Locally Owned & Operated in Utah for Over 25 Years
Intermountain Mortgage Company, Inc. (IMC) offers a diverse menu of loan products which are funded by the firm and sold to a myriad of banks, credit unions, and mortgage banks throughout the United States. Unlike a bank or a broker with limited access to capital this allows IMC to provide a loan program best matched to a Borrower’s particular needs at the most competitive rates.
IMC clients gain a personal touch and attention to detail in addition to the prompt loan process and approval. Our experienced and knowledgeable Loan Originators and Processors provide accurate information and updates to all parties involved in a transaction. Any unforeseen events during the loan approval process are communicated back to the parties and a written Change of Circumstance is delivered. It is always the goal of IMC to set appropriate expectations and help our clients close on their purchases and refinances in a timely manner.
Deciding which mortgage product is best for you will depend largely on your unique circumstances. Should you get a fixed rate or adjustable rate mortgage? A conventional loan or a government loan? Talk with our Loan Originators today to determine what loan or options of loans are right for you.
Fixed Rate Mortgages
The most common type of loan option, the traditional fixed-rate mortgage, includes monthly principal and interest payments which never change during the life of the loan. Typically loan terms are 10, 15, 20 or 30 years.
Conventional Loans / Freddie Mac & Fannie Mae
Conventional loans are those that fit the lending requirements set by Freddie Mac and Fannie Mae. The national Conforming loan limit is $510,400, but in some high cost areas such as Summit County and Wasatch County the High Balance Conforming limit is as high as $765,000 and $762,450, respectively.
Jumbo Loans & Unique Products
A loan amount which exceeds the Fannie Mae conforming loan limit is considered to be a Jumbo Loan. Although IMC offers Fannie Mae High Balance loans for eligible counties such as Summit County and Wasatch in Utah, many counties are not eligible for High Balance Conforming loans. Our Jumbo loan products provide a wide variety of options for higher loan amounts such as fixed rate 15, 20, and 30 years terms, or Adjustable Rate Mortgages, such as 3/1, 5/1, and 7/1 ARMs.
One Time Close Construction Loan
The most popular construction product on the market today, the one-time close construction loan, provides for a single underwrite, single close, and one-time rate lock. This loan product helps borrowers avoid variable or floating rates and save thousands in costs by closing only once. The One-Time Close loan product combines the interim construction and permanent financing into one loan transaction, saving dual fees when compared to a traditional construction only to take-out loan. Other benefits include the ability to lock the permanent financing rate prior to construction (secure a lower rate in a rising rate environment), a flexible construction phase of 12, 18 or 24 months, and the ability to pay off the lot with a portion of the loan facility providing the borrower meets the equity or capital requirement.
Straight Construction Only
A stand-alone construction line of credit usually combined with a take-out loan commitment is available for either non-owner occupied property or a Speculative Construction Project, i.e. a project being built as inventory or for resale (Spec Loan). IMC has a number of different capital sources for Spec Loans. This type of loan is case by case and scenarios should be discussed in detail with an IMC Loan Originator.
Interest Only 5/1 and 7/1 ARMs
Interest Only (I/O) ARM products are excellent options for when borrowers have a short-term holding period for a property (either primary residence or second home) and the monthly reduction of principal through the early amortization years is not a priority. Appreciation and lower monthly payments, meaning better cash flow, is the benefit. It is also a good product to consider for borrowers who have large annual bonuses or a possible future liquidity event whereby they can take the additional capital and pay down principal in lump sums. With the principal reduction, the monthly I/O payment will also decline.
A 15-year fully amortized loan for raw land or improved building lots and allows for a Loan to Value (LTV) up to 90% without PMI. Lot Loans typically have a max loan amount of $500,000 but can be higher on exception. This product represents Interim Financing for those borrowers not yet ready to construct a Primary Residence or Second Home. The 15-year fixed rate fully amortized lot loan allows time for Borrower(s) to design the home, complete the budget, and interview and select a builder.
Fannie Affordable Housing Resale Restricted Affordable LTV
Resale or Deed Restricted properties often require specific loan programs. IMC has a broad mix of products and loan options for affordable housing lending for purchase or refinance. Under one unique loan program that is not available through most mortgage brokers and banks the Loan to Value can be based off market value when restrictions do not survive foreclosure. When the market value is 20% greater than the sales price, there are no private mortgage insurance (PMI) requirements, allowing a borrower to potentially put $0 and still qualify for top tier terms with no monthly PMI.
Complex Lending Situations – Bridge Loans and Hard Money
Complex borrowers and transactions require in depth knowledge and analysis. Our team is the solution. We have a network of institutional and private lending sources that can overcome even the most complex or difficult financing needs.
FHA home loans are mortgages which are insured by the Federal Housing Administration (FHA), allowing borrowers to get low mortgage rates with a minimal down payment. FHA loans also have more leniency when credit scores have been negatively impacted.
VA loans are mortgages guaranteed by the Department of Veteran Affairs. These loans offer military veterans exceptional benefits, including low interest rates and no down payment requirement or monthly mortgage insurance. This program was designed to help military veterans realize the American dream of home ownership.
Reverse Mortgages allow senior homeowners (aged 62 or older) to convert a portion of their home equity into cash while still living in the home.
A US Department of Agriculture loan product, such as a 30-year fixed, for eligible borrowers, is based on median income in eligible rural counties such as Summit and Wasatch County. These loans can provides 100% financing with no down payment requirement. This option is great for the first time home buyer that has limited capital available to meet down payment requirements for conventional loans. The seller is also allowed to pay closing costs, up to 3% of sales price, enabling the borrower to come to closing with $0.
Unsure which loan product is best for you? Talk to our experts (435) 649-6660