Home Loan Provo Utah
Mortgages near Provo,Utah Want to know different mortgage options near Provo,Utah? Here's your guide. Conventional Fixed Rate Mortgages are the most popular of all the mortgages in Provo,Utah. 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. Unlike a FRM, Adjustable Rate Mortgages, or "ARM", change. It's only fitting that they call it an '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. Unless the market does something crazy, your interest rate is lower than what you'd get for a Fixed Rate Mortgage. If you'd like to know more about ARM click here.
The 3rd most popular loan is called an FHA Mortgage Loan. FHA Mortgage Loans are private loans, but the federal government has given the loan their 'okay'. These are for those who can't pay that 20% down that is generally required by the FRM loan. This means higher monthly payments, but only 3% down. The above mentioned mortgages are the most popular options for a Provo,Utah home.
Just because these 3 are the most popular, doesn't mean there aren't other options that may work better for you. Here is information on other mortgage options AND more information on the above three mortgages: http://www.spencerstott.com/loan-programs/. It may be a struggle trying to decide which mortgage option is right for you.
Here's a tip to help you decide which mortgage fits your financing needs. Talk with a Salt Lake City Mortgage lender that you 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.