About the Mortgage Business

When you are ready to shop for an Payson Mortgage Lender you have two types of mortgage stores to shop - Direct Lenders and Mortgage Brokers.

Direct Lenders have the cash to lend. For instance M&I Bank is a Direct Lender. Brokers are the intermediaries who have many Lenders from which to choose. Direct Lenders have a small number of different loans available like one 30 year fixed and one 5/1 ARM program. Brokers can shop many Lenders and their store of loans and typically get you the best for your money.

Once our company receives your application we will shop for the best mortgage broker for you who will in turn shop for the best Lender.  And since Lender's rates vary drastically, you will have the most options and will in turn receive the lowest rate.  Most mortgage shoppers here find this is the lowest rate they could find with the best terms.  And typically loan costs are also lower than what they would have gotten elsewhere.

Payson Mortgage Loan Programs

For every individual situation there is a beneficial program that will complement them. Depending on the reasons for refinance and future financial plans, these will determine the program that you will choose. The best thing to do is to go over your mortgage options with a loan officer.

30 Year Fixed Mortgages are the industry standard, as total payments are spread over so many years that your monthly payments are lower than they would be on a shorter term loan. The interest rate, which is set, or locked in, at the time of obtaining the mortgage, remains the same throughout the life of the loan. On a 30-year loan, you end up paying thousands of dollars more in interest compared with a shorter-term obligation, but this interest is 100-percent tax deductible, which reduces your after-tax cost. 15-year fixed rate - This mortgage also is becoming a common loan because borrowers pay a lower interest rate in exchange for larger monthly payments. Note, however, that a smaller portion of your monthly payment goes for interest and therefore the tax deduction is smaller.

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