Home Loan in Layton Utah
Home loan options in Layton, Utah, Layton, Utah Area Mortgages, Your guide to various mortgages and loans offered in the Layton, Utah area.
The most popular of all Mortgages near Layton, 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. For the most part, a down payment of 20% is required, but that is not always the case. Terms of this mortgage range from 10-40 years.
Adjustable Rate Mortgages or "ARM" (cool acronym, huh?) are ever-changing. Hence the name '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). If you'd like to know more about ARM 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. This means higher monthly payments, but only 3% down.
The above mentioned mortgages are the most popular options for a Layton, 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/.
Navigating the sea of different mortgage and finance options is hard. Here's the best thing you can do to help you figure out which mortgage is just right. Talk with a Layton, Utah Mortgage lender that you 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.