Refinance Your Utah Mortgage Today
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Explore Mortgage Refinance Solutions in Utah
Altius Mortgage offers flexible options for those looking to refinance FHA mortgages. You can simplify the process with a Streamline Refinance or access your home’s equity with a Cash-Out Refinance. Other options include an FHA Simple Refinance for adjusting loan terms, and a 203(k) Refinance for financing home improvements. Our team will help you find the right FHA loan for your needs.
Conventional refinancing is an excellent option for homeowners looking to lower their monthly payments, consolidate debt, or secure long-term financial stability. At Altius Mortgage, we’re here to help you find the best possible terms. Our team will guide you through every step of the process, from application to approval, ensuring everything runs smoothly and aligns with your financial goals.
Lower Your Payments with Mortgage Refinance Loans
A mortgage refinance loan is a great way to lower your monthly house payment. However, refinancing your home is also a cost-effective way to consolidate your outstanding debts or fund a major home improvement project. When you work with a local mortgage broker in Salt Lake City, you can select from a variety of loan programs to accomplish your goals, including conventional refinance loans and the popular FHA streamline refinancing program. At Altius Mortgage, our team of home loan experts can tell you all about your options and help you determine which one best helps you achieve your refinance goals.Reasons for a Mortgage Refinance in Salt Lake City
YOU MAY ALREADY RECOGNIZE SOME OF THE BENEFITS OF REPLACING YOUR EXISTING HOME LOAN. OTHERS, HOWEVER, MAY NOT HAVE OCCURRED TO YOU
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LOWER YOUR INTEREST RATE
You may have purchased your home during a period of high interest rates or settled for a higher rate because you had credit or income challenges at the time you bought your house. In both cases, a refi can lower your rate and your monthly payment — often substantially. -
GET RID OF PMI
PMI (private mortgage insurance) provides financial protection for your lender, should you default on your home loan. Conventional loan programs require you to purchase this insurance coverage if your down payment is less than 20 percent of the home’s value. The cost of your PMI is typically added your monthly house payment, potentially increasing your payment by a few hundred dollars or more per month. Once you pay down your mortgage enough to have more than 20 percent equity, you can refinance your mortgage to get rid of this cost. -
CONSOLIDATE YOUR DEBTS
Debt consolidation is one of the most common reasons that Utah homeowners seek out refinance loans. Student loans, auto loans and credit card debt traditionally carry high rates of interest. A cash-out mortgage refinance allows you to pay off these obligations, lowering your interest rate and simplifying your monthly bill payment process. You can also use these funds for home improvements, upgrades and renovations. -
RESTRUCTURE YOUR HOME LOAN
Sometimes home buyers use non-traditional financing vehicles to purchase a house. If you have owner financing or a short-term loan with an impending balloon payment, a refi can solve your problems. You can also use a single mortgage refinance loan to replace an existing first and second mortgage or to switch from an adjustable rate to a fixed rate home loan.
Determining Mortgage Refinance Rates in Utah
If you’re curious about current mortgage refinance rates in Salt Lake City and the surrounding areas of northern Utah, you have a few options for locating this information – some better than others.
Choosing a Lender for Your Refinance Mortgage
When you’re ready to explore a refinance mortgage for your Utah home, choose a refinance lender who knows how to get the job done for you. Choose a mortgage company that works closely with its clients every step of the way, taking the stress and guesswork out of the application and loan approval process. Altius Mortgage can answer your questions and help you determine whether refinancing your current loan is the right approach for you at this time. For all types of home loans – including mortgage refinance – Utah residents trust the home loan experts at Altius Mortgage. With hundreds of years of combined industry experience, our team understands the importance of finding the right loan program to meet your needs. Contact us today to learn more, or to schedule a consultation to discuss your Utah refinance mortgage needs.Top Mortgage Refinance Questions
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When is the best time to refinance my mortgage?
The best time to refinance is when you can lower your interest rate by at least 1% or if you’re switching from an adjustable rate to a fixed-rate mortgage. Factors like home equity, financial goals, and current interest rates play a role. Our team can help you determine if now is the right time based on your specific situation.
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What is an FHA refinance mortgage, and how does it differ from conventional refinancing?
An FHA refinance mortgage is for homeowners with an existing FHA loan. It offers more flexible terms and potentially lower interest rates, which can be especially helpful if you’re looking for a streamlined refinance. We can help you navigate conventional and FHA refinance mortgage options to find what works best for you.
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Can refinancing help me get rid of PMI?
Yes! If you’ve built 20% equity in your home, refinancing can eliminate Private Mortgage Insurance (PMI), saving you hundreds each month. This is a common reason homeowners choose to refinance.
Benefits of a Mortgage Refinance
Refinancing provides multiple benefits beyond lowering your interest rate. Here are just a few reasons to consider refinancing your Utah mortgage:- Lower Monthly Payments: Refinancing can reduce your monthly mortgage payments by securing a better interest rate and freeing up funds for other financial goals.
- Debt Consolidation: Refinancing allows you to consolidate high-interest debts, like credit cards or student loans, into a single lower-interest mortgage payment, simplifying your finances.
- Restructure Your Loan: If you initially used non-traditional financing, refinancing can replace it with a conventional loan, providing stability. You can also switch from an adjustable rate to a fixed-rate mortgage for long-term security.