Home Loan in Logan Utah
Home loan options in Logan, Utah Here's your guide to mortgages in Logan, Utah. Conventional Fixed Rate Mortgages are the most popular of all the mortgages in Logan, Utah. These Conventional Fixed Rate Mortgages, or FRM, provide a constant interest rate and monthly payment. Most people pay 20% down, but that's not always a requirement.
Terms of this mortgage range from 10-40 years. The opposite of a Fixed Rate Mortgage, Adjustable Rate Mortgages (ARM) are not fixed. Hence the name 'adjustable rate'. Depending on the market, your interest rate could change. 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.
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.
These are three of the most popular types of Mortgages in the Logan, Utah Area. However, there are many more options out there 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. Here's the best thing you can do to help you figure out which mortgage is just right. The best thing you can do is talk with your trusted Logan, Utah Mortgage lender. Spencer Stott and his team are here to help you.
It's free to call or you can visit our website at spencerstott.com.