First Time Home Buyer Mortgage Loans Murray Utah
Murray, Utah First Time Home Buyer's mortgage guide Here is your guide to the 3 most popular home loans for First Time Home Buyers in Murray, but if you'd like a full list of SLC mortgages, go to http://www.spencerstott.com/loan-programs/.
The most popular of all Mortgages near Murray are Conventional Fixed Rate Mortgages. 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. 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. That's why it's called an 'adjustable rate' mortgage. As the market changes, so does the interest rate of the loan. Every year, the loan is recalculated. This means your monthly payment changes with the interest rate. Usually, the interest rate is lower than what you'd pay for a FRM, but the price can fly higher depending on the market. If you want to learn more about the ARM loan click here.
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. These are for those who can't pay that 20% down that is generally required by the FRM loan. This means you will have higher monthly payments, but you will pay just 3% down.
These are three of the most popular types of First Time Home Buyer Mortgages in the Murray Area. However, there are many more options out there for you! Trying to wade through the sea of mortgages can be hard, especially as a First Time Home Buyer.
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 thing you can do when you're looking to buy your first home and how to finance it is to talk with a local lender that you can trust. Find out why you can trust us.
Call or contact us at anytime and feel free to visit our website at spencerstott.com.