First Time Home Buyer Mortgage Loans West Jordan
Mortgage Loan guide for First Time Home Buyers in West Jordan, UT This is your First Time Home Buyer guide to the 3 most popular mortgages and loans offered in the West Jordan area, but If you would like a full list of mortgages offered to First Time Home Buyers in West Jordan, go to http://www.spencerstott.com/loan-programs/.
The most popular of all Mortgages near Salt Lake City 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. A down payment of 20% is the norm, but not always required. These loans last anywhere from 10 to 40 years.
The second most popular loan is an Adjustable Rate Mortgage (ARM), and it is a constantly fluctuating loan. So it only makes sense that it's called an 'adjustable rate'. As the market changes, so does the interest rate of the loan. Every year, the loan is recalculated. So if your interest rate changes, so does your monthly payment. 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.
FHA Mortgage Loans are the 3rd most popular West Jordan Loan. FHA (short for Federal Housing Administration) are private loans that the government has insured and stamps for approval. If you can't pay 20% down for a ARM, then this loan is the way to go. Instead of 20% down, you pay 3% down and have higher monthly payments. FRM, ARM, and FHA loans are the three most popular First Time Home Buyer Mortgages in West Jordan, UT.
But, don't let these options limit you, there are many others. Navigating the sea of different mortgage and finance options (especially as a First Time Home Buyer) is hard. So I'm going to share the best advice I can give to help you.... When you're trying to figure out how to finance your home, the best thing you can do is talk with a trusted local lender.
Feel free to call or contact us anytime or visit our website at spencerstott.com