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Nathan Pierce

Loan Officer

NMLS ID 12920

801-272-0600 nathan@advancedfunding.com

Utah Refinance


Utah Refinance

Deciding to apply for a Utah refinance is a big decision for most homeowners.

Your situation and needs change over time so why shouldn’t your mortgage? There are many benefits to refinancing, but do they make sense for you? Learn about our refinance programs, mortgage types, and the loan process and ask yourself these questions before making a decision.

Questions to Ask Yourself Before Refinancing

  1. Do you need to consolidate debt?

    If you are currently in a significant amount of debt, refinancing to pay off your highest interest loans first can be a smart financial decision. If you have credit card debt, you may be paying as much as 21% interest rate, putting you into a situation that may be neverending. With current mortgage rates still low, now is the perfect opportunity to consolidate debt and put yourself on the track to a debt-free future.

  2. How long do you plan to live in your current home?

    You will need to pay closing costs if you refinance. While refinancing your mortgage will result in a lower monthly payment, be sure that you will own your home long enough to cover the closing costs. To better understand this, calculate the point at which your decreased monthly payment will cover the cost of refinancing — also known as the breakeven point. If you plan on selling your home prior to the breakeven point, refinancing your mortgage now is most likely an unwise financial decision.

  3. How much can a lower interest rate save you?

    Don’t focus too much on how much interest rates have dropped. Instead, look at how much money you can save based on the change in rate. A 1% interest rate reduction provides a lot more savings on a $500,000 loan as opposed to a $200,000 loan.

  4. How much equity do you have in your home?

    The more equity you have, the better the rates you can access. You can even avoid mortgage insurance or at least lower the amount you are required to pay. Home equity comes into play even more if the reason for refinancing is to access cash. As an example, owing $100,000 on your mortgage with $50,000 available equity may allow for a new loan of $125,000. With a lower interest rate, your monthly payments may stay the same while getting an additional $25,000 cash out.

A mortgage refinance is an easy way to solve many of your home loan worries. Getting a lower mortgage rate and paying less interest over the life of your loan just makes sense. At Advanced Funding, we’re ready to find the right refinancing solution for your home loan. Our staff of Utah refinance experts will help you evaluate your mortgage needs and draft a refinancing plan that will save you money. As Utah mortgage brokers, we will research several mortgage lenders to find the best mortgage rate available for your loan needs.

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Benefits of a Utah Refinance

Lower Your Interest Rate

You can save thousands of dollars over the life of your loan when you refinance and get a lower interest rate. Use our mortgage amortization calculator to calculate your savings.

Lower Your Monthly Payment

You can save hundreds of dollars each month when you refinance and get a lower monthly payment. This will allow you to accomplish more of life's goals. Check out our mortgage payment calculator to see how much you can save.

Get a Cash-Out Mortgage Refinance/Debt Consolidation

Whether you're looking to consolidate debt, make some home improvements, or other goals that require cash, getting a cash-out refinance may be the right choice for you. Refinancing can be useful in keeping your debt manageable by replacing a number of high-interest loans (such as credit card debt) with a single, lower-interest loan. You can take the cash that you gain from taping the equity in your house and paying off any kind of debt that you might have. Most people will try to pay off high-interest, non-deductible forms of debt such as credit cards or auto loans.

Eliminate Your Mortgage Insurance

If you have 20% or more equity in your home, refinancing to a conventional loan will allow you to eliminate your mortgage insurance. We also have options for those with less than 20% equity that will allow you to drop your mortgage insurance. Talk with one of our mortgage loan advisors for more information.

Pay Off Your Mortgage Sooner

Lowering the term of your Utah mortgage can save you thousands in interest. Calculate your mortgage payment using our payment calculator.

Keep Your Payment from Increasing

If you have an adjustable rate mortgage (ARM) it is possible that your interest rate will increase when interest rates rise. You can stop your payment and mortgage rate from rising by refinancing to a fixed rate loan.

Low-Cost Refinance or No-Cost Refinance

This option can eliminate some or all of the fees associated with refinancing, but also carries a higher interest rate than a standard refinance. It's important to take all aspects of a new loan into consideration before refinancing. Let us help you determine if a low-cost or no-cost refinance is a good fit for you.

For more information regarding a Utah refinance contact one of our mortgage professionals at 801.272.0600.

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