First Time Home Buyer Mortgage Loans South Jordan Utah
Mortgage Loan guide for First Time Home Buyers in South Jordan, Utah. Here is your guide to the 3 most popular home loans for First Time Home Buyers in South Jordan, but if you'd like a full list of SLC mortgages, go to http://www.spencerstott.com/loan-programs/.
The Conventional Fixed Rate Mortgage is by far the most popular South Jordan 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. Usually this loan requires a 20% down payment, but it is not always required! FRM loans terms range from 10 to 40 years.
Adjustable Rate Mortgages or "ARM" (cool acronym, huh?) are ever-changing. Hence the name 'adjustable rate'. As the market changes, so does the interest rate of the loan. It is recalculated on a yearly basis. This means your monthly payment changes with the interest rate. 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 South 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, you pay 3% down and pay higher monthly payments.
These are the most popular First Time Home Buyer Mortgages for the South Jordan area. 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 South Jordan 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