Home Loan in Taylorsville Utah
Home loan options in Taylorsville, Utah. Taylorsville, Utah Area Mortgages, Your guide to various mortgages and loans offered in the Taylorsville, Utah area. Taylorsville, Utah's most popular mortgage option is called a Conventional Fixed Rate Mortgage. From day one, you're paying the same interest rate and monthly payment when you use a Conventional Fixed Rate Mortgage (FRM). Usually this loan requires a 20% down payment, but it is not always required!
Terms of this mortgage range from 10-40 years. Unlike a FRM, Adjustable Rate Mortgages, or "ARM", change. That's why they call it an 'adjustable rate'. The interest rate you pay changes as the market changes. It is recalculated on a yearly basis. Since your interest rate changes, your monthly payment changes, too. The benefit of ARM is that your interest rate is generally lower than what you'd pay for a FRM (however, if the market changes drastically, you could be paying more).
Click here to learn more about Adjustable Rate Mortgages.
An FHA Mortgage loan is the 3rd most popular 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". These are for those who can't pay that 20% down that is generally required by the FRM loan. Instead of 20%, you pay 3% with higher monthly payments.
The above mentioned mortgages are the most popular options for a Taylorsville, Utah home. But, there are lots of different mortgage options! 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 a tip to help you decide which mortgage fits your financing needs. The most important part of looking into Taylorsville, Utah Area Mortgages is talking with a local mortgage lender you can trust.
Spencer Stott and his team are here to help you. It's free to call or you can visit our website at spencerstott.com.