Home Loan in Bountiful Utah
Mortgages near Bountiful, Utah. Here's your guide to mortgages in Bountiful, Utah. Conventional Fixed Rate Mortgages are the most popular of all the mortgages in Bountiful, 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!
You can expect this mortgage to last between 10 and 40 years. Unlike a FRM, Adjustable Rate Mortgages, or "ARM", change. Hence the name 'adjustable rate'. The interest rate you pay changes as the market changes. Every year, your interest rate is recalculated. 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. If you'd like to know more about ARM click here.
The 3rd most popular loan is called an FHA Mortgage 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". 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 Salt Lake City 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/. Navigating the sea of different mortgage and finance options is hard.
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 Bountiful, 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.