Home Loans Farmington Utah
Home loan options in Farmington, Utah Want to know different mortgage options near Farmington, Utah? Here's your guide. Conventional Fixed Rate Mortgages are the most popular of all the mortgages in Farmington, Utah. Conventional Fixed Rate Mortgages (or "FRM" for short) offer constant interest rate for the entire life of the loan and monthly payments remain constant. 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. The opposite of a Fixed Rate Mortgage,Adjustable Rate Mortgages (ARM) are not fixed. It's only fitting that they call it an 'adjustable rate'. The interest rate you pay changes as the market changes. Every year, your interest rate is recalculated. This means your monthly payment changes with the interest rate. 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.
An FHA Mortgage loan is the 3rd most popular loan. FHA Mortgage Loans are private loans, but the federal government has given the loan their 'okay'. This loan is most popular with those who can't do a FRM because they can't pay the 20% down payment. Instead of 20%, you pay 3% with higher monthly payments. FRM, ARM, and FHA Mortgage Loans are the most popular options to finance your home in Farmington, Utah. However, there are many more options out there for you!
You can find other mortgage options and information on them by going to: 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. Talk with a Farmington, Utah Mortgage lender that you trust.
Feel free to call or contact us anytime or visit our website at spencerstott.com