Silver Mountain Mortgage, located in the state of Utah, is a part of the Countrywide Financial Services Corporation. This means that the history of Silver Mountain Mortgage is tied to the history of Countrywide. In March of 1969 Countrywide Credit Industries was founded by Angelo Mozilo and David Loeb in New York. The mortgage subsidiary was at that time called Countrywide Funding Corporation. They soon moved their fledgling company to Los Angeles where the housing market was booming. Offering FHA and VA loans only, however, proved unprofitable and Countrywide soon formulated a new business plan–branch offices like banks. This strategy quickly demonstrated its viability and more local branches followed. Branches were opened in other states and soon Countrywide was on its way to being truly countrywide. Always a leader in technology, Countrywide branched it service out to become a leader in the production of loans to low and moderate income families and minorities. It had long been a mission of Countrywide to lower the barriers to homeownership and it was succeeding. Continuing to grow and evolve, Countrywide chose a new corporate name to reflect a more complete picture of who they are and where they are headed. Countrywide Financial Corporation is the new name and Silver Mountain Mortgage is a part of that corporation, with a mission to make the funding process as easy as possible. Silver Mountain Mortgage also boasts an affiliation with Prudential Utah Real Estate.
Loans offered by Silver Mountain Mortgage
Due to their wide affiliations, Silver Mountain has a myriad of loan programs available. Their website includes handy loan calculators and even a rent-vs.-buy calculator which shows the potential borrower his tax savings. A few loan programs that Silver Mountain offers include:
- Low documentation requirements for faster loan application
- Up to 100% Loan-to-Value with no Private Mortgage Insurance
- One-Time Close construction-to-permanent loans
- Refinance Loans
- Home Equity lines up to $1,000,000
- Fixed-period Adjustable Rate Mortgage Loans
With four offices in the cities of Midvale, Park City, Salt Lake City and West Jordan, Silver Mountain combines local know-how with in house loan processing and underwriting. The loans are approved on-site with underwriting, document preparation, funding and closing services occurring locally. Silver Mountain has relationships with over forty lenders and is licensed in 32 states. This enables them to obtain the most competitive rates and loan programs for their clients. Their experienced loan officers are available to consult with the customer about their purchase or refinance by phone or on the Internet. Silver Mountain Mortgage complies with the Utah High Cost Home Loan Act of 2004.
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