Home Loan in Kearns Utah
Home loan options in Kearns,Utah. Want to know different mortgage options near Kearns,Utah? Here's your guide. Kearns,Utah's most popular mortgage option is called a Conventional Fixed Rate Mortgage. These Conventional Fixed Rate Mortgages, or FRM, provide a constant interest rate and monthly payment. Usually this loan requires a 20% down payment, but it is not always required!
The life of this mortgage ranges 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. Your interest rate is recalculated yearly. Since your interest rate changes, your monthly payment changes, too. Unless the market does something crazy, your interest rate is lower than what you'd get for a Fixed Rate Mortgage.
Click here to learn more about Adjustable Rate Mortgages.
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'. 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. The above mentioned mortgages are the most popular options for a Kearns,Utah home.
However, there are many more options out there for you! Here is information on other mortgage options AND more information on the above three mortgages: http://www.spencerstott.com/loan-programs/.
Trying to figure out which mortgage is right for you isn't easy. That's why I'm going to tell you the most useful thing you can do when trying to figure it all out. The best thing you can do is talk with your trusted Kearns,Utah 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.