Guide to Refinance, Mortgage,
& Home Equity Loans in
Saint George, Utah (UT)

When you think of Utah, you might remember Zion National Park or Bryce Canyon. St. George, Utah is just one of the many cities in the Southwestern portion. St. George is close to Las Vegas, Nevada and has a great commercial center. Of course, if you already live in St. George, you are aware of its many attributes, but are you aware of the mortgage, refinance, and home equity loan options available to you?

If not, or if you are a new homebuyer, you will want to learn a little bit about the options available to you, so you can make a great choice when selecting a mortgage. A mortgage is a lien on a property that is held by the lender until you pay in full. We will discuss one of the most common mortgages available, the fixed rate mortgage.

A fixed rate mortgage is a loan with a fixed interest rate. This means you will have the same interest rate and the same monthly payment for the entire length of the loan. You can choose from between 15 to 40 year mortgages. The most common of the fixed rate mortgage is the 30-year loan. The interest rate is based on the economy, housing market, and the length of the loan. A 30-year mortgage offers the best interest rate and monthly payments. Remember, you have the option of paying off the mortgage early to save yourself some interest. When you are first starting out, the lowest monthly payments with the best interest rate is often what you are looking for. This doesn’t mean you are limited in options later. You will have an option to refinance later on during the loan.

Refinancing is paying off an existing loan with a new loan. This means that you can refinance a fixed rate mortgage to a lower interest rate when the economy and housing market are doing well. You will want to be aware of the interest rate changes when you have a mortgage. Another advantage to refinancing is changing the type of loan. If you were only able to obtain an adjustable rate mortgage, a loan with a varying interest rate, you can refinance for a fixed rate mortgage. If you have a fixed rate mortgage, but your circumstances have changed and you need lower monthly payments, you can refinance to increase the term of the loan or to consolidate your other expenses into one monthly payment. Often, credit cards or payday loans have higher interest rates than mortgages, so consolidating these loans by refinancing can be beneficial. Remember, refinancing pays off the existing loan, so you can pay off other debts by incorporating them into the new loan, lowering the interest on everything to one interest bearing payment.

Home equity loans are often called a second mortgage because you do not pay off the existing mortgage. Instead, you obtain a mortgage with a special low interest rate and low monthly payments. A home equity loan is a lot like a payday loan because you obtain monetary funds after the closing of the loan. This money is based on the equity you have built up in your home. Equity is the appraised value of your home minus the amount owed on your existing loan. Thus, you have earned this money by owning a home. The difference between this and a payday loan is the lower interest and the fact that you earned are taking out the equity without selling your home.

Please fill out the form below to speak with a mortgage professional today about your options.

Other Utah (UT) Guides to Refinance, Mortgage, and Home Equity Loans in Your City or Town:

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