When you finance your new home through UT Mortgage you can be assured you will get the lowest rate possible without any of the gimmicks that other brokers use to attract their borrowers. Occasionally, you may find rates advertised that appear lower than the rates we offer, but don’t let first impressions fool you. The rates that lenders and mortgage brokers advertise can be misleading. By law, lenders must disclose their annual percentage rates (APRs) in their ads.

However, APRs alone do not tell the story, because in order to enhance the appearance of their printed rates, lenders often presuppose an imaginary borrower who prepays two or three points at closing, effectively trimming the top 1/2% to 3/4% from the rate. (The rule of thumb is that each point prepaid at closing “buys down” the interest rate by 1/4%.)

Regrettably, the law doesn’t require lenders to state the number of prepaid points associated with each rate. The rate in the ad is accurate, but only tells part of the story. When you are ready to see today’s best rates for the Utah Valley and Salt Lake Area, simply select the type of property you will be financing and enter an estimated cost of the property. You will receive a table that displays the most common loans you may qualify for, as well as full disclosure of points paid and APR.

Rates, points, and products are subject to change at any time without notice.