Utah Home Refinance

What Does Refinance Mean?

Refinancing is the process of taking out a new loan to pay off one or more outstanding loans. Basically, it means you are starting the loan process all over again, but a home refinance can often result in huge savings or lower your monthly payments. Depending on a few things there may be less documentation required.

Why Should You Refinance?

As a leading Utah mortgage broker, Fink & McGregor can help you. Refinancing your current mortgage offers several beneficial financial options for you, here are eight possible reasons why you should consider refinancing.

Lower your monthly payment

A high mortgage payment can cause a lot of stress and eat up a large portion of your income. By refinancing to a lower rate, you could save thousands of dollars while making it easier to pay your mortgage.

Consolidate Debt

Debt consolidation is the process of rolling several unsecured debts, like personal loans, medical bills, or credit card debt, into a single bill that is paid off with a loan.

Lock in a fixed rate

People want the lowest possible interest rate. A lock on your rate ensures that your lender will honor an agreed upon interest rate at a specific cost for a set period of time.

Refinance an Investment Property

With an investment property, you are looking to earn a healthy rate of return. Refinancing an investment property could help lower your monthly mortgage payment and maximize your return on investment.

Stop paying mortgage insurance

Private mortgage insurance can be expensive, but if you have 20% equity in your home, refinancing to a conventional loan could help get rid of your mortgage insurance.

Remove a borrower

There are unique situations where it may be necessary to remove someone from the title. Maybe you want to remove mom and dad, or are going through a divorce. Whatever the reason, a refinance can be a great option to buy someone out.

Extract cash from equity or get cash to spend

Also know as a cash-out refinance or cash-out refi. Some homeowners have this option so they can turn some of the equity they’ve built up in their homes into cash. A cash-out refi is great for short-term fix and flippers, long-term buy and hold investors.

We get get asked all the time, “when is the best time to refinance my home loan?” The reality is everyone’s situation is different. Fink & McGregor will develop a customized loan program that takes into account your unique needs and goals. We offer a number of refinancing solutions for you including:

Fixed Rate Mortgages | Adjustable Rate Mortgages | FHA Refinance | VA Refinance


What Are The Steps To Refinancing?

Refinancing your home doesn’t have to be scary or difficult, especially with our expert mortgage planners and home loan officers to help you every step of the way. Here are six basic steps that outline the refinance process.

  • Review your credit
  • Gather the necessary documents
  • Contact a loan officer at Fink & McGregor
  • Discuss which options are best for you
  • Apply for the loan and submit your documents
  • Prepare for closing

Fink & McGregor is dedicated to making your loan and refinance experience quick and simple. Get started today.

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