First Time Home Buyer Mortgage Loans St. George Utah
First Time Home Buyer Mortgage Loans St. George, Utah. This is your First Time Home Buyer guide to the 3 most popular mortgages and loans offered in the St. George area, but If you would like a full list of mortgages offered to First Time Home Buyers in St. George, go to http://www.spencerstott.com/loan-programs/.
First Time Home Buyers in St. George find the most popular loan option is a Conventional Fixed Rate Mortgage. These Conventional Fixed Rate Mortgages (FRM for short) are popular because they offer stable interest rate and constant monthly payments for the entire life of the loan. 20% down is usually required, but not always. Terms of this mortgage range from 10-40 years.
The second most popular loan is an Adjustable Rate Mortgage (ARM), and it is a constantly fluctuating loan. Hence the name 'adjustable rate'. The loan's interest rate changes with the market. It is recalculated on a yearly basis. So your monthly payment changes, too. You could end up having a higher interest rate than a FRM if the market decides to change dramatically. However, this is rare and most people's interest rate stays lower than that of an FRM. Click here if you would like to know more about the ARM.
The 3rd most popular loan is a FHA Mortgage Loan. These loans are private loans that the federal government has insured and stamped 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.
These are three of the most popular types of First Time Home Buyer Mortgages in the St. George Area. But, they're not the only options out there. Navigating the sea of different mortgage and finance options (especially as a First Time Home Buyer) is hard. 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 St. George Area Mortgages is talking with a local mortgage lender you can trust.
Feel free to call or contact us anytime or visit our website at spencerstott.com