West Jordan Home Loan
Mortgages near West Jordan, Utah. Want to know different mortgage options near West Jordan, Utah Here's your guide. Conventional Fixed Rate Mortgages are the most popular of all the mortgages in West Jordan, Utah From day one, you're paying the same interest rate and monthly payment when you use a Conventional Fixed Rate Mortgage (FRM). Usually this loan requires a 20% down payment, but it is not always required!
The life of this mortgage ranges 10-40 years. Adjustable Rate Mortgages or "ARM" (cool acronym, huh?) are ever-changing. Hence the name 'adjustable rate'. As the market changes, so does your interest rate. It is recalculated on a yearly basis. Since your interest rate changes, your monthly payment changes, too. 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.
An FHA Mortgage loan is the 3rd most popular loan. 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. 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.
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/. Trying to figure out which mortgage is right for you isn't easy. 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 intoWest Jordan, Utah Area Mortgages is talking with a local mortgage lender you can trust.
Visit our website spencerstott.com or call us and we can help you get on your way to deciding which mortgage is right for you.