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With 801-APPROVE you can buy a home with as little as 1% down and also get a down payment gift of up to a 2% ($5,000 max). We are excited to offer a conventional 1% down payment purchase loan with a lender gift of up to $5,000 to go towards your down payment. What’s more, there’s NO monthly mortgage insurance! This loan is hands down the best purchase loan for anyone looking to buy a home in Utah with a minimal down payment. You don’t need to be a first-time homebuyer.

It’s simple. Here’s how it works:
1. You put down as little as 1%
2. You get up to a 2% down payment gift (max gift of $5,000)
3. You have 3% equity in your home at closing

Down payments are the biggest obstacle to homeownership. Most people can afford a mortgage payment. Coming up with a 3-5% down payment is the hard part. Your 1% down payment can be a gift from a family member, or come from your own funds. The seller can cover your closing costs up to 3% of the purchase price. So you can literally buy a home without any of your own money. You should never do an FHA loan when you can get a conventional loan with just 1% down and NO monthly mortgage insurance. Stop building your landlord’s equity and start building your own! You’ll get a 2% gift of equity ($5,000 max) to get you started.

Home purchase price: $250,000
Your 1% Down Payment = $2,500
Lender Down Payment Gift = $5,000
Mortgage Loan Amount: $242,500 (97% LTV)
Monthly Principal & Interest Payment: $1,193
Interest Rate/APR: 4.25%
Monthly Mortgage Insurance (PMI/MIP): None

Closing cost estimate:
$26 individual credit report, $32 joint (paid at application)
$480 appraisal
$1,154 total title company fees
= $1,660 Total closing costs

801-APPROVE has zero junk fees, so our closing costs are thousands less than other lenders who charge underwriting, processing, application and origination fees.

The best way to get pre-qualified and find out what you can afford as a max purchase price is to complete the “standard loan application” by clicking on the green “Easy Online Application” button at the top of page. Or you can call 801-APPROVE and one of our friendly loan officers will be happy to answer any questions you have and help you get pre-qualified for your new home in minutes.

First-time and repeat home buyers allowed. Max lender gift is $5,000. Max loan amount $424,100. Max purchase price $437,216. LTV of 97%. Loan amounts over $250,000 require up to 1.9% down from borrower. Minimum credit score of 720 required. Must be your primary residence and you cannot own any other real estate at the time of loan closing. Annual percentage rate (APR) as low as 4.25%. Rates and terms subject to change. Closing costs and monthly payment do not include homeowner’s insurance or property tax.

Mortgage insurance. PMI. MI. MIP. There are several different names for it. If you have a conventional loan and didn’t put 20% down, or didn’t have 20% equity on a refinance–you likely have mortgage insurance. If you have an FHA loan, you have PMI. If you got an FHA loan to buy or refinance a home since June of 2013, your mortgage insurance will never go away. It’s permanent for the life of the loan. Sure, your interest rate may be 3.25%, but the effective rate, once you blend in the cost of the PMI, is much higher–usually around 5% or more. Mortgage insurance insures the lender if you default on your loan. Can you get rid of mortgage insurance? Yes! Do you need 20% equity on a refinance, or 20% down on a purchase? No!

The 801-APPROVE Team has mortgage loans without the wasteful monthly mortgage insurance. You can finance up to 97% of the appraised value/purchase price. That means all you need is $6,000 down payment on home with a purchase price of $200,000. If you’re refinancing you just need 3% in equity. If you understand the time value of money, just an extra $100 each month going toward your mortgage balance, into an investment or savings account, or towards other high-interest debts like credit cards can have a big effect over the course of a 30-year mortgage. You can literally save tens-of-thousands by putting that extra $100, 200, 300, 400 or more directly to your principal. It’s small decisions like this that add up to a lot over time. Even if you just use the money to do something fun with it–like go to Hawaii–it’s better than wasting that money on mortgage insurance.

Call the 801-APPROVE Team and we can run the numbers for you for free. We don’t need to pull your credit. In only about two minutes we’ll tell you how much a loan without mortgage insurance will save you. These are conventional, fixed-rate loans. There are no hidden strings or catches. Gone are the days when you needed a 20% down payment on a purchase or 20% equity on a refinance. Most banks and credit unions do not offer such loans. They like their money. They like being insured against default. That’s why the biggest wholesale mortgage lenders in the country are on the cutting edge of mortgage lending, offering the best and widest array of loans available. You can choose the lowest rate, with our industry-leading low closing costs, or you can choose a no-cost refinance. We’ll give you the options and help you decide which is the best choice for your circumstances.

Rates are incredible right now. So you may be able to get rid of mortgage insurance and lower your interest rate, saving you even more. The rates are fixed. We can set your term from 8 years up to 30–you choose. Cut several years off your mortgage and accelerate your equity with “No MI” loan. A refinance to a loan without mortgage insurance can save you thousands each year and the whole process will take you about two hours of time. So give yourself a huge bonus by getting rid of mortgage insurance!

-Buy a home with as little as 3% down payment
-Refinance with as little as 3% equity
-Excellent for first-time homebuyers
-No Cost Options Available
-No credit check is required to get a free, personalized, no obligation quote.

Call us. We’ll give you a quote right over the phone and then email it to you. No MI loans are just one of the reasons The 801-APPROVE Team is Utah’s best mortgage lender, and just one more way we crush banks and credit unions!


Why The 801-APPROVE Team Is Utah’s Mortgage Leader:

  1. We’re Independent— we work for you, not a bank.
  2. Rock-Bottom Interest Rates: 20 Lenders Compete For Your Loan: Once you tell us what your goals are, we shop 20 wholesale lenders, finding you the best loan and a rock-bottom interest rate.
  3. Widest Variety of Loans: blowing away the options offered by retail lenders like banks, credit unions, and mortgage companies
  4. Lightning-fast approvals and closings
  5. We Do The Work For You: Working as your advocate; we take your application, submit it to the best lender, and then we sit by your side, working with the lender to get your loan approved and closed quickly.

How long would it take you to call 20 lenders, give each of them all the details of your finances, credit, and what you’re trying to accomplish with a purchase or refinance?

Well, that’s part the reason why we crush banks, credit unions, and mortgage companies.  The 801-APPROVE Team is Utah’s mortgage leader because we take the headache and hassle out of getting a mortgage.  With one phone call to The 801-APPROVE Team you get access to 20 of the very best (read more…)


Questions: True or False?

1. You should only refinance if you can lower your rate by at least 1%.

False.  The 1% rule is bunk.  It depends more on what your balance is, rather than the rate.  The other major factor is how much will it cost?  It’s probably worth it to refinance if you’re only cutting your rate by ½% when you owe $400,000.  If you only owe $50,000 it’s probably not worth it to refinance—even if you can (read more…)


“Come on, there’s no such thing as ‘free’ in this world,” you’re saying to yourself.  “How can a lender do a loan with no-cost loan?”

Yes, there are always fees associated with doing a mortgage.  A lot of individuals contribute to making a mortgage transaction happen.  The lender has an underwriter, a closer, a funder and various support staff.  The title company will issue a title insurance policy, making sure there are no problems, or “encumbrances” on the property. (read more…)