Salt Lake City First Time Home Buyer Mortgage Loans

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Mortgage and Lending NMLS #: 134614

Salt Lake City First Time Home Buyer Mortgage Loans

First Time Home Buyer Mortgage Loans Salt Lake City, UT Salt Lake City First Time Home Buyer Mortgage Loans, you will find the 3 most popular mortgages in Tooele, Utah. There are more than three mortgage options,Salt Lake City First Time Home Buyer Mortgage Loans has more options available to you.

The most popular Tooele mortgage is the Conventional Fixed Rate Mortgage. Conventional Fixed Rate Mortgages (FRM for short) offer a consistent, stable interest rate and constant monthly payments for the entirety of the loan. 20% down is usually required, but not always. FRMs last about 10 to 40 years.

An Adjustable Rate Mortgage (or ARM) is the second most popular loan, and is a fluctuating loan. So it only makes sense that it's called an 'adjustable rate'. As the market changes, so does your interest rate. It is recalculated on a yearly basis. This means your monthly payment changes with the interest rate. For the most part, interest rates are lower than what you'd expect to pay for a FRM, but if the market dictates, it can fly a little higher. If you want to learn more about the ARM loan click here.

The 3rd most popular loan is a FHA Mortgage Loan. These are private loans in which the federal government insures and stamps for approval. These loans are most popular with people who can't pay 20% down. With an FHA Loan, you'd pay 3% down and have higher monthly payments.

FRM, ARM, and FHA loans are the three most popular First Time Home Buyer Mortgages in Tooele, 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 or visit us at spencerstott.com.

Salt Lake City First Time Home Buyer Mortgage Loans

 

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Topic:
Mortgage / Finance
Location:
Utah Salt Lake County Salt Lake City
Groups:
Active Rain Newbies
Realtors®
Tags:
fha
home loan
first time home buyers
arm
salt lake city utah
frm
spencer stott

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