Home Loan in Murray Utah
Murray, Utah Area Mortgages Here's your guide to mortgages in Murray, Utah. The most popular of all Mortgages near Murray, Utah 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. Most people pay 20% down, but that's not always a requirement.
The life of this mortgage ranges 10-40 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'. Depending on the market, your interest rate could change. Your interest rate is recalculated yearly. 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. For a more in-depth look into how ARM works click here.
The 3rd most popular loan is called an FHA Mortgage 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. FRM, ARM, and FHA Mortgage Loans are the most popular options to finance your home in Murray, Utah.
Just because these 3 are the most popular, doesn't mean there aren't other options that may work better for you. If you want to read more about any of the above loans or the various other options including refinancing go to this address: http://www.spencerstott.com/loan-programs/.
It may be a struggle trying to decide which mortgage option is right for you. That's why I'm going to tell you the most useful thing you can do when trying to figure it all out. The most important part of looking into Murray, 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.