How to Get a Home Refinance Loan

A home refinance loan can benefit your budget in multiple ways. Mortgage refinancing can free up more money each month, help you pay off your house more quickly or allow you to consolidate your debts -- and any of these advantageous outcomes can put you on better financial footing.

Are you ready for mortgage refinancing? To get started on a refinance loan for your Utah home, take the following steps.

Set a Clear Goal

First, determine what you hope to gain by refinancing your mortgage. Whether you want a lower interest rate, lower monthly payments, more favorable loan terms or debt consolidation, setting a home refinance goal can help you achieve your desired outcome.

Review Your Credit Report

The better your credit score, the better home loan refinance terms and interest rates lenders will offer. Comb through your credit report before you apply, and resolve any reporting errors you find. And, consider ways to improve your credit score.

Research Your Home Equity

The amount of equity you have can play a role in mortgage refinancing. You may be able to get a home refinance loan with as little as five percent equity, but more is better. Lenders offer the best rates and terms to homeowners with at least 20 percent in equity,

Gather the Paperwork

When you apply for a refinance loan, lenders will want to review your finances. Be prepared to locate, print or download bank statements, pay stubs, federal tax returns and any other requested financial documents.

Prepare for an Appraisal

Before making a home loan refinance offer, some lenders may require an appraisal to determine the current market value of your home. If any lenders want appraisals, make sure to point out repairs or improvements you have made that boost its value.

Consider the Closing Costs

With a home loan refinance, you can expect a number of fees and expenses. You might be able to add many of the costs to the mortgage balance, but if you’d rather not increase the amount you owe, come to the closing with enough cash on hand.

Compare Rates with Multiple Lenders

Home loan refinance terms and interest rates vary from lender to lender, so shopping around is well worth your time. Compare mortgage refinancing offers from several lenders, looking at the details to determine which best meets your goal.

If you live in South Jordan, Tooele or elsewhere in northern Utah and are ready for mortgage refinancing, turn to the home refinance experts at Integrity First Lending.

Our friendly loan officers have decades of combined expertise in the lending industry, and we’re always happy to answer questions and offer advice. We can assist with all of your mortgage, renovation and investment loan needs, and the Integrity First Lending team strives to provide a top-notch customer experience.

Let Integrity First Lending find your ideal financing solution. Contact us to explore your Utah home refinance loan options today!