Home Loan Sandy Utah
Mortgages near Sandy, Utah. Here's your guide to mortgages in Sandy, Utah. The most popular of all Mortgages near Sandy, 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!
The life of this mortgage ranges 10-40 years. Adjustable Rate Mortgages or "ARM" (cool acronym, huh?) are ever-changing. That's why they call it an 'adjustable rate'. The interest rate you pay changes as the market changes. Your interest rate is recalculated yearly. Monthly payments also change when your interest rate does. 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.
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. For those who can't do the 20% down required by a FRM, this loan is for you! Instead of 20%, you pay 3% with higher monthly payments. The above mentioned mortgages are the most popular options for a Sandy, Utah home. But, there are lots of different mortgage options!
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. Talk with a Sandy, Utah Mortgage lender that you trust.
Feel free to call or contact us anytime or visit our website at spencerstott.com