Conventional Mortgage Loans

We offer low rates, ideal terms and a variety of affordable options—including fixed-rate and adjustable-rate mortgages. Does this sound heavenly, or what? Honestly, Mountain America can make a home loan fit your needs to the proverbial T. Try us and see.

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Conventional mortgage loans. A fancy way of saying flexible financing.

Conventional mortgages provide homebuyers with a greater variety of options than other home mortgages. In addition to a wider variety of mortgage uses, buyers can also set up financing options specific to their short- and long-term financing needs and property ownership plans. Mountain America Credit Union (MACU) mortgage specialists are able to assist buyers in making the most appropriate choices most suitable for their needs.

MACU Conventional Mortgage Loans are flexible—buyers can pick financing options specific to their fiscal needs and plans for the property; they can also use the mortgage loan for several types of home investments. Here's what you can get:
  • Up to 95% financing OAC
  • 15-, 20- and 30-year fixed-rate terms available
  • 5-, 7- and 10-year Adjustable Rate Mortgages (ARMs)
  • Low mortgage insurance
  • Pay your mortgage locally at a branch or online
  • Gift funds can be contributed by parents or other family members
  • Available for second homes and investment properties (up to a fourplex)
  • Quick Close paperless closings available
How? You guessed it.  By applying for your Mountain America Conventional Home Loan today!

Loan Closing Made Easy

QC.jpgBuying a home just got easier thanks to Mountain America’s Quick Close paperless mortgage process.

In addition to managing your closing documents from home, you can enjoy that convenience throughout the entire loan process.
  • Apply Online—No need to call or come into the branch to start your mortgage. One click can put you on the path to homeownership.
  • Upload Documents—Now you can save a trip to the branch by uploading all of your key mortgage application documents, including paystubs and tax information, from your computer.
  • Green and Secure—At the end of a traditional loan process, you typically leave with a huge stack of paperwork. With Quick Close, only a handful of documents are printed. The rest are securely stored on a flash drive that you can take with you.
  • One Signature—Review the documents from home and then provide a digital signature at the title office. the signature is applied to the mortgage, and you’re on your way in no time.
Take advantage of a mortgage process that is quick, convenient, simple and secure. 

Meet with a Mortgage Specialist

Discover your mortgage options with these additional helpful calculators:

How to Get a Mortgage

Conventional mortgage loans are flexible, accessible loan options available for a variety of uses like refinancing, secondary property investment, or primary property investment. With fixed and adjustable rate mortgage options available for diverse time spans, Mountain America Credit Union’s conventional loans can tailor a conventional mortgage loan to be ideal for any buyer.

Conventional Versus Other Mortgage Loans

The main difference between conventional mortgage loans and other loans like VA or FHA are the insurers behind the loans. VA and FHA loans are federally insured, while conventional loans are privately insured. With FHA and VA loans, insurance is still tacked on as a premium until the loan-to-value-ratio reaches a certain percent (this depends on the length of time the mortgage loan is financed for).  Private mortgage insurance (PMI) is obtained by the borrower until the loan-to-value-ration is equal to or less than 80%; so, for example, if you –the borrower—put down 20% on your conventional mortgage loan, you do not need to purchase insurance.

Financing with a Conventional Mortgage Loan

In the current home mortgage climate, federal loans pose obstacles that conventional loans do not. VA loans, for example, are limiting because of their eligibility requirements (such as satisfactory military service) while FHA loans can be difficult to obtain owing to a recently-implemented federal housing bill.

Because conventional loans are private–even though they adhere to federal mortgage regulations—they are not as elusive.

Customizable Loan Options

Every home buyer has different needs and interests for their mortgage loan.  Mountain America Credit Union offers flexible financing options including the ability to choose between a fixed rate mortgage and an adjustable rate mortgage (ARM).  Here are the key differences:
  • Fixed Rate Mortgage interest rates remain stable for the duration of the loan meaning that the monthly payment remains stable.  At the beginning of a fixed rate plan, earlier payments are mostly loan interest; however, as time goes on, more and more of the payment goes toward the premium.  Fixed rate mortgages are great for buyers who:
    • Plan to be in the mortgage for a long period of time (more than 10 years)
    • Are able to lock in at a low interest rate
  • Adjustable Rate Mortgage interest rates are subject to fluctuation throughout the life of the loan, and in the current climate of lower interest rates, the result is lower mortgage payments.  Unlike a fixed-rate mortgage, the monthly payment is subject to change for the duration of the loan making budgeting a little trickier.   ARMs can be a little more complex to understand than their fixed counterparts.  Knowing the interest cap, margin, ceiling, and adjustment frequency is important for buyers entering into an ARM.  ARMs are great for buyers who:
    • Want lower initial loan payments
    • May not be in the mortgage for a long period (10 years or less)
A MACU mortgage specialist can further break down the pros and cons of each mortgage rate option.  Conveniently, MACU conventional mortgage loans are available in both fixed and adjustable mortgage rate formats.

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Apply for your Mountain America Conventional Home Loan today.

Loans subject to credit approval. See current rates and terms. The minimum payment for a loan with a 4.50% APR and 30-year term is $5.07 per $1,000 borrowed.  The monthly obligation will be determined by the total loan amount at the time of closing and the term and interest rate of the loan.    See our Loan Calculator for specific examples.  

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

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