First Time Home Buyer Mortgage Loans in Kearns Utah
First Time Home Buyer Mortgage Loans Kearns, UT This is your First Time Home Buyer guide to the 3 most popular mortgages and loans offered in the Kearns area, but If you would like a full list of mortgages offered to First Time Home Buyers in Kearns, go to http://www.spencerstott.com/loan-programs/.
First Time Home Buyers in Kearns find the most popular loan option is a Conventional Fixed Rate Mortgage. These mortgages (FRM for fixed rate mortgages) offer a stable interest rate for the entire life of the loan and all monthly payments remain constant. A down payment of 20% is the norm, but not always required. FRM loans terms range from 10 to 40 years.
Adjustable Rate Mortgages or "ARM" (cool acronym, huh?) are ever-changing. That's why it's called an 'adjustable rate' mortgage. As the market changes, so does the interest rate of the loan. It is recalculated on a yearly basis. So your monthly payment changes, too. For the most part, your interest rate will be lower than the interest rate for a FRM, but if the market makes a giant shift, you could end up paying more. Click here if you would like to know more about the ARM.
FHA Mortgage Loans are the 3rd most popular Kearns 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 Kearns, UT.
However, there are many more options out there for you! Navigating the sea of different mortgage and finance options (especially as a First Time Home Buyer) is hard. So I'll let you on a not-so-secret secret.... The most important part of looking into Kearns Area Mortgages is talking with a local mortgage lender 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.