Home Loan in West Jordan Utah
Home loan options in West Jordan, Utah. Want to know different mortgage options near West Jordan, Utah? Here's your guide. The most popular of all Mortgages near West Jordan, Utah are Conventional Fixed Rate Mortgages. These Conventional Fixed Rate Mortgages, or FRM, provide a constant interest rate and monthly payment. Usually this loan requires a 20% down payment, but it is not always required!
Terms of this mortgage range from 10-40 years. Unlike a FRM, Adjustable Rate Mortgages, or "ARM", change. It's only fitting that they call it an 'adjustable rate'. As the market changes, so does your interest rate. Your interest rate is recalculated yearly. 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'd like to know more about ARM click here.
The 3rd most popular loan is called an FHA Mortgage Loan. FHA Mortgage Loans are private loans, but the federal government has given the loan their 'okay'. For those who can't do the 20% down required by a FRM, this loan is for you! Instead, you pay 3% down and pay higher monthly payments.
The above mentioned mortgages are the most popular options for a West Jordan, Utah home. Just because these 3 are the most popular, doesn't mean there aren't other options that may work better for you.
You can find other mortgage options and information on them by going to: 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 West Jordan, Utah Area Mortgages is talking with a local mortgage lender you can trust. Spencer Stott and his team are here to help you. It's free to call or you can visit our website at spencerstott.com.