But you have to be selective about which one to use. Integrity First Lending’s mortgage calculator gives you an accurate estimate of your estimated home loan payments. To get a correct assessment, you need to know how much the down payment, purchase price, interest rate and term are.

Down payments may vary, depending on the terms and conditions you have agreed upon with our loan officers. Or, if you haven’t talked to your lender yet, you can input your estimated amount. You can enter the cost of the property you are looking to buy and how much you can afford for the purchase price

Get in touch with us for updated interest rates. This should also help you decide on the term that will best fit your needs. If you already have a specific period in mind, you may input that information into the calculator.

For expert help on home loans, Integrity First Lending has got you covered. We have a team of highly trained and honest mortgage professionals in Utah who always have your best interests in mind. They are committed to helping you figure out the best plan for you so you can get closer to owning your dream home.

Should I Get a Loan from a Bank or a Mortgage Lender in Utah?

When it comes to obtaining financing for your home, you may be wondering if you should use Utah mortgage lenders like Integrity First Lending or big banks.

While banks are everywhere, it can be challenging to get a home loan from these institutions, especially for first-time home buyers, because they employ a more rigid lending process. Lending or mortgage companies, on the other hand, are more lenient, with some even allowing those who do not have good credit to get a loan.

Getting a Loan from a Mortgage Lender

Advantages of Going to Mortgage Companies

Home lending companies are focused on mortgage loans. Thus, the application process tends to be more straightforward and approval is faster. But there are more benefits to getting a loan from such organizations.

  • More choices: Most representatives of these companies are certified and trained in home financing courses to educate their customers better and help them make informed decisions.
  • More options: They offer more flexible payment schemes to suit the needs and budgets of those in the market for a home.
  • Faster closing: If you are in a hurry to settle, going through lenders will be faster than going through banks.
  • Convenience: Most lenders have set up an application form on their website, so you can easily sign up wherever you are. At Integrity First Lending, our three-step process is available online and all you need to do is follow the simple steps to apply.

What Should I Look for When Comparing Mortgage Lenders in Utah?

Finding the right lender ultimately depends on your needs. To make sure you don’t miss out on any details when shopping around for one, here are a few things you can consider:

Interest rate: See that the lender offers an interest rate that suits your financial situation and your ability to pay off the loan over time.

Fees and points: Apart from interest rates, consider the other expenses you will have to pay, such as underwriting fees and mortgage points (the fees paid to the lender should there be any reduction in interest rate).

Down payment: Different lenders have different down payment requirements. The amount can change depending on the terms of your loan. Talk to a trusted representative to be sure of the numbers.

Closing costs: Lenders typically charge for this, so be sure to ask the representative you are talking to in order to avoid any surprises.

Private Mortgage Insurance (PMI). This serves as added protection for the lender when the borrower can afford only a low down payment.

Need more convincing? Get an accurate estimate of what your monthly payments will be with this home loan calculator in Utah from Integrity First Lending.

Buying a House in Utah With No Down Payment: Is It Possible?

Buying a house is a dream for many, but not everyone can afford to finance it. Fortunately, there is a way for you to buy a house in Salt Lake City with no down payment. How? You have to work with the best mortgage lenders in Utah.

Integrity First Lending empowers aspiring homeowners by providing them flexible financing options to purchase their dream property.

Buying a House in Utah With No Down Payment Is It Possible

How Can I Buy a House if I Don’t Have the Down Payment?

The standard for down payments is at least 20% of the purchase price. But if you can’t afford this, you can still buy a home, as long as you meet the requirements.

VA Loans require no down payment. They are available to war veterans, spouses of deceased war veterans and active-duty service members or National Guard members. The Department of Veterans Affairs regulates this type of loan, and instead of paying for mortgage insurance, you may opt to pay a VA funding fee equivalent to 2.15% of your loan value.

To qualify for a VA loan, you must have actively served in the military for at least 90 consecutive days during wartime and 181 consecutive days during peacetime. If you’re a member of the National Guard or a reservist, you must have served for a minimum of six years.

If you’re a spouse of a deceased service member, in order for you to qualify, they must have died while performing their duty or due to a related injury. Also, your credit score must be at least 640. Applying for this type of loan will take about 30-45 days and is commitment-free.

Another type of loan that will allow you to acquire a home with little to no down payment required is an FHA loan. You may have to make a small down payment, but only 3.5% — significantly less than the standard 20% for most residential properties.

Getting the Best Mortgage Rate in Utah

Integrity First Lending offers FHA loans as well as a no-cost refinancing program that allows you to modify your current mortgage terms without having to pay settlement fees or adding to the cost of the loan. You just have to pay a little more interest instead, which ends up being more manageable in the long run.

If you are interested in what other home financing options you might have, give us a call. Our trained representatives will help you any way they can. We have a three-step process that enables you to get the best mortgage rate in Utah and close your home on or before your commitment date.

The Best Characteristics to Look for in a Lending Company

Teaming up with a reliable and experienced lending company is critical to your homebuying journey. A good working relationship with your lender will improve productivity, performance, and ease. Integrity First Lending welcomes new ideas and responds to conflict accordingly throughout your mortgage process in Utah.

The Best Characteristics to Look for in a Lending Company

Core Values

Core values might be the most fundamental aspect of a professional client-to-lender relationship. Values represent the principles that a company strives for. Possessing qualities such as trust, respect and integrity can bring you closer to your loan officers.

Keep in mind that an excellent company culture involves showing transparency, coming up with strategic decisions and sticking by the promises a company makes. By sticking to these core values, you will be able to establish trust and confidence in your chosen mortgage lender in Utah.

Open Communication

Clients must also take care to notice if their chosen lending company establishes open communication with them. There has to be an effective dialog between clients and lenders when exchanging ideas and providing mutual support. Building a safe space for communication enables ideas to flow and for problems to be addressed head-on. More importantly, you will feel a stronger sense of connection to the company as a whole.

Clear Goals

Homebuying success is easier when everyone in the company understands the goals and how to achieve them. A clearly defined plan allows your chosen mortgage team to work on tasks smoothly and move through schedules without any problem. When loan officers know what needs to be done, it becomes much easier for them to improve productivity, and to manage tasks proactively, rather than waste their time on unnecessary issues.

Experience and Credibility

This may be the last, but the most important characteristic you’ll look at when finding a lender for any home loans in Utah. You have to team up with a lender who’s been in the lending industry for a long time, and who’s established a good reputation locally, and if possible, nationally.

A credible lender is someone you can trust to provide complete information about the homebuying process, as well as the loan experience. Find time to seek reviews online from previous clients they might have worked with. Also, keep in mind that experience is usually established by the amount of time any lender has been in business.

Company culture and values can impact your homebuying process. Team up with the best mortgage company in Utah: Integrity First Lending.