Home Loan West Valley City Utah
Mortgages near West Valley City, Utah Want to know different mortgage options near West Valley City, Utah? Here's your guide. West Valley City, 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). 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. 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! This means higher monthly payments, but only 3% down. These are three of the most popular types of Mortgages in the West Valley City, Utah Area.
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/. 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 best thing you can do is talk with your trusted West Valley City, Utah Mortgage lender.
Feel free to call or contact us anytime or visit our website at spencerstott.com