Utah is one of the most interesting states in the country. It has phenomenal skiing and a breathtaking landscape that can only be appreciated by seeing it live. In addition, Utah is home to the Sundance Film Festival and to the Great Salt Lake, which is an interesting environmental phenomenon in and of itself. It is no wonder that with all of these fantastic elements Utah is becoming increasingly more popular. Current residents of Utah, however, have to pay far too much for their homes. Inflated prices as a result of antiquated mortgage structures have forced many individuals to spend as little as possible. There is relief for this kind of financial distress. Refinancing in Utah is becoming more and more popular with homeowners. This creative approach allows homeowners to restructure their current mortgage situation, and it allows them to take advantage of updated loan structures, terms, and interest rates. Ultimately, the aim of refinancing is to save you a substantial amount of money in both the long and the short-term.
Quick Utah Housing Facts:
- Percent of homeowners in Utah: 71.5%
- Percent of renters in Utah: 28.5%
- Median annual income in Utah: $49,116
- Average credit score in Utah: 683
- Best Utah city to live in: Centerville, UT
- Median Utah home value: $146,100
When to Refinance in Utah
Knowing when to refinance your current home loan can be a tricky situation. It is very important to make sure that you only refinance when rates are consistently at least 1.5% below what you are currently paying in order for you to save the most money possible. It is also important to carefully price your options. Be sure to do all the math regarding your current mortgage situation and the potential refinancing package. Do a long-term estimate of what you are looking at paying monthly and after thirty years. Be sure to determine which offers you more savings and stick to that option. Finally, be sure to avoid hidden charges by paying attention to the fine print. Your current and potential loans are likely going to contain a lot of information that you do not understand, which means that it is important for you to do your best to do research before signing. Look for penalty charges, closing costs, and any other item that has charges or fees associated with it. Again, refinancing is about saving money.
How much house can I afford in Utah
Because of the high cost of housing, one of the biggest problems facing Utah’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. When using our calculators make sure to include all your required monthly payments such as: credit card payments, student loans, and car payments. One payment most new home owners forget is your Utah property tax. Make sure to keep that in mind.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.