In a fixed rate mortgage, the interest rate and resultant monthly payment never changes.  You’ll enjoy the peace of mind and security of having a predictable monthly payment throughout the life of the fixed rate loan.  On the other hand, your monthly payment won’t decrease if interest rates go down.  Still this might be the best option for you if you plan to be in your Utah home for 7 years or more and value the security of a fixed monthly payment.  Since the great depression of the 1930’s, the fixed rate loan has probably been the most popular loan option in Utah and around the country.  The prevailing wisdom since then has centered around many period Americans having lifetime employment with a single company that provided predictable income to meet one’s fixed monthly payment.  If you plan to be in your Utah home less than 7 years, you may want to consider an Adjustable Rate Mortgage (ARM), Balloon Mortgage or Interest Only Loan.

Complete and submit the adjacent Utah Home Loan Network contact form to learn more and discover the best loan option for you.