Short-Term Home Loans


Get your house in order

Fixed-rate & Balloon Mortgage Options

Whether you’re close to retiring, looking to remodel, or just wanting to get out of debt, a short-term mortgage from Deseret First may be the service you need!

  • pay off your home quicker
  • can be used as a first mortgage, refinancing, remodel, and more
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Short-Term Mortgage Rates
TermRateAPR
5-Year Fixed Rate3.75%3.75%
6-Year Balloon (30-year Amortization)4.375%4.375%
10-Year Fixed Rate4.00%4.00%

The annual percentage rates (APRs) listed above represent our best available rates. Your individual rate may be higher depending upon your creditworthiness. Offer subject to change. OAC. Additional products and rates are listed here.

Loan Features


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5, 6, or 10-year terms

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Loans held & serviced by Deseret First

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No private mortgage insurance (PMI)

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Options with no up-front costs

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What’s a balloon loan?

A balloon loan is unique in a few different ways. With the more common fixed payment loan, you only have one term. A balloon loan has 2 terms, the amortization and the balloon term. The payment is calculated on the amortization term and the due date is calculated on the balloon term. At Deseret First, we offer a 6-year term with either 15 or 30-year amortization. Once the initial term is up, your remaining “balloon payment” is due. It’s like getting you the best of both worlds! Lower monthly payments and shorter terms.

Loan Requirements


To qualify, you’ll need:

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Overwhelmed with options? We are more than happy to help find your best loan fit. Talk to a Deseret First Loan Officer at: 801-456-7590; Available weekdays: 8am–7pm, Sat: 9am–2pm. Additionally, you may visit any Deseret First Branch.

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Payment Examples

The purchase transaction payments listed here are only examples and do not include taxes or insurance premiums. Your actual obligation amount may be greater. Membership and eligibility required, OAC.

10-year Fixed Payment: Monthly payments for a $180,000 loan with a 20% down payment and an interest rate of 6.00% (6.228% Annual Percentage Rate) would be $1998.37 for 120 months.

6-year Balloon Payment: Monthly payments for a $180,000 loan with a 20% down payment and an interest rate of 6.00% (6.00% Annual Percentage Rate) would be $1079.19 for 72 months. On month 73, the final payment will come due in the amount of $165,595.56.

Let’s make that home your own!

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