Home Loan in Provo Utah
Home loan options in Provo, Utah Want to know different mortgage options near Provo, Utah? Here's your guide. The most popular of all Mortgages near Provo, Utah are Conventional Fixed Rate Mortgages. 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.
You can expect this mortgage to last between 10 and 40 years. Adjustable Rate Mortgages or "ARM" (cool acronym, huh?) are ever-changing. That's why 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. Usually, the interest rate is lower than what you'd pay for a FRM, but the price can fly higher depending on the market. For a more in-depth look into how ARM works click here.
The last of the mortgages I will talk about are FHA Mortgage Loans. 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.
These are three of the most popular types of Mortgages in the Provo, Utah Area. But, there are lots of different mortgage options! 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 Provo, Utah Mortgage lender.
Feel free to call or contact us anytime or visit our website at spencerstott.com