Conventional Loans for Refinancing in Utah

Use a conventional mortgage refinance to achieve your financial goals, from getting cash out and consolidating debt to lowering your interest rate and monthly payment. We are a leader in conventional refinancing in Utah. Learn how you can benefit from a conventional refinance with our help.

What is a conventional mortgage loan?

Conventional loans are the most common types of mortgages. These loans are not backed by a government agency and are originated and serviced by private mortgage lenders such as banks, and credit unions. They are then sold to government-sponsored enterprises like Fannie Mae or Freddie Mac.

While conventional loan backing is not as explicit as FHA loans, because conventional loans have an implied government guarantee when they are sold to Fannie Mae or Freddie Mac, rates for these loans are often low. You can take advantage of these low rates with a conventional refinance.

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How can I use a conventional refinance?

Conventional refinance loans are a flexible tool that allows home buyers to accomplish a broad range of finance goals. Here are a few of the most common reasons you may want to take advantage of a conventional refinance.

Cash out conventional refinances

A conventional refinance can be used to take advantage of equity you already have in your home. For example, if your home is worth $500,000 and you have $150,000 in equity, you could potentially do a conventional refinance loan for $400,000 and receive $50,000 cash out.

This new conventional loan will replace your previous loan and you can use the cash you received at closing for college financing, home improvements, or debt consolidation. You could even use this cash to put a down payment on a second home or rental property.

Remove FHA or USDA Mortgage Insurance

Most first-time home buyers choose government-backed loans due to their flexible down-payment and credit score options. Although FHA and USDA loans offer these benefits, they also require borrowers to have mortgage insurance to lower the risk to the lender.

Once borrowers have at least 20% equity in their home, they can remove this insurance premium by replacing their FHA or USDA loan for a conventional one through a conventional refinance.
Find out how much you could save by removing mortgage insurance from your monthly payment.

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Refinance out of a different type of loan

Many borrowers who choose to do a streamline refinance must refinance to the same type of loan they already have. For example, to do a VA streamline refinance, you must already have a VA loan. A conventional refinance can be beneficial because you can refinance any type of loan to a conventional loan.

This includes FHA, VA, USDA, Sub-prime, Option ARM, Alt-A, Standalone second mortgage, and First and Second mortgage combo loans. There are typically no restrictions on your current financing type to use a conventional refinance.

What do I qualify for?

Is a conventional refinance right for me?

If you meet the equity requirement of 20%, there are several benefits you can reap from a conventional refinance. You can lower your monthly payments by removing mortgage insurance, getting a lower rate, or consolidating expensive debts after getting cash out.

If you don’t have 20% equity, you can still do a conventional refinance and possibly benefit from a lower rate, but you may still need to pay private mortgage insurance. Find out your options to avoid paying private mortgage insurance by consulting with a loan officer.

In order to be sure which option is best for you, speak with our helpful loan officer staff for today’s rates and a personalized quote. Don’t miss out on taking advantage of this unique and beneficial refinancing option.

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What Our Clients Say About Us

“There is a lot of hype about what a great lending company such-and-such is, but I can tell you from my recent personal experience that Integrity First Lending refinanced my home within in 10 days with no hassle. And I mean NO HASSLE. The individuals working for this organization are both professional and, if I may add personally, the nicest people I have ever worked with. Words cannot express how happy my wife and are that we found Integrity First Lending and will unhesitatingly recommend them to anyone looking for an initial or refinanced home loan.”
Joe L.
“What a fantastic team to work with. The commitment and communication with clients are the best. You will be in good hands working with Integrity First Lending. Highly recommended!”
Mike M.
“This is our second time working with Integrity First. Both times we shopped around, checking for the best rates. Integrity had the lowest fees, lower even than the mortgage company who already held our loan. We received excellent customer care each time.”
Mica T.
“Very easy company to work with! Painless refinance process and fast closing!”
Cody W.
“Integrity First Lending is professional, helpful, and knowledgeable. They communicated clearly and regularly, so that I always knew what was happening. They responded promptly to my questions. The process went very smoothly because of their expertise. I highly recommend this team!”
Becky B.
“The Integrity First team epitomizes a "customer-first" attitude. The team's responsiveness and timely communication make them stand out above the rest.”
Bruce C.
“Integrity First has a great team on individuals who made our refinance quick and easy. We were able to do everything ok online through their portal right up until we closed with the title company.”
Alison D.