First Time Home Buyer Mortgage Loans St. George

First Time Home Buyer Mortgage Loans St. George

First Time Home Buyer Mortgage Loans St. George, UT. First Time Home Buyer Mortgage Loans St. George. In this article, I will tell you the differences between the top 3 mortgage loans in Tooele, Utah. There are more than three mortgage options, First Time Home Buyer Mortgage Loans St. George  has more options available to you.

The most popular St. George mortgage is the 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 20% down payment is common for FRMs, but not always a requirement. These loans last anywhere from 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'. This means that your interest rate will change as the market changes. This is recalculated annually. This means your monthly payment changes with the interest rate. Your interest rate will usually be lower than what you would pay for a FRM, but it can be higher depending on the market. Click here for more information on Adjustable Rate Mortgages.

The 3rd most popular loan is a 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.

FRM, ARM, and FHA loans are the three most popular First Time Home Buyer Mortgages in St. George, Utah. But, they're not the only options out there. It's not easy to research and understand every mortgage option as a First Time Home Buyer.

So to help you out, I'll let you in on one helpful tip to get you through.... The most important thing you can do when you're looking to buy your first home and how to finance it is to talk with a local lender that you can trust. Feel free to call or contact us anytime or visit our website at spencerstott.com.

First Time Home Buyer Mortgage Loans St. George