Most people looking to refinance an existing mortgage worry about having to spend more money up front upon closing. Altius Mortgage Group is here to address that concern with the best no-cost mortgage options in Salt Lake City and all of Utah.
A no-cost mortgage is a financing program designed for borrowers who want to refinance their current home loan, but do not have the cash to pay closing fees or do not want to add to their total loan amount in the process. This lending option allows you to waive the fees associated with the loan application so you can lower your rate or get into a better loan situation without any added expenses. Our brokers will connect you to a range of options and help you decide if a no-cost refinance mortgage in Utah is right for you.
Are You a Good Candidate?
Whether or not this type of program is right for you depends on your individual situation. A no-cost mortgage in Utah is generally a good option if you are not planning to stay in your home for more than five years. Refinancing into a more traditional mortgage and paying the closing costs and fees is sometimes the better option if you can recover the costs in about five years; if not, choose the no-cost option.
Benefits and Features
While people consider refinancing to reduce or consolidate an existing debt, there are always costs involved when taking out this type of loan. Closing fees will vary, depending on what type of services are required to process your application.
Put simply, a no-cost mortgage lets you close on a loan without having to pay out-of-pocket fees needed at closing in exchange for a higher mortgage rate. Your chosen lender or mortgage broker can cover these fees in the meantime, and then increase the amount of your mortgage or adjust your interest rates to cover the fees.
While there are many factors to determine how many savings you’ll get from this option, the immediate benefit is that you don’t have to take out cash from your pocket. If you’re going to sell your home in the next two to five years, you will likely pay less with the higher principal balance or interest rate than if you paid the refinancing closing costs in a lump sum.
How We Can Help
As state-licensed mortgage brokers, we can set up a no-cost loan for you to cover some or all loan settlement costs and third-party fees, such as appraisal, title, and escrow. We will also shop around for programs offered by trusted lenders throughout Utah to make sure your goals and needs are satisfied.
We promise to deliver a smooth transaction and help you maximize your savings. Working with a premier mortgage company in all of Utah means you’ll have access to the best deals and terms offered by the leading lenders in Utah.
The purpose of a no-cost Utah refinance program is to make the home buying or refinancing process more convenient by providing an option to waive the closing fees. Contact us today so we can discuss the mortgage rate and the benefits that this loan option offers.