Bank Of Utah Mortgage Rates, Fees & Info

Ogden, UT

LEI: 549300NNL9H573MWO110

Tax ID: 87-0218467

2.9 stars - Updated: 2/25/24 - out of 5 stars, based on 26 reviews

Latest/2022 | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Bank Of Utah is a smaller bank specializing in Home Purchase loans. Bank Of Utah has a high proportion of conventional loans. They have an average proportion of FHA loans. They have a low ratio of USDA loans. Their top markets by origination volume include: Ogden, Logan, Provo, Salt Lake City, and Billings among others. We have data for 35 markets. (Some data included below & more in-depth data is available with an active subscription.)

Bank Of Utah has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Bank Of Utah is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.72% 2/25/24
30 Year Conventional Refi 6.53% 2/25/24
30 Year Cash-out Refi 6.72% 2/25/24
30 Year FHA Purchase 7.62% 2/25/24
30 Year FHA Refi 6.27% 2/25/24
30 Year VA Purchase 6.23% 2/25/24
30 Year USDA Purchase 6.65% 2/25/24
15 Year Conventional Purchase 6.07% 2/25/24
15 Year Conventional Refi 6.04% 2/25/24
15 Year Cash-out Refi 6.04% 2/25/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Bank Of Utah Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Bank Of Utah. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

678

Origination Dollar Volume (All Markets)

$308,030,000

Awards

Bank of Utah FHA Loans gold Bank of Utah FHA Loans gold
Show all (2) awards

Relative Rate

Bank Of Utah's average 30 year fixed mortgage rate was 4.89%.

The 2022 average 30 year fixed rate mortgage across all markets and lenders was 4.76%.

This yields a difference of 0.13%.

Relative Fees (Closing Costs)

Bank Of Utah's average total fees/closing costs for a 30 year fixed rate mortgage were $8,217.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $4,750.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
OGDEN-CLEARFIELD, UT (FHA|USDA|VA) 231 $103,265,000 $447,035 $7,674 4.52%
LOGAN, UT-ID (FHA|USDA|VA) 138 $51,310,000 $371,812 $8,281 4.53%
PROVO-OREM, UT (FHA|USDA|VA) 35 $33,555,000 $958,714 $11,368 4.75%
SALT LAKE CITY, UT (FHA|USDA|VA) 59 $22,825,000 $386,864 $10,402 4.93%
BILLINGS, MT (FHA|USDA|VA) 1 $20,405,000 $20,405,000 $0 5.00%
ST. GEORGE, UT (FHA|USDA|VA) 42 $14,700,000 $350,000 $7,895 4.80%
Outside of Metro Areas 37 $11,245,000 $303,919 $7,276 5.45%
Price, UT (FHA|USDA|VA) 69 $10,475,000 $151,812 $5,223 5.97%
BOISE CITY, ID (FHA|USDA|VA) 4 $7,880,000 $1,970,000 $12,222 5.55%
Heber, UT (FHA|USDA|VA) 12 $6,300,000 $525,000 $11,397 5.32%
PHOENIX-MESA-CHANDLER, AZ (FHA|USDA|VA) 6 $3,600,000 $600,000 $9,805 4.52%
Mountain Home, ID (FHA|USDA|VA) 1 $3,255,000 $3,255,000 $0 6.58%
Kapaa, HI (FHA|USDA|VA) 1 $2,455,000 $2,455,000 $0 4.50%
DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) 5 $2,145,000 $429,000 $3,615 5.28%
Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 3 $1,845,000 $615,000 $6,283 4.17%
Cedar City, UT (FHA|USDA|VA) 4 $1,780,000 $445,000 $10,289 4.68%
LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 3 $1,265,000 $421,667 $9,899 5.04%
POCATELLO, ID (FHA|USDA|VA) 4 $1,160,000 $290,000 $8,033 5.63%
Vernal, UT (FHA|USDA|VA) 4 $1,130,000 $282,500 $6,827 4.56%
GRAND JUNCTION, CO (FHA|USDA|VA) 1 $905,000 $905,000 $28,034 3.50%
Dallas-Fort Worth-Arlington, TX (FHA|USDA|VA) 2 $770,000 $385,000 $4,647 5.25%
BOULDER, CO (FHA|USDA|VA) 1 $585,000 $585,000 $0 3.88%
KAHULUI-WAILUKU-LAHAINA, HI (FHA|USDA|VA) 1 $555,000 $555,000 $0 6.38%
SAN ANTONIO-NEW BRAUNFELS, TX (FHA|USDA|VA) 3 $555,000 $185,000 $8,261 4.08%
Riverton, WY (FHA|USDA|VA) 1 $485,000 $485,000 $7,949 6.25%
MODESTO, CA (FHA|USDA|VA) 1 $485,000 $485,000 $8,277 3.50%
IDAHO FALLS, ID (FHA|USDA|VA) 1 $475,000 $475,000 $10,617 5.13%
MISSOULA, MT (FHA|USDA|VA) 1 $425,000 $425,000 $8,561 4.88%
Deming, NM (FHA|USDA|VA) 1 $395,000 $395,000 $0 5.36%
Show Low, AZ (FHA|USDA|VA) 1 $375,000 $375,000 $7,491 6.38%
YUMA, AZ (FHA|USDA|VA) 1 $315,000 $315,000 $1,803 4.63%
Port Angeles, WA (FHA|USDA|VA) 1 $305,000 $305,000 $10,638 5.25%
PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 1 $285,000 $285,000 $8,554 5.00%
Granbury, TX (FHA|USDA|VA) 1 $265,000 $265,000 $7,232 4.63%
GREELEY, CO (FHA|USDA|VA) 1 $255,000 $255,000 $5,434 5.63%
Bank Of Utah's top markets include Ogden, Logan, Provo, Salt Lake City, and Billings among others.

Their top states include:
  • Utah (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Idaho (FHA|USDA|VA)
  • Arizona (FHA|USDA|VA)
  • Colorado (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Bank of Utah based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    HORIZON UTAH Federal Credit Union
    Similarity Rank: 350
    WEBER STATE FEDERAL CREDIT UNION
    Similarity Rank: 384
    State Bank of Southern Utah
    Similarity Rank: 486
    TRANSWEST CREDIT UNION
    Similarity Rank: 580
    Jordan Federal Credit Union
    Similarity Rank: 784
    ADVANTAGE PLUS
    Similarity Rank: 975
    Central Bank
    Similarity Rank: 1379
    D. L. Evans Bank
    Similarity Rank: 1936
    HOMEAMERICAN MORTGAGE CORPORATION
    Similarity Rank: 3420
    AMERICAN UNITED FAMILY OF CREDIT UN
    Similarity Rank: 4432

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 584 $273,810,000 $468,853 $7,523 4.80%
    FHA 60 $17,910,000 $298,500 $10,298 5.42%
    VA 30 $15,370,000 $512,333 $12,023 4.42%
    USDA 4 $940,000 $235,000 $5,589 4.97%

    For 2022, Bank Of Utah's most frequently originated type of loan was Conventional, with 584 originations. Their 2nd most popular type was FHA, with 60 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 547 $261,335,000 $477,761 $7,978 4.94%
    Cash Out Refi 81 $28,985,000 $357,840 $8,179 4.43%
    Refi 42 $15,490,000 $368,810 $8,567 4.35%
    Home Improvement 4 $920,000 $230,000 $5,897 4.25%
    Other 4 $1,300,000 $325,000 $6,332 4.56%

    For 2022, Bank Of Utah's most frequently cited loan purpose was Home Purchase, with 547 originations. The 2nd most popular reason was Cash Out Refi, with 81 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 589 $221,955,000 $376,834 $8,217 4.89%
    15 Year 53 $15,035,000 $283,679 $5,932 4.17%
    10 Year 15 $9,065,000 $604,333 $1,673 5.37%
    20 Year 12 $3,910,000 $325,833 $6,189 3.72%
    5 Year 6 $41,200,000 $6,866,667 $0 5.60%
    Other 2 $3,260,000 $1,630,000 $0 5.63%
    3 Year 1 $13,605,000 $13,605,000 $0 4.50%

    For 2022, Bank Of Utah's most frequently cited loan duration was 30 Year, with 589 originations. The 2nd most popular length was 15 Year, with 53 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $5k+ 258 $124,010,000 $480,659
    $<1k 119 $30,035,000 $252,395
    $3k-4k 69 $20,085,000 $291,087
    $4k-5k 64 $21,170,000 $330,781
    $2k-3k 60 $16,450,000 $274,167
    $1k-2k 42 $13,340,000 $317,619

    Bank Of Utah's average total fees were $8,217, while their most frequently occuring range of origination fees (closing costs) were in the $5k+ bucket, with 258 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 189 $77,345,000 $409,233
    4-5% 186 $117,710,000 $632,849
    5-6% 150 $60,060,000 $400,400
    6-7% 83 $32,275,000 $388,855
    2.5-3% 26 $9,660,000 $371,538
    7-8% 23 $9,285,000 $403,696
    Over 8% 15 $215,000 $14,333
    <2.5% 6 $1,480,000 $246,667

    During 2022, Bank Of Utah's average interest rate for loans was 4.89%, while their most frequently originated rate bucket for loans was 3-4%, with 189 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $200k-400k 273 $83,955,000 $307,527 $7,503 4.68%
    $400k-600k 195 $94,805,000 $486,179 $9,235 4.67%
    $100k-200k 70 $10,870,000 $155,286 $4,477 4.79%
    $600k-1MM 67 $44,925,000 $670,522 $13,549 4.62%
    $100,000 or less 57 $2,425,000 $42,544 $1,539 6.40%
    $1MM+ 16 $71,050,000 $4,440,625 $26,069 5.03%

    2022 saw Bank Of Utah place emphasis on $200k-400k loans with 273 originations, totaling $83,955,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $100k-150k 188 $80,120,000 $426,170 $9,060 4.62%
    $50k-75k 163 $40,005,000 $245,429 $6,261 5.09%
    $75k-100k 119 $40,955,000 $344,160 $7,690 4.63%
    $150k-250k 89 $45,835,000 $515,000 $11,199 4.71%
    $50k or less 50 $7,700,000 $154,000 $4,029 5.06%
    $250k+ 36 $21,690,000 $602,500 $11,518 4.91%

    Bank Of Utah lent most frequently to those with incomes in the $100k-150k range, with 188 originations. The second most popular income band? $50k-75k, with 163 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    30-36% 110 $40,320,000 $366,545 $7,505 4.84%
    20-30% 98 $34,090,000 $347,857 $7,180 4.30%
    43% 44 $16,680,000 $379,091 $8,058 4.94%
    <20% 41 $12,635,000 $308,171 $5,834 4.32%
    42% 40 $15,480,000 $387,000 $9,596 4.75%
    38% 37 $14,685,000 $396,892 $8,566 4.82%
    44% 35 $13,455,000 $384,429 $7,544 4.61%
    46% 34 $12,620,000 $371,176 $7,439 5.11%
    50-60% 29 $8,135,000 $280,517 $8,140 5.91%
    41% 28 $9,890,000 $353,214 $8,634 5.04%
    40% 27 $11,225,000 $415,741 $9,145 4.58%
    48% 24 $9,050,000 $377,083 $8,678 5.10%
    45% 23 $8,675,000 $377,174 $9,203 5.31%
    37% 21 $8,055,000 $383,571 $8,204 4.54%
    39% 21 $8,455,000 $402,619 $8,624 4.30%
    36% 17 $6,285,000 $369,706 $10,006 4.88%
    49% 16 $6,640,000 $415,000 $8,011 5.20%
    47% 13 $4,865,000 $374,231 $9,051 5.85%

    Bank Of Utah lent most frequently to those with DTI ratios of 30-36%, with 110 originations. The next most common DTI ratio? 20-30%, with 98 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 546 $194,400,000 $356,044 $8,112 4.80%
    Not applicable 20 $66,790,000 $3,339,500 $0 5.88%
    Not provided 73 $30,965,000 $424,178 $7,871 4.63%
    Asian 28 $11,060,000 $395,000 $5,948 5.04%
    Black 4 $1,920,000 $480,000 $11,303 4.81%
    Native Hawaiian or Islander 4 $1,220,000 $305,000 $3,682 6.16%
    American Indian 2 $1,070,000 $535,000 $6,766 5.19%
    Filipino 1 $605,000 $605,000 $17,464 4.63%

    Approval Rates

    Total approvals of all applications
    98.00%

    Bank Of Utah has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    63.13%

    Bank Of Utah has a low pick rate. They may have issues with closing loans or may approve everyone, but with onerous loan terms.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 678 $308,030,000 $454,322

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    678 $308,030,000 $454,322

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 54 $23,100,000 $427,778 $5,398 4.36%
    40-60% 109 $62,725,000 $575,459 $8,549 4.64%
    60-80% 235 $124,835,000 $531,213 $9,359 4.55%
    80-100% 221 $89,265,000 $403,914 $8,246 4.95%
    Over 100% 12 $5,090,000 $424,167 $13,653 4.64%
    Under 20% 47 $3,015,000 $64,149 $1,047 6.78%

    Complaints

    Bank Name Product Issue 2022 CPFB Complaints % of Total Issues
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Trouble during payment process 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Applying for a mortgage or refinancing an existing mortgage 3 20.0%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Closing on a mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Conventional home mortgage Trouble during payment process 7 46.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION FHA mortgage Struggling to pay mortgage 1 6.7%
    BANK OF AMERICA, NATIONAL ASSOCIATION Home equity loan or line of credit (HELOC) Struggling to pay mortgage 1 6.7%