Refinance Your Existing Home Loan.  With ever present changes in the marketplace and interest rates, perhaps it makes sense to refinance an existing home loan.  One reason people refinance includes taking advantage of interest rates that have dropped below what the home was originally financed at.  The lower interest rates can translate into lower monthly payments and/or lower interest payments over the life of the loan.  Because refinancing costs money, there is a breakeven point at which it makes financial sense to refinance.  A general rule of thumb is that breakeven will be achieved when rates drop by 2% or more from what the home was originally financed at.  However, by completing the adjacent form, our mortgage expert will crunch the numbers for you to determine your breakeven point.  Even if interest rates haven’t dropped, some people chose to refinance to lengthen the loan term and thereby reduce their monthly payment.  The drawback is that you may pay more interest overall and you pay principal at a slower rate.  On the other side of the coin, some people refinance to shorten the term of the loan to save on interest payments.  They pay principal faster, save interest payments overall and build equity faster. 

Complete and submit the adjacent Utah Home Network contact form to learn more about refinance loans and discover the best loan option for you.