First Time Home Buyer Mortgage Loans Murray

First Time Home Buyer Mortgage Loans Murray

First Time Home Buyer Mortgage Loans Murray, Utah. First Time Home Buyer Mortgage Loans Murray. In this article, you will find the 3 most popular mortgages in Tooele, Utah. There is a more complete First Time Home Buyer Mortgage Loans Murray.

The Conventional Fixed Rate Mortgage is by far the most popular Tooele mortgage. Conventional Fixed Rate Mortgages (FRM for short) offer a consistent, stable interest rate and constant monthly payments for the entirety of the loan. FRMs usually require a 20% down payment, but that's not always the case. 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. Which is fitting, considering the name '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. 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. FHA (Federal Housing Administration) Loans are insured by the federal government as a stamp of approval. These are for those who can't pay that 20% down that is generally required by the FRM loan. This means higher monthly payments, but just 3% down.

Conventional Fixed Rate, Adjustable Rate, and FHA are the top First Time Home Buyer Mortgage Loans Murray. But, don't let that limit you. There are more options available to you. It's not easy to research and understand every mortgage option 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.

Feel free to call or contact us anytime or visit our website at spencerstott.com.

First Time Home Buyer Mortgage Loans Murray