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About Clayton and Associates - Information about Clayton and Associates of Salt Lake City, Sandy and Holladay, Utah Testimonials - Read what Clayton and Associates' clients are saying about the real estate marketing and services provided. Quick Response Guarantee - A quick response to your email request for more Utah home buying & property selling information is guaranteed by Clayton and Associates. Privacy Guarantee - This Salt Lake City, Sandy and Holladay real estate web site will respect your privacy, guaranteed by Clayton and Associates. No Obligation Guarantee - Clayton and Associates' real estate help by email is free & without obligation for Salt Lake City, Sandy and Holladay home owners in Utah. For Real Estate Agents - Let Clayton and Associates help you with your professional real estate broker and agent needs in the Salt Lake City, Sandy and Holladay area. About NUMBER1EXPERTS™ - NUMBER1EXPERTS™ are top real estate professionals, find out more. Contact Information - How to contact Clayton and Associates. Go to Main Sitemap - Main sitemap sections include Find Salt Lake City, Sandy and Holladay Homes, For Home Buyers, For Home Sellers, Salt Lake City, Sandy and Holladay Information, Real Estate Resources, and About Clayton and Associates. 
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Financing Your Home >Mortgage Terms
New mortgage loan products offer a more complex selection of terms. Lenders now offer mortgages that are blends of short-term ARMs and 30-year fixed-rate loans with a lower fixed-rate of interest for a period of five, seven or ten years. Be sure that you understand what happens at the end of the initial term before you sign on the dotted line for such a loan.
Many of these loans revert to a 1-year adjustable rate loan at the end of the initial term and can be adjusted once a year based on an index tied to the cost of money. You should know how much over the index your rate will be set and the limit or cap on how much your payments can increase. A "balloon" note requires the entire balance to be paid to the lender after the initial period of the loan ends. Most of these loans require the lender to guarantee to refinance the note at that point if payments have been timely. The lender should spell out how the re-finance rate will be determined and what costs will be involved. These loans can help you buy a more expensive house than you could afford with a 30-year fixed rate mortgage, but be sure that you understand the terms and the potential risks.
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| Q |
What did 75% of 10,000 buyers surveyed by the NAR list as their top reasons for selecting a Real Estate Professional?
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| A |
Knowledge of the housing market, knowledge of real estate practices and financing, and familiarity with neighborhoods. |
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