Refinance

Refinancing can lower your monthly payment, reduce your interest rate, shorten your loan term, or let you tap into equity for projects, debt payoff, or investments. With nearly three decades of experience, I guide you step by step so you understand the numbers, compare scenarios, and choose the option that fits your goals.

Ready to See Your Refinance Options?

Start your application today, and I’ll review your current loan, property value, and goals to provide clear scenarios. Together we’ll find the option that makes the most sense for you.

Refinance Explained

In this short video, I walk through when refinancing makes sense, how to calculate your savings, and what pitfalls to avoid. Whether your goal is lowering your rate, paying off your loan faster, or accessing equity, this gives you a clear starting point.

Popular Reasons to Refinance

• Lower your rate and payment to improve monthly cash flow
• Shorten your term to pay off your home faster
• Remove mortgage insurance by moving from FHA or dropping PMI on a conventional loan
• Cash-out refinance to fund renovations, consolidate high-interest debt, or invest
• Switch from ARM to fixed for payment stability
• Consolidate two mortgages into one new loan

How the Process Works

• Quick review of your current loan, home value, credit, income, and goals
• Side-by-side scenarios showing payment, cost, and savings
• Choose a path such as rate-and-term, cash-out, or streamline
• Provide documents for appraisal, credit, income, and assets
• Close and start enjoying your new terms

Most refinances close in about 30–45 days. Streamlined programs can be faster.

Streamlined Options

• FHA Streamline: Often does not require income documents or an appraisal if you meet program rules. Designed to reduce your payment or move to a lower rate.
• VA IRRRL (VA Streamline): Intended to lower your rate or switch from ARM to fixed. Usually requires minimal documentation. Many loans close within 2–3 weeks.
• Conventional Rate-and-Term: A straightforward way to reduce your rate or change your loan term. Can also be used to remove PMI when you qualify.

Equity and Qualification

• Conventional loans may be refinanced with as little as 5% equity
• FHA loans may allow less through streamline options
• VA loans require no equity for IRRRLs

Your credit, income, property value, and goals shape what is available. I review your full situation and show your options clearly.

Costs, Credits, and Break-Even

Refinancing includes closing costs such as lender, title, and recording fees. These can be:

• Paid out of pocket
• Rolled into the new loan
• Offset with a lender credit

I calculate your break-even point so you know how long it takes for savings to outweigh costs. We can also review no-closing-cost structures that trade a slightly higher rate for lower upfront expenses.

Comparison Guide: Which Option Fits You Best?

• Cash-Out Refinance – Use your home equity for renovations, debt consolidation, or major expenses.
• Rate-and-Term Refinance – Lower your interest rate, reduce your payment, or pay off your loan faster.
• Streamline Refinance – For FHA, VA, or USDA loans, enjoy a quicker, simpler process without heavy documentation.

Each option has different requirements, timelines, and costs. I review your situation and run the numbers so you can see exactly how each choice impacts your payment, savings, and long-term goals.

Refinance Client Examples

Every refinance looks a little different depending on your goals. Here are a few real examples of how refinancing has helped Utah homeowners improve their finances and quality of life.

• Example 1: Debt Consolidation Refinance A family in Weber County had $42,000 in high-interest credit card and auto loan balances. By refinancing their mortgage, we consolidated that debt into one payment at a much lower interest rate. Their monthly outflow dropped by over $600, giving them breathing room and a faster path to pay everything down.
• Example 2: Lower Rate Refinance A Salt Lake City homeowner refinanced from a 30-year FHA loan at 6.5% into a 30-year conventional loan at 5.8%. The move eliminated FHA mortgage insurance and lowered the interest rate, cutting their monthly payment by $285. Over the life of the loan, this saved more than $50,000 in interest.
• Example 3: Remodel with Cash-Out Refinance A Davis County couple wanted to remodel their kitchen and bathrooms without draining savings. With a cash-out refinance, they used $60,000 of their equity at a competitive mortgage rate, which was far lower than credit card or personal loan options. Their payment increased slightly, but the project added value to their home and improved daily living.

What You’ll Need

• Home appraisal or property value check
• Asset and income verification
• Credit report

Having your credit score and gross monthly income ready helps me provide accurate estimates from the start.

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