People refinance for a number of reasons. You may want to consolidate a first and second mortgage, lower your mortgage rate, or lower your monthly payment. Perhaps you want to switch from an adjustable rate mortgage (ARM) to a fixed rate mortgage or to stop paying mortgage insurance. Maybe you're just looking to cash out some of your equity for home renovations. A Utah refinance allows you to redefine your mortgage loan to better fit your current needs.
However, there are many things to consider before deciding to refinance your Utah mortgage. With so many options it's important to refinance the right way. At Advanced Funding Home Mortgage Loans we're happy to show you all of your options so you can make the best decision on a Utah refinance loan. If you would like to find out if a refinance is right for you then give us a call today at 801-272-0600 .
If you're planning on sticking in your home for more than two years then a Utah refinance mortgage is a great option. Because a refinance loan does require closing costs, homeowners who plan to stay in their home for more than two years will usually; make up for those costs with lower monthly payments. If you're looking to move within the next two years then a refinance might be a good idea, depending on how far your rate drops. You may also want to consider a no-cost refinance.
For most people, a home is their most important and substantial investment. History proves that home values increase over the long-run. If your home is now worth more than it was when you purchased it you can use a cash-out refinance loan to access that extra value and turn it into cash to pay for unexpected bills, college, or to start a business.
As families grow, homes can feel smaller. Refinancing your mortgage is a great way to get money for a home improvement project. The most attractive part of this is that a home remodel can increase the value of your home. This type of refinance can really pay for itself in the end.
It's likely that your situation in life is not exactly what it was when you first closed on your home. If that's the case then maybe your mortgage terms need a little updating too. Refinancing is a great way to switch from an adjustable to a fixed rate loan or to get into a 15 year loan as opposed to a 30 year.
Don't pass up the chance to improve your mortgage situation today by calling our lending professionals to see if a Utah refinance is right for you.