Tag Archives: finance

Which Utah Housing Loan is Right for You?

Woman consulting with agentEstablished in 1975 by the Utah Legislature, the Utah Housing Loan Program aims to provide housing for lower-income families who are unable to purchase a home due to lack of funds (i.e. for down payment and closing costs).

You can apply for Utah housing loans here in Ogden from lenders that can guide borrowers throughout the application process and achieve their dream home.

What are the loan types available under this program? And which one is right for you?

First Home Loan

This loan is for first-time homebuyers. You can borrow up to 6% of the previous mortgage loan for down payment and closing costs. To qualify, you must have a credit score of at least 660. Mortgage insurance is also required.

Each county, however, has income restrictions, although most would have a ceiling of $95,000 of annual income.

Home Again Loan

Home Again Loan is for repeat homebuyers. Like the First Home Loan, it offers 6% of the first mortgage loan amount for down payment and closing costs. The program, likewise, sets a credit score of at least 660, and it also requires mortgage insurance.

Score Loan

This loan program is for a homebuyer who has a lower credit score, i.e. below 620. It only offers a lower first mortgage loan amount (4%) for down payment and closing costs. Nevertheless, this loan type can give you a higher interest rate, which would lead to higher monthly payments.

NoMI (No Mortgage Insurance) Loan

NoMI loans are for those with good credit scores, i.e. at least 700. Requiring no mortgage insurance, it offers the highest interest rate of all loans under the Program. However, it only allows one to borrow 4% of the first mortgage loan for down payment and closing costs.

These are some of your choices. Make sure you choose the right one.

4 Factors That Will Affect Your Mortgage Application

a mortgage loan agreement application and a keySeveral factors can affect your mortgage application. Neglecting any of those factors may get your application a denial. Hiring mortgage brokers in Salt Lake City such as altiusmortgage.com can effectively help you out with your loan application.

But to increase the chances of getting your loan approved, here are some factors that you might want to consider when applying for a mortgage.

Credit Score

Your credit score plays a huge role in your mortgage application. Inadequate credit score may mean fewer chances of getting your loan approved. Normally, minor credit problems won’t affect your mortgage application, but these credit issues may reduce your credit score, which can cause your interest rate to be higher.

It’s important to request a copy of your credit score and see if there are any errors with it.

Employment Status

Your employment status will help the mortgage company determine the amount of the loan that will suit your budget. Most mortgage companies prefer a borrower who’s employed and receive monthly salary or steady hourly pay.

Lenders also offer mortgages to self-employed borrowers or those who receive other types of non-employment financial benefits. However, lenders will have to review if there are any satisfactory archives of stable income before it gets approved.

Debt-to-Income Ratio

Banks will also calculate the borrower’s entire monthly salary. They will total the debts indicated on your credit history report with any financial obligation you must pay and add it to the recommended lease payment.

The sum will then be divided into the borrower’s gross monthly salary to determine the DTI ratio.


Some mortgage plans require the borrower to have savings in the bank after the down payment and all closing costs have been settled. The banker will ask you to submit any documents stating your assets or where you received the funds to pay the fees.

Applying for a mortgage is a tedious process. Following these tips can help you with your loan application and even increase the chances of getting it approved.

How Loans Help Small Businesses

Lender and borrower signing a contractExcellent finance solutions which include business tax loans play an instrumental role in fulfilling the needs of a company. Websites like cmf-ltd.co.uk explain that these offer financial support and even offer flexible and low-cost interest rates to businesses.

A small business that seeks a bank loan may be frustrated by the enormous charges and conditions that are set by some institutions. However, a business tax loan can offer a solution, which includes only a small interest over a period.

Importance of Business Tax Loans

A small business may face financial constraints due to limited cash flow while at the same time it is required to fulfill some financial obligations.

For instance, the need to pay income tax before the due date may put pressure on business operations. The only solution for such an investor is to get a business tax loan on a short term basis and which has little punitive charges. You need to consider some factors to provide financial incentives that enable a business to run smoothly.

For instance, the credit history and the sales history of a business enables a lender to give a loan at an affordable interest rate. Also, the payment period can be stretched for a period of six to 12 months, depending on the repayment structure that has been agreed. These financial solutions are some of the reasons businesses could survive market ups and downs.

Small businesses that seek the most appropriate financial solutions can visit reputable lending agencies who offer loans at attractive repayment conditions. This helps a business avoid the punitive loan repayment conditions offered by banks.


For many companies, financial solutions such as business loans can help them through a difficult situation especially for those difficult times.

Parenting Decisions: Why You Should Save For Your Child’s Tertiary Education

Save MoneyParents share different opinions when it comes to financing their children’s college education. Since it gets harder the more children you have, there’s no doubt that there are varying views about this topic.

Some parents are firm in their belief that children should learn to fend for themselves once they leave the nest. But any finance expert would deem this decision unwise. Saving early is a wiser financial move that might even teach your child to manage money better.

The Big Picture

If you come to think of it, saving early for university fees will help your child avoid student debt. In New Zealand, college graduates often end up having to face an average of $20,000 in student debt. A big portion of your child’s salary once they start working will only go to repaying the loan.

Paying off student debt may take years and can hamper one’s capability to buy a first home or start saving for retirement. Saving early and smartly makes college tuition and fees less daunting. If you want your child to finish college without being overwhelmed by debt, you can help out by saving up for at least some of the costs.

A Balancing Act

Some parents don’t set aside funds for their children’s college education to teach them to become financially independent. But if you think about it, without college funds or a scholarship, your child will have to borrow money and get a part-time job and both would still not be enough.

A healthy savings fund can help pay a proportion of the college fees and save your child the burden of repaying it in the future. Even when your child does qualify for a full scholarship or student aid program, he or she will still face other expenses, such as board, books, supplies, transportation and other personal needs.

If you don’t have enough money to maintain a savings fund, Rapid Loans suggests that you tap into other sources of funds, such as personal loans that have low interest rates instead of student loans. Repayment terms for personal loans are usually shorter, which encourages borrowers to not remain in debt for too long.

While it does pay to send your child to a good college or university, you shouldn’t be complacent about student loans. If you have very limited financing options and your best option is to borrow, make sure to lay down a clear plan on how you will manage the debt in the coming months and years.

Don’t Hesitate: Ask the Mortgage Lender these Questions

Mortgage loan

Mortgage loanA mortgage is one of the biggest debts you may ever be faced with, so it makes complete sense to keep it as little as possible. Your choice in a mortgage lender can either make you a successful home owner, or one who is at high risk of foreclosure.

So before getting into any home loan contract, make sure you get these questions answered.

What mortgage type is best for me?

The answer to this would greatly depend on who you are: as a borrower, your financial status, and your personal circumstances. A reputable mortgage lender like Altius Mortgage will show you a portfolio comprised of loan programs they offer and discuss with you why a certain mortgage is most appropriate for you.

Why do you think that mortgage suits me best?

Whether you are buying for the first time or you have already done so in the past, there are several factors influencing the kind of mortgage you can get. One is how long you plan on living in that home. Another is how much you can afford to shell out as a down payment. Your lender will use these details to match you with a suitable mortgage.

In other words, the local lender should take the time to get to know you first before making any kind of offer.

What are the fees you will charge me with?

Interest rates should not be your sole basis when choosing a mortgage. There are many other associated costs to borrowing, including loan charges, closing costs, third-party fees, and penalties. The lender you will work with should give you a detailed outline of all these, and explain them to you in layman’s term.

How about insurance and taxes?

Being a home owner is a great financial responsibility, and more so when you take out a mortgage. Aside from the initial costs of purchasing, your expenses are also comprised of homeowners insurance and property taxes. Make a down payment of less than 20%, and you would need to get mortgage insurance. Add these and you are looking at potentially thousands of dollars in addition to your monthly mortgage payments.

Do your homework, get recommendations, and consider local companies and your chances of getting the best mortgage will go up.