First Time Home Buyer Mortgage Loans Salt Lake City

First Time Home Buyer Mortgage Loans Salt Lake City

Salt Lake City First Time Home Buyer's mortgage guide Here is your guide to the 3 most popular home loans for First Time Home Buyers in Salt Lake City, but if you'd like a full list of SLC mortgages, go to http://www.spencerstott.com/loan-programs/.

The Conventional Fixed Rate Mortgage is by far the most popular Salt Lake City mortgage. These mortgages (FRM for fixed rate mortgages) offer a stable interest rate for the entire life of the loan and all monthly payments remain constant. 20% down is usually required, but not always. FRM loans terms range from 10 to 40 years.

The second most popular loan is an Adjustable Rate Mortgage (ARM), and it is a constantly fluctuating loan. So it only makes sense that it's called an 'adjustable rate'. The interest rate you pay changes as the market changes. It is recalculated on a yearly basis. This means your monthly payment changes with the interest rate. Usually, the interest rate is lower than what you'd pay for a FRM, but the price can fly higher depending on the market. If you want to learn more about the ARM loan click here.

The 3rd most popular loan is a FHA Mortgage Loan. These loans are private loans that the federal government has insured and stamped for approval. These are for those who can't pay that 20% down that is generally required by the FRM loan. Instead, you pay 3% down and pay higher monthly payments. FRM, ARM, and FHA loans are the three most popular First Time Home Buyer Mortgages in Salt Lake City, UT. But, they're not the only options out there. But it's hard to navigate the sea of mortgages, especially if you're a First Time Home Buyer.

That's why I'm going to tell you the most useful thing you can do when trying to figure it all out..... The most important thing you can do when you're looking to buy your first home and how to finance it is to talk with a local lender that you can trust.

Feel free to call or contact us anytime or visit our website at spencerstott.com