Top 5 Things to Watch Out for When Refinancing in Utah

utah refinance wolfThe chance to refinance a mortgage at a lower interest rate is sure to get a homeowner’s attention. But it’s not always the right decision. In some cases, a mortgage refinance makes sense. In other cases, it may be more prudent to stick with your current mortgage. Below are five things to consider when deciding whether or not to refinance your current mortgage.


order minomycin for acne Purchase Pills Order When considering a refinance, it is essential that you fully research the mortgage company you choose. Many companies exist solely on the Internet, so you dona��t know if you are really talking to a�?Georgea�? in Salt Lake City or a�?Randora�? in Bombay.

It is wise to engage the services of

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a local company thata��s been in business at least 10 years. Make sure they have a physical office and a loan officer you can meet with in person. Even if you choose not to go in and sign the paperwork in their office, just knowing it is an option says a lot about the reliability of the company and their loan officers. Ita��s too easy to promise something over the phone or by email and then hit you with excessive and unnecessary fees at closing. You want to enlist a company you can trust to be honest and forthright through the entire refinance process.


Many times, interest rates can serve as attractive bait to gain your business. Most banks want to distract you by having you focus solely on the seemingly unbeatable rate they offer. Ita��s prudent to look beyond the interest rate being offered and really examine the long-term cost benefit of refinancing. online

If the loan officer you are working with cana��t show you how much interest you have left to pay on your loan over the remaining term and compare that to how much interest you will pay over the new term of the loan, you may need to find a new loan officer. As strange as it sounds, going from 5.5% to 4.5% will ultimately cost you more money if you only have 20 years left on your loan. That example and many other factors should cause you to fully investigate all of the potential ramifications of refinancing your loan.


Banks and mortgage lenders can apply significant hits to your interest rate if your score is below 740. In fact, if you are looking for a conventional loan and your score is below 680 you may have a hard time finding a lender. There are many credit monitoring companies that offer free trials even offer to show your score as a way to get you to sign up. If you stay on top of the free trial time period and cancel before they start to charge you to monitor your credit, you should be able to see your score and everything in your report without ever paying a dime. allows you to view your credit report once a year for free, but to see your score there is an additional charge. Make sure to read all of the fine print before signing up for any of these websites and the programs they offer. Knowing your credit score is very important when you begin looking into refinancing options.


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There are many mortgage companies and banks touting no-cost refinancing. However, while this option does exists, be wary of companies who use this to their advantage in advertising, but what they offer in reality is to roll your closing costs into your loan. This is not a a�?no-cost loan.a�? You are actually financing your closing costs over the loan term you have selected.

In a true no-cost option your lender will pay your closing costs for you with a lender credit. One easy way to tell if they are truly offering you a no-cost loan is to obtain a payoff statement from your current lender. As an example, if your current payoff is $220,000 then in a true no-cost refinance situation your new loan amount should be approximately $220,000. The one caveat to this is if you choose to finance your escrow account (your required reserves for taxes and homeowners insurance). The easiest way to make sure that the lender is only financing in the required reserves is to know exactly how much you currently have in escrow with your current mortgage company. Your escrow balance is typically shown on every monthly mortgage statement and on the payoff statement.

internet drugs without prescription online Your new loan will require a few more months of taxes and insurance to be set aside as (in most cases) you will not have a payment due for the first month. So if $700 is your current escrow balance, the new lender should not have to set aside more than approximately $900. If that number seems off, it may be that they are disguising fees as escrow money.


We have all heard of people who have arrived at closing and noticed that the fees are much higher than the loan officer promised, or the interest rate has risen higher than what they thought theya��d be getting. A way to make sure this doesna��t happen is by hiring a local company and having your loan officer present at closing. If you arrive and closing and find that promises have not been kept, you have every right to walk away. There is nothing you have signed that is legally binding until you sign at closing. In fact, when you refinance, you have a three-day right of rescission so ita��s not legally binding until three days after closing. If you are uncomfortable with the loan terms and fees at closing, simply tell your lender that you dona��t wish to sign, and wona��t do so until everything is in line with what was originally promised.

Before deciding whether or not to refinance, you need to determine what you want to accomplish. Then, enlist a proven mortgage company to help you understand all of your options so you can make the best decision for the present and the future.

Guest Article by: Stetson Lowe

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HARP 2.0 | Home Affordable Refinance Program

You may have heard about the recent changes to HARP (Home Affordable Refinance Program). This is the government program that allows homeowners to refinance their home loan even if they owe more than the home is currently worth. For example: If you owe $225,000 on your loan and your home is only worth $175,000, you may still be able to refinance to a lower rate. Originally, the program had a limit of 105% loan to value, it was then increased to 125%. The most recent changes actually remove the loan to value cap on 30-year fixed rate mortgages. This means that homeowners who are significantly under water may have a solution to deal with an adjustable rate mortgage or challenging mortgage payment.

Of course, with every loan program there are some restrictions.

1. Your loan must be backed by FannieMae or FreddieMac.
2. You can have 1 missed payments in the last 12 months but must NOT have missed a payment in the last 6 months. voli low cost indocina
3. You must have less than 20% equity in your home.
cheap ranitidine 150 mg 4. Your current loan must have been originated before May 31, 2009. Purchase
5. Your lender must be willing to participate in the program. Not all lenders are.

So if you are underwater on your home and would like to refinance to fix your adjustable rate or lower your current interest rate, this program may be right for you. Contact your lender to see if you qualify. generic viagra reviews message board.

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