Orem Home Loan
Orem, Utah Area Mortgages Want to know different mortgage options near Orem, Utah? Here's your guide. Orem, Utah's most popular mortgage option is called a Conventional Fixed Rate Mortgage. 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!
The life of this mortgage ranges 10-40 years. Unlike a FRM, Adjustable Rate Mortgages, or "ARM", change. It's only fitting that they call it an 'adjustable rate'. Depending on the market, your interest rate could change. It is recalculated on a yearly basis. Monthly payments also change when your interest rate does. Usually, the interest rate is lower than what you'd pay for a FRM, but the price can fly higher depending on the market. Click here to learn more about Adjustable Rate Mortgages.
An FHA Mortgage loan is the 3rd most popular loan. Technically, FHA Mortgage Loans are private, but what's unique about them is that the federal government has given the loan their "stamp of approval". These are for those who can't pay that 20% down that is generally required by the FRM loan. This means higher monthly payments, but only 3% down. FRM, ARM, and FHA Mortgage Loans are the most popular options to finance your home in Orem, Utah. Just because these 3 are the most popular, doesn't mean there aren't other options that may work better for you.
Here is information on other mortgage options AND more information on the above three mortgages: http://www.spencerstott.com/loan-programs/. It may be a struggle trying to decide which mortgage option is right for you. That's why I'm going to tell you the most useful thing you can do when trying to figure it all out. The best thing you can do is talk with your trusted Orem, Utah Mortgage lender.
Feel free to call or contact us anytime or visit our website at spencerstott.com