http://www.saltlakecitymortgagepro.com Mortgage Information Serving Salt Lake City and Utah Thu, 09 Jul 2009 07:21:17 +0000 http://backend.userland.com/rss092 en Another type of loan is the jumbo loan which is basically any loan over $417,000. This has been modified slightly depending on the type of mortgage, such as an FHA mortgage and the location of the home. For instance in some areas in Salt Lake City, mortgages that are FHA ... http://www.saltlakecitymortgagepro.com/mortgage-articles/the-jumbo-loans-salt-lake-city/ FHA is the federal housing administration which is responsible for the government home loan insurance program. The FHA is probably most well known for their first time homebuyer program which makes less strict the typical requirements to be able to get into a home. The most popular of the FHA ... http://www.saltlakecitymortgagepro.com/mortgage-articles/fha-loans-vs-conventional/ There is another type of loan product that was very popular when the real estate market was on the rise, but much less so following the collapse. This product is known as the "interest only" loan. The basic concept of the interest only loan was that payments made based on ... http://www.saltlakecitymortgagepro.com/mortgage-articles/interest-only-mortgages-information/ There are multiple factors that determine whether or not you'll be approved for the loan and at what rate. Most of the time, the advertised rates you hear on the radio or see on TV or newspapers are typically for the "A paper" individuals or those with a high credit ... http://www.saltlakecitymortgagepro.com/mortgage-articles/your-credit-score-your-mortgage/ The yield spread premium is a payout that a lender will give to a loan officer for "selling" the loan at a higher rate than the par rate. The par rate is the rate at which no surplus is paid, nor is the rate being "bought down". The yield spread ... http://www.saltlakecitymortgagepro.com/mortgage-articles/ysp-what-they-dont-want-you-to-know/ There are a couple of options for who you select as your loan provider. The first is a mortgage bank and the second is a mortgage broker. Both of these have their advantages and disadvantages and this article will explain the difference and a few of those advantages and disadvantages. The ... http://www.saltlakecitymortgagepro.com/mortgage-articles/mortgage-service-providers/ A adjustable rate mortgage (aka ARM) is one in which the rate fluctuates or adjusts over the life of the loan. Often the adjustable rate mortgage will come with a 2 or 3 year "fixed" rate and will only start to be variable when that first period of time elapses. ... http://www.saltlakecitymortgagepro.com/mortgage-articles/what-is-an-arm-adjustable-rate-mortgages/ There are a lot of different types of mortgages you can get and deciding which mortgage is right for you can be something you determine with your loan officer or with enough information can be a decision you make on your own. Perhaps the most common type of mortgage is ... http://www.saltlakecitymortgagepro.com/mortgage-articles/fixed-rate-mortgages-what-are-they/ Finding a licensed loan officer in the Salt Lake City area is very easy to do. Finding a good honest trustworthy loan officer may not be as easy. Utah has traditionally been ranked near the top on things like loan fraud and securities fraud. Countless stories from the news cite ... http://www.saltlakecitymortgagepro.com/mortgage-articles/loan-officers-in-salt-lake-city/