In the Beehive State, the percentage of homeowners totals to 69.9%. This number surprising, given the slightly higher cost of living in the state, which housing prices primarily influence. Compared with the national home price average of $195,300, Utah’s homes average at $243,700.
Before you give up on your dreams of owning a home here, know that investing in a property in Utah nowadays can be one of the best financial decisions you can make. As long as you work with a mortgage company that offers the best program, you can make your real estate investment work for you quickly.
Transition to home ownership with the best mortgage
Whether you take a mortgage in Ogden, Salt Lake City, or Provo, know that you have many options when it comes to housing loans and lending institutions. However, since you need to a huge amount to finance your purchase, you should do what you can to minimize your costs and prevent unnecessary expenditures.
To reach this goal, you have to consider several factors, one of which is the length of time you wish to stay in the same house. Do you plan to live in it for the rest of your lifetime? In this case, you might just benefit more from a fixed-rate mortgage than an adjustable-rate mortgage.
The differences between fixed-rate and adjustable-rate
The key difference between these two primary types of housing loans is their interest rate. For fixed-rate mortgages, regardless of market performance, their interest rate won’t undergo any changes. They remain the same from the first month of the mortgage until the completion of the repayment of the entire loan.
Adjustable-rate mortgages (ARM), on the other hand, have rates that can either go up or down, based on market movement.
ARMs do have their benefits, such as lower initial rates and sole of ownership of the home in a shorter period.
One thing remains true though: whichever of the two you choose, base your decision on your current and future finances.