Home Loan in Roy Utah
Mortgages near Roy, Utah. Here's your guide to mortgages in Roy, Utah. Roy, Utah's most popular mortgage option is called a Conventional Fixed Rate Mortgage. From day one, you're paying the same interest rate and monthly payment when you use a Conventional Fixed Rate Mortgage (FRM). For the most part, a down payment of 20% is required, but that is not always the case.
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. Your interest rate is recalculated yearly. This means your monthly payment changes with the interest rate. The benefit of ARM is that your interest rate is generally lower than what you'd pay for a FRM (however, if the market changes drastically, you could be paying more). 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. 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". 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. FRM, ARM, and FHA Mortgage Loans are the most popular options to finance your home in Roy, Utah. However, there are many more options out there for you!
Here is information on other mortgage options AND more information on the above three mortgages: http://www.spencerstott.com/loan-programs/. Trying to figure out which mortgage is right for you isn't easy. Here's the best thing you can do to help you figure out which mortgage is just right. The most important part of looking into Roy, Utah Area Mortgages is talking with a local mortgage lender you can trust.
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