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. 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 never the intent to alter an expectation once it is established but at IMC, the appropriate protocol is in place to insure that the closing will occur and that we’re all on the same page.
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 your best options.
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 loan’s lifetime. Typically loan terms are 10, 15, 20 or 30 years.
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 High Balance for eligible counties such as Summit County in Utah, many counties are not eligible for the Fannie Product, such as Wasatch County and others. With higher home values in a place like Park City there is always a need for higher loan amounts. Our Super Jumbo loan products provide a wide variety of options such as fixed rate 15, 20 and 30 years terms, or ARMs, such as 3/1, 5/1, and 7/1 Adjustable Rate Mortgages.
One Time Close Construction Loan
The most popular construction product on the market today, the one time close construction provides for a single underwrite, single close, and one time rate lock. 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 for a 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.
Interest Only 5/1 and 7/1 ARMs
Interest Only 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 IO payment will also decline.
A 15-year fully amortized loan for raw land or improved building lots. LTV up to 90% without PMI. Max loan amount $500,000. Higher loan amounts on a case by case and exception basis. This Product represents Interim Financing for those borrowers not yet ready to construct a Primary Residence or Second Home. 15-year fixed rate fully amortized OR 2 year balloon. This allows for Borrower(s) to design home, complete budget, interview and select builder.
Conventional Loans / Freddie Mac & Fannie Mae
Conventional loans are those that fit the lending requirements set by Freddie Mac and Fannie Mae. Typically these loan amounts must be under $453,100, but can be as high as $679,250 in high cost areas such as Summit County.
Fannie Affordable Housing Resale Restricted Affordable LTV
There is a variety of products and loan options for affordable housing lending for purchase or refinance. Loan to Values are based off market value when restrictions do not survive foreclosure. When the market value is 20% greater than the sales price, there are no mortgage insurance requirements.
Complex Lending Situations
Complex borrowers and transactions require in depth knowledge and analysis. Our team is the solution.
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.
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. 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 County. It provides 100% financing with no down payment. This option is great for the first time home buyer that has limited capital available to meet a down payment requirement. Seller is 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