Refinancing a Home in Salt Lake City, Utah
Regardless of income or personal wealth, we all want to save money. Refinancing might be an excellent option if you need to access equity for home improvements or debt consolidation. Where do you start? Contact Joe at Veritas Funding, he can assist in the refinancing process for Salt Lake City home mortgages and second home mortgages in the surrounding areas.
You may also want a second mortgage or refinance to take advantage of low interest rates or the increased value of your home. The combination of increasing home values in the Salt Lake City, Utah, area due to population growth and these low available rates could mean many thousands of extra dollars for you between now and the time you pay off the mortgage.
Determine Your Home’s Value
The most critical step to refinancing a home in Salt Lake City is to know your home’s true market value. And you can’t count on your property tax statements or the sales prices of neighboring homes for this information. There are online resources available, but they also only tell part of the story so you can’t rely exclusively on them.
Recent real estate market turmoil has created uncertainty, even with recent residential realty sales price increases. Most homeowners often have unrealistically high expectations about their home value, so knowing this important fact up front is a key to getting the best refinance mortgage loan.
As Utah mortgage lenders, we work with the best professionals who can quickly estimate the general value of your home before we even start the lending and refinancing process. With this, we have a benchmark guide to understand the core financial picture of your proposed home refinance before you spend money on an appraisal.
Is It Worth It to Refinance a Home in Salt Lake City?
In a refinance, finding the right mortgage loan option that saves you money depends on many factors. We walk you through the process and help you understand the options that you have, and evaluate which, if any, make sense.
There are many factors that you should think about before moving forward and Joe is available to help answer your questions even before you have made a decision.
Understanding these issues will help find the most financially sound option for you. Consider the following:
- How long do you plan to keep the property as your primary residence?
- Do you want to borrow additional funds for home improvements?
- How much equity do you have in your present home?
- Is the real estate picture in your neighborhood strong?
- Have you kept your credit spotless, and what has your repayment history like?
- What mortgage insurance options (if any) are required?
- Do you need to include refinance costs in the loan principal?
Make the Refinance Process Easier
A refinance is a mortgage lending process, and you must go through an application process, which is detailed and takes time. Understanding the various options and benefits of the different home refinancing programs in Salt Lake City is important, so you need to work with a reputable company. We are professional mortgage lenders who know the Utah market lending programs and the steps to refinancing a home inside and out. You can rely on us to give you straight talk so you understand the products and make the best selection. Call Joe today at 801-639-9000 or fill out the online application so we can get started on the best refinance for you!