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Show New Utah - Thursday, February 13, 2003 - Page 13 HOW TO BUY YOUR FIRST HOME. LESSON 2 f " - - mm L S ,.A Ilk ' f iM I M n itfAsl I Mortgage financing jargon could make anyone's head spin. But it shouldn't keep you from buying a home. When you consider the tax advantages of owning a home and the lowest interest rates available in decades, it's worth it to find out about the different options available to you. Here are the basics. FIXED RATE MORTGAGES As little as 10 years ago, mortgages were pretty much the 30-year fixed variety. That means your interest rate stays the same over the life of your loan. But you can save thousands in interest by opting to decrease your payback time, either with a 15- or 20-year mortgage (which carties a slightly higher monthly payment), or make additional payments from time to time on a 30-year loan. ADJUSTABLE RATE MORTGAGES Today, there are lots of new ways to finance a loan. When interest rates are high, Adjustable Rate Mortgages (ARMs) are a means of getting a lower interest rate for the first few years. With an ARM, your monthly payments start out. low but after three, five or seven years, your rate could go up by as much as one percent each year. This can be a good option if you expect to buy another home before your rate changes. Otherwise, you may decide to refinance your loan at a more competitive rate when the introductory period ends. THE 21 BUYDOWN There's also an option called a 21 buydown. That's where a lender is paid to reduce the interest rate by two percentage points for the first year of the loan. So, if you had an 8 interest rate, you'd pay 6 the first year. That way, you can get into a home and get used to paying a monthly mortgage. The 21 buydown also guarantees your interest rate through year 30, which allows you to know ahead of time what your interest rate will be, unlike an ARM. UNDERSTAND "TOTAL VALUE." How does it all stack up? In addition to die amount of square feet you get for tine price, compare the community's planning and the experience that homeowners have had with each builder. At Hamlet, we believe buying the right home is about more than price-per-square-foot. It's about developing a relationship so we get to know you and how to make the building process easier on you. At Hamlet, it's all about great homes, great people and a great experience. 1 HAMLET . HOMES GREAT HOMES. GREAT PEOPLE. GREAT EXPERIENCE. FARM1NGTON RANCHES COUNTRY SETTING IN FARMINGTON Single-family homes from the $1 50s. Five floorplans, up to 1,879 sq. ft.,. 2-4 bedrooms, 2 family rooms. 1 525 West Chirk Lane ( 100 Notch) Farmington 801.939.4124 FREEMONT SPRINGS AT THE RANCHES MASTER-PLANNED COMMUNITY Single-family homes from the mid-$130s Nine floorplans up ro 3,000 sq. ft., 2-5 bedrooms, full basements. 7 miles west of Lehi on SR 7? Eagle Mountain 801.789.4727 LOCH LOMOND WATERFRONT LIVING ON THE SHORES OF UTAH LAKE Single-family homes from the low $120s. Full basements, 9 exciting floorplans, 2-5 bedrooms, 2 family rooms. 8400 West: 7350 North Saratoga Springs 801.766.5575 ABERDEEN ALONG THE JORDAN PARKWAY Townhomes from the mid-3 1 30s. 2-3 bedrooms, up to 2 12 baths, grand soaking tub, 1- or 2-car garage, private setting. 519 Riverside Drive (4S50 South) ' Murray 801.281.0627 LISMORE GREENS GREAT LIFESTYLE NEAR JORDAN LANDING Townhomes from the low $130s. 2-3 bedrooms, up ro 3 12 baths, iull basement, 1 - or 2-car garage, private backyard. 8050 South Old Bingham Highway (3300 West) West Jordan 801.563.0121 BIRNAM WOODS BOUNTIFUL LIVING Single-family homes from the $150s. Full stucco exterior, 10 floorplans up ro 2,100 sq. ft., 2-4 bedrooms, 2-car garage. Visit Argyle Acres for details! West Bountiful 801.397.2800 COLD SPRINGS AT THE RANCHES MASTER-PLANNED COMMUNITY Townhomes from the low $100s. 2-3 bedrooms, up to 3 12 baths, 1,700 sq. ft., private backyard. 7 miles west of Lehi on SR 73 Eagle Mountain 801.789.4727 CASTLEHILL FENG SHU I MODEL OPEN Luxury townhomes from the low $ 1 30s. Garage and non-garage floorplans, spectacular valley and mountain views. 431 E. Braidhill Drive (14635 So.) Draper 801.553.1123 ARGYLE ACRES WOODS CROSS LIVING Single-family homes from the low $140s. Full stucco exterior, 10 floorplans up to 3,000 sq. ft., 2-5 bedrooms. 2-car garage. 1455 Wesr 1 500 SouthExit 318 Woods Cross 801.397.2800 Mortgage SPECIAL INCENTIVES WITH STIRLING MORTGAGE. Call us at 877-281-4 304 or apply online at stitlingmortg-age.com Castlehill Close-Out Savings! hamlethomes.com Fully Decorated Models Open Weekdays and Saturday 11-6; Sunday 12-5 All prices and inceniives subject to change without notice. See Sales Representatives for details. Brokers Welcome. |