Samuel Evans

NMLS # 1945023


Samuel Evans Loan Officer

Conventional Loans

Conventional Mortgages are the Industry Standard. They provide the most possible options for individuals and families looking to finance their home. Starting with a minimum of 3% down programs with mortgage insurance, to programs with No mortgage insurance when 20% down cash investment is made.

There are Fixed Rate Mortgage options locking in the interest rates for the life of the mortgage. These maybe 10, 15, 20, 25, or 30 year options where the monthly mortgage payment remains constant.

There are Adjustable Rate Mortgage options too with varying periods. They start with a locked period of time at a set interest rate like three or five years and then at the end of that period of time, the interest rate may change based upon the current market rate. These programs can be very beneficial to borrower if they match the vision and direction of the borrower.

Conventional Loans have a standard maximum loan limit of $766,550.00 for Utah. There are two counties, Summit and Wasatch that are considered High Cost Counties and have a Conventional Loan limit of $1,149,825.00. Loans above these limits are considered Jumbo Loans.


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