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.
The 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.