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First Time Home Buyer Mortgage Loans Tooele Utah
First Time Home Buyer Mortgage Loans Tooele Utah
Tooele, Utah First Time Home Buyer's mortgage guide Here is your guide to the 3 most popular home loans for First Time Home Buyers in Tooele 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 Tooele 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 ... more

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