First Time Home Buyer Mortgage Guide in Bountiful, Utah

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Mortgage and Lending NMLS #: 134614

First Time Home Buyer Mortgage Guide in Bountiful, Utah

In this article, you will find the 3 most popular mortgages in Bountiful, Utah. First Time Home Buyer Mortgage Guide in Bountiful, Utah has a more complete list of mortgage options.

First Time Home Buyer Mortgage Guide in Bountiful, UtahThe Conventional Fixed Rate Mortgage is the most popular mortgage in the Bountiful area. Conventional Fixed Rate Mortgages (FRM for short) offer a consistent, stable interest rate and constant monthly payments for the entirety of the loan. A 20% down payment is common for FRMs, but not always a requirement. 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'. The interest rate you pay changes as the market changes. It is recalculated on a yearly basis. Since your interest rate changes, your monthly payments do, too. Your interest rate will usually be lower than what you would pay for a FRM, but it can be higher depending on the market. If you want to learn more about the ARM loan click here.

Loan #3 is the FHA Mortgage Loan. FHA (Federal Housing Administration) Loans are insured by the federal government as a stamp of approval. FHA Loans are most popular with people who can't pay a 20% down payment. This means higher monthly payments, but just 3% down.

Conventional Fixed Rate, Adjustable Rate, and FHA are at the top of the First Time Home Buyer Mortgage Guide in Bountiful, Utah. But, there are a lot of other mortgage options. But researching mortgages can be a little intimidating as a First Time Home Buyer. So, I will let you in on a little secret to help you out.... Work with a local lender who has the expertise and is trust-worthy.

Contact us now or visit us at spencerstott.com.

First Time Home Buyer Mortgage Guide in Bountiful, Utah.

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Topic:
Mortgage / Finance
Location:
Utah Davis County Bountiful
Groups:
Active Rain Newbies
Realtors®
Tags:
first time home buyer mortgage guide in bountiful
utah first time home buyer mortgages
home mortgage 101
beginners guide to utah mortgage

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Rainmaker
1,143,971
David Shamansky
US Mortgages - David Shamansky - Highlands Ranch, CO
Creative, Aggressive & 560 FICO - OK, Colorado Mtg

Good luck with your 4th quarter and hope you have a strong end of year.

PS dont forget to get your CE done! its renewal time

Nov 01, 2013 03:30 PM #1
Rainer
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Spencer Stott
Salt Lake City, UT
Mortgage Professional

David, Thank you! I know, I'm working on the CE now!  And good luck to you!

Nov 08, 2013 02:12 AM #2
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Rainer
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Spencer Stott

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