![]() ![]() Lock your refinance rate: Work with your lender to lock your interest rate when you believe it's the lowest.Ĭomplete a home appraisal: Most lenders require a home appraisal.Ĭlose your loan: Review the closing documents and disclosures, pay any applicable closing costs, and sign. Contact the lender, or find a lender to work with in your area.Īpply for a refinance: Once you apply, your lender will provide you with initial disclosures that outline the terms of the loan. Utah Housing Market, Should You Buy Best Questions to Ask Your Loan Officer 5 things you should know before buying a home. Shop refinance rates: Compare different interest rates using the custom rates tool or refinance calculator above to determine if refinancing at a current rate would accomplish your refinancing goals. Budgeting for a comfortable mortgage payment is an important step in finding a loan program that fits your personal investment goals and financial scenario. Select a type of mortgage refinance: You have many refinancing options, including refreshing your rate and term (rate-and-term refinance), applying more cash toward your equity (cash-in refinance), pulling money out of your home equity (cash-out refinance), or opting for a streamline refinance to lower your monthly payments. ![]() Remember, these rates can change due to economic conditions, Federal Reserve policies and the current housing demand. Utahs five-year adjustable-rate mortgage is 7.51, compared to 7.34 across the U.S. Tools to help you make the most of your home buying and refinancing decisions. However, the states 15-year fixed rate is 6.42, slightly higher than the national average of 6.34 nationally. From interest, payments, and savings, to debt and retirement, access financial calculators and comparison tables to see how the numbers work for you, your business, and your life. The process of refinancing will follow these typical steps: Find the tools and resources you need to make sound financial decisions right here. Use this mortgage calculator to calculate estimated monthly mortgage payments and rate options. The Utah legislature recently approved 50 million to assist approximately 2,500 first-time homebuyers and to incentivize builders to build affordable housing across the state.
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