Tooele County Utah Mortgage Refinance Loans | Calculator | Summit Lending

Refinance Loans in Tooele County Utah

Your home is one of your biggest financial investments. Refinancing your home loan can help save you money by consolidating your debt, lowering your interest rate, or taking cash out of the equity of your home to pursue other dreams and goals.
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Refinance Loan Options

Conventional

Conventional mortgage loans are a popular option that typically have lower rates and closing costs. This type of loan is offered by private lenders and is not backed by the government. For a refinance, you will need at least 5% equity in your home based on appraised value. If your loan will be 80% or less LTV (Loan to Value) no monthly mortgage insurance is required; however, it will be required if you are above this LTV threshold.

The main advantage of a conventional refinance mortgage loan is that it typically comes with lower interest rates than other types of loans. This can result in significant savings over the life of the loan. Additionally, conventional loans may have more flexible terms and options for borrowers, such as the ability to choose between fixed and adjustable interest rates.

To qualify for a conventional refinance mortgage loan, a borrower’s source of income, credit score, and home value are considered. They will also need to provide documentation of their income, assets, and debts.

It's important to note that while a conventional refinance mortgage loan can be a smart financial decision for some homeowners, it may not be the best option for everyone. Let one of our team members help you see if this is the option for you.

FHA Loans

An FHA refinance mortgage loan is a type of loan offered by the Federal Housing Administration that allows homeowners to refinance their existing mortgage. The FHA offers a variety of different refinance options, including cash-out refinancing and streamline refinancing.

Cash-out refinancing allows homeowners to borrow against the equity in their home and receive cash back at closing. Streamline refinancing is a faster, easier process that is designed to help homeowners lower their monthly mortgage payments without going through a lengthy application process.

To qualify for an FHA refinance mortgage loan, homeowners must meet certain eligibility requirements. Additionally, homeowners must have a current FHA loan in order to qualify for an FHA refinance.

One of the benefits of an FHA refinance mortgage loan is that it may allow homeowners to take advantage of lower interest rates, which can result in significant savings over the life of the loan. Additionally, FHA loans typically have lower down payment requirements than conventional loans, which can be helpful for homeowners who are looking to refinance but don't have a lot of equity in their home.

Overall, an FHA refinance mortgage loan can be a great option for homeowners who are looking to lower their monthly mortgage payments, access cash from their home equity, or take advantage of lower interest rates.

Learn More: https://www.hud.gov/program_offices/housing/fhahistory


VA Loans

VA refinance mortgage loans are a type of home loan that allows eligible veterans, active-duty service members, and surviving spouses to refinance their existing mortgage loans. The aim of VA refinance mortgage loans is to help borrowers obtain a more favorable interest rate or loan terms or to access equity in their homes.

There are two main types of VA refinance mortgage loans: the Interest Rate Reduction Refinance Loan (IRRRL) and the Cash-Out Refinance Loan. The IRRRL is designed to help borrowers lower their interest rates or switch from an adjustable-rate mortgage to a fixed-rate mortgage. The Cash-Out Refinance Loan allows borrowers to access their home equity for other purposes, such as paying off debt or making home improvements.

VA refinance mortgage loans offer several benefits, including lower interest rates, no required down payment, no mortgage insurance premium, and more lenient credit requirements. Additionally, VA refinance mortgage loans can be used to refinance both VA and non-VA loans.

To be eligible for VA refinance mortgage loans, borrowers must meet certain requirements, such as having a valid Certificate of Eligibility, meeting credit and income standards, and occupying the property as their primary residence. Overall, VA refinance mortgage loans can be a great option for eligible borrowers looking to refinance their existing mortgages and improve their financial situation.

Learn More: https://www.benefits.va.gov/homeloans/


USDA Loans

USDA refinance mortgage loans are a type of home loan that is backed by the United States Department of Agriculture (USDA). These loans are designed to help people who live in rural areas or certain suburban areas refinance their homes at a lower interest rate, which can lead to significant savings over time.

One of the main benefits of USDA refinance mortgage loans is that they typically have more flexible credit requirements than other types of loans, making them a great option for people who may have had credit issues in the past.

To qualify for a USDA refinance mortgage loan, homeowners must meet certain income and property eligibility requirements. The property must be located in a qualifying rural or suburban area, and the homeowner's income must fall within certain limits.

Overall, USDA refinance mortgage loans can be a great option for homeowners who are looking to save money on their monthly mortgage payments. If you are interested in learning more about these loans or determining whether you qualify, speak to one of our team members who can guide you through the process.

Learn More: https://www.rd.usda.gov/programs-services/single-family-housing-programs/single-family-housing-guaranteed-loan-program


Jumbo Loans

Jumbo refinance mortgage loans are a type of mortgage loan that is designed for homeowners who want to refinance their mortgages and have a larger loan amount than the conforming loan limit. These loans are usually used to refinance high-end properties and offer competitive interest rates and terms. With a jumbo refinance mortgage loan, homeowners can take advantage of lower interest rates or cash out some of their equity. However, these loans often require a higher credit score, a lower debt-to-income ratio, and a larger down payment. 

Mortgage loans are commonly seen in 15, 20, or 30 year terms. A shorter term loan will have a higher monthly payment, but will cost less overall. A longer term loan will have a lower, more affordable monthly payment. The most popular loans are a fixed rate where the principle and interest remain the same the life of the loan. Adjustable rate mortgages are an option for those who plan on having the loan for a short period. These rates typically are lower than fixed rates but can adjust throughout the life of the loan. 


Summit Lending LLC is not affiliated or endorsed by the government, FHA, VA, or USDA. Applicant should not assume that any debt will be eliminated by refinancing since the debts are consolidated into a new loan. As a result of refinancing, your total finance charges maybe higher over the life of the loan.

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Mandi Turner
John Hortin
Brodie Calder
Summit Lending

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