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Bank of Utah announces innovative savings program to help prospective homebuyers purchase their own home
Bank of Utah announces innovative savings program to help prospective homebuyers purchase their own home

Ogden, Utah – Bank of Utah, a leading provider of financial services, announces an innovative savings program to help prospective homebuyers save for a down payment. This program is part of the bank’s ongoing commitment to address the growing issue of home affordability and help individuals and families achieve their dream of homeownership. The program includes the Bank of Utah Super Saver CD, which allows flexible deposits with penalty-free access to funds for a down payment when used toward a Bank of Utah home equity loan. Included in the program is a free home appraisal valued up to $500 when the funds are used toward a Bank of Utah mortgage.

Here are some more benefits of the Super Saver CD:

  • Let your savings grow faster: Earn attractive interest on your savings.
  • The process starts with a low minimum deposit of $500.
  • At the end of the one-year term, the CD automatically renews at the current interest rate, so savings continue to grow without interruption.

The dream of homeownership seems to be receding further and further for Millennials and Gen Z, as national news outlets paint a grim picture with reports of skyrocketing real estate prices. Here in Utah, the situation is exacerbated by a severe housing shortage. According to the University of Utah’s Kem C. Gardner Policy Institute, a deficit of over 37,000 housing units is looming this year. This lack of available housing increases competition and makes it even more difficult for first-time buyers to find properties within their budget.

“To solve Utah’s housing problems, we must all do our best. We hope that our Super Saver CD can be one of many ways to help Utahns realize their dream of owning a home in our beautiful state,” said Branden Hansen, President of Bank of Utah.

The Bank of Utah Super Saver Mortgage Program also includes a team of local experts who are available to provide advice and assistance, whether it takes three months or three years to purchase a home.

In addition to the Super Saver CD, low- to moderate-income customers may also be eligible for a mortgage interest relief program. Funds for this program are limited, so don’t hesitate to look into this option soon.

For more information on efforts to address Utah’s housing problems, visit: https://www.bankofutah.com/news/own-your-dream-bank-of-utah-super-saver-mortgage-program-makes-saving-for-a-home-easier

About Bank of Utah

No matter what state you are in in Utah, Bank of Utah has all the financial tools and advice you need to achieve your business and personal financial goals. We’re celebrating their 70th anniversary.th In 2022, Bank of Utah was founded in 1952 in Ogden, Utah by the Frank M. Browning family. Bank of Utah has since grown to approximately 400 employees and nearly $3 billion in assets. Bank of Utah is one of the leading banks in the U.S., ranking in the top 11% in total assets, top 7% in net income, and top 2% in return on assets (RoA). With the personal touch of a community bank, Bank of Utah answers your calls, greets you personally, and offers the latest innovations in online and mobile banking. The bank has 18 full-service branches throughout Utah, trust teams in Ogden and Salt Lake City, and mortgage offices in Logan, Price, and St. George. Bank of Utah offers commercial and retail banking, mortgage and commercial lending, and escrow services, and is committed to helping our neighbors and local businesses succeed now and for years to come. Together we are Utah. For more information, call 801-409-5000 or visit bankofutah.com.

By Isla