Salt Lake City Home Loans, Your guide to various mortgages and loans offered in the Salt Lake City area.
The most popular of all Mortgages near Salt Lake City are Conventional Fixed Rate Mortgages. Conventional Fixed Rate Mortgages (or "FRM" for short) offer constant interest rate for the entire life of the loan and monthly payments remain constant. Usually this loan requires a 20% down payment, but it is not always required! Terms of this mortgage range from 10-40 years.
Adjustable Rate Mortgages or "ARM" (cool acronym, huh?) are ever-changing. Hence the name '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. For a more in-depth look into how ARM works click here.
The last of the mortgages I will talk about are FHA Mortgage Loans. 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.
These are three of the most popular types of Mortgages in the Salt Lake City Area. However, there are many more options out there for you! If you want to read more about any of the above loans or the various other options including refinancing go to this address: http://www.spencerstott.com/loan-programs/.
Navigating the sea of different mortgage and finance options is hard. 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 part of looking into Salt Lake City Area Mortgages is talking with a local mortgage lender you can trust. Feel free to call or contact us anytime or visit our website at spencerstott.com