Utah Mortgage and Refinance Rates

As of Saturday, December 4, 2021, current rates in Utah are 3.16% for a 30-year fixed, and 2.45% for a 15-year fixed.

Bankrate has offers for Utah mortgage and refinances from top partners that are well below the national average. Compare, apply, and start saving today.

Refinance while rates are still low

More than 11.5 million homeowners can still save money by refinancing their mortgage.

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Utah mortgage overview

By Dhara Singh

In Utah, all mortgage lenders and brokers are regulated by the Utah Division of Real Estate. The agency’s website can be a good starting point when looking for a licensed and reputable lender or broker. There are more than 200 residential mortgage lenders, brokers and servicers operating in the state.

Top 5 Bankrate mortgage lenders in Utah

  • Better.com – Best overall
  • Watermark Home Loans – Best for VA loans
  • Lower – Best for refinancing
  • Triumph Bank – Best for first-time homebuyers
  • Equihome Mortgage – Best broker

Methodology

Bankrate helps thousands of borrowers find mortgage and refinance lenders every day. To determine the top mortgage lenders, we analyzed proprietary data across more than 150 lenders to assess which on our platform received the most inquiries within a three-month period. We then assigned superlatives based on factors such as fees, products offered, convenience and other criteria. These top lenders are updated regularly.

Better.com – Best overall

No lender fees, super-speedy preapprovals (three minutes) and 24/7 customer service — these are some of the key reasons that Better.com is one of the best choices for borrowers in Utah. The online-only lender also offers the Better Price Guarantee: If a competitor gives you a better offer, Better.com will match it and give you $100.

Strengths: Fast preapprovals and closings; simple online application process; no hidden fees

Weaknesses: No VA or USDA loans; offers FHA loans, but borrowers need at least a 620 credit score, which is higher than what many other lenders accept

Read Bankrate's Better.com mortgage review

Watermark Home Loans – Best for VA loans

This California-based lender offers a wide range of loan programs, including the option to roll your closing costs into your loan. While plenty of homebuyers will find attractive options with Watermark Home Loans, the lender can be ideal for military servicemembers, veterans and eligible family members. Its VA loan options include no-appraisal-required IRRRLs and jumbo loans up to $1.5 million.

Strengths: A portion of proceeds from each loan go to the Warrior Foundation – Freedom Station to help veterans in need; VA funding fee waived for veterans with service-related disability; no down payment needed and no mortgage insurance

Weaknesses: Mortgage rates and requirements aren’t listed online; need to share personal information to access more details

Read Bankrate's Watermark Home Loans review

Lower – Best for refinancing

When you’re refinancing your mortgage, you want to find the lowest rate possible, and this lender stays true to its name. As of September 2021, Lower’s rates for refinancing tended to be lower than some of the biggest names in the mortgage business, which can add up to savings over the life of your loan. Plus, if you ever need to refinance again, Lower will cover the lender fees.

Strengths: Competitive refinance rates; simple online application process; Free Refi for Life program

Weaknesses: New borrowers have to pay a $1,695 refinance fee

Read Bankrate's Lower mortgage review

Triumph Bank – Best for first-time homebuyers

Triumph Bank Home Loans is the mortgage division of Triumph Bank, a Tennessee-based community bank. Since 2013, the bank has helped more than 13,000 families buy a home or refinance a mortgage.

Strengths: Offers a first-time homebuyer toolkit and other educational resources online; A+ rating from the Better Business Bureau

Weaknesses: Limited information about specific loan programs online (you have to contact a loan officer to accomplish much); won’t feel like a “community bank” to Utah borrowers, as there are no locations in the state

Read Bankrate's Triumph Bank review

Equihome Mortgage – Best broker

If you’re looking to stay local, Equihome Mortgage could be your best bet. Headquartered in Sandy, the mortgage broker has been helping borrowers compare rates and terms since 2017. The broker’s Keys by Equihome program can also match you with a real estate agent and help you score a 1 percent discount on your down payment or closing costs.

Strengths: Based in Utah; A+ rating from the Better Business Bureau

Weaknesses: Only in business for four years; no information about fees online

Read Bankrate's Equihome Mortgage review

First-time homebuyer programs in Utah

Utah Housing Corporation offers several programs designed to assigned to assist low- and moderate-income first-time homebuyers:

  • FirstHome: The FirstHome mortgage was created for first-time buyers who have a credit score of 660 or better. There are income and purchase price limits associated with this program based on family size and where in the state the purchase property is located.
  • HomeAgain: For first-time homebuyers who don’t want to be restricted by purchase price guidelines, the HomeAgain mortgage may be an option. In order to be eligible, buyers must have a credit score of 660 or higher. While the program doesn’t have purchase price limits, it does include an annual income limit in order to qualify. Similar to the FirstHome loan, income limits vary based on family size.
  • Score: If you have a history of credit challenges, there’s a first-time homebuyer loan program specifically for you in Utah. The Score mortgage program provides financing for those who have a less than stellar financial background but now have a credit score of 620 or more. Like other mortgage programs from Utah Housing Corporation, there are purchase and income limits that must be met in order to qualify, and those limits vary by family size and property location.
  • NoMI: For homebuyers who have a credit score of 700 or better, the NoMI loan is yet another option. The key point to remember about this program is that it typically provides the lowest monthly mortgage payment. That’s because it offers loans that do not require mortgage insurance, which is an added monthly cost. Also, noteworthy, this program does not have purchase price limits for participants, but it does include annual income limits.

Utah mortgage refinancing

Utah Housing Corporation also offers mortgage refinancing options. The Streamline Refinance program is administered through agency-approved lenders, and its requirements include being employed at the time of closing; the refinanced payment being at least 5 percent less than your current payment; and not having more than one payment that was 30 days late.

When considering a refinance, it’s also important to remember that you do not have to use the same lender you did the first time around. Do your homework, shop around and make sure you’re getting the most competitive rate and loan terms possible.

Utah mortgage resources