Home Loan in Salt Lake City Utah
Home loan options in Salt Lake City Want to know different mortgage options near Salt Lake City? Here's your guide. The most popular of all Mortgages near Salt Lake City are Conventional Fixed Rate Mortgages. Conventional Fixed Rate Mortgages (or "FRM" for short) offer constant interest rate for the entire life of the loan and monthly payments remain constant. For the most part, a down payment of 20% is required, but that is not always the case.
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'. As the market changes, so does your interest rate. Your interest rate is recalculated yearly. This means your monthly payment changes with the interest rate. Usually, the interest rate is lower than what you'd pay for a FRM, but the price can fly higher depending on the market.Click here to learn more about Adjustable Rate Mortgages.
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. This loan is most popular with those who can't do a FRM because they can't pay the 20% down payment. Instead, you pay 3% down and pay higher monthly payments. FRM, ARM, and FHA Mortgage Loans are the most popular options to finance your home in Salt Lake City.
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/.
Navigating the sea of different mortgage and finance options is hard. Here's a tip to help you decide which mortgage fits your financing needs. The best thing you can do is talk with your trusted Salt Lake City Mortgage lender.
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.