Refinance Your Mortgage
Whether you want to lower your monthly payment, extract cash from your equity, or pay off your loan faster, refinancing can be a powerful financial tool.
Why Refinance?
Every homeowner's situation is unique. Here are the most common reasons our Utah clients choose to refinance their home loans.
Lower Interest Rate
If current rates are lower than when you bought, you could save hundreds per month and thousands over the life of the loan.
Cash-Out Equity
Convert your home's increased value into cash for home improvements, education, or emergencies.
Consolidate Debt
Combine high-interest credit cards, auto loans, and other debt into one lower monthly mortgage payment.
Change Loan Term
Switch from an ARM to a Fixed-Rate, or shorten your term to 15 years to pay off your home faster.
Refinance Your Utah Mortgage
If you're a Utah homeowner looking to refinance your mortgage, now may be the right time to act. Refinancing replaces your existing home loan with a new one — ideally with better terms, a lower interest rate, or a different loan structure that better fits your current financial goals.
Utah refinance rates fluctuate with the market, and even a small rate reduction can translate to significant long-term savings. For example, dropping your rate by just 0.5% on a $400,000 loan could save you over $40,000 in interest over 30 years. The Tim Hawkes Team helps Utah homeowners evaluate whether refinancing makes financial sense based on their unique situation.
Whether you want to lower your monthly payment, shorten your loan term, eliminate PMI, or access your home equity through a cash-out refinance, we'll walk you through every option and help you find the best path forward. Use our free mortgage calculator to start estimating your new payment today.
When Does It Make Sense to Refinance?
Not every refinance saves money. Understanding the refinance break-even point is essential before committing. Here are the key signals that refinancing could benefit you:
If current Utah refinance rates are at least 0.5%–1% lower than your existing rate, refinancing likely makes sense — especially if you plan to stay in your home long enough to pass the break-even point.
If your home has appreciated or you've paid down your balance enough to reach 20% equity, refinancing can eliminate PMI and reduce your monthly payment.
Moving from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage gives you payment certainty. Or shorten your term from 30 years to 15 years to build equity faster and pay less total interest.
A cash-out refinance lets you tap your home equity for renovations, debt consolidation, education, or other major expenses — often at a much lower rate than credit cards or personal loans.
If your credit score is significantly higher than when you originally financed, you may now qualify for a better rate, saving you thousands over the life of the loan.
Types of Refinance Loans
Rate & Term Refinance
The most straightforward refinance. Replace your current mortgage with a new one at a lower interest rate, a different term length, or both — without taking cash out. Ideal for reducing your monthly payment or paying off your home sooner.
Cash-Out Refinance
Borrow more than your current mortgage balance and receive the difference in cash. Use the funds for home improvements, debt consolidation, investments, or other financial needs.
Learn about cash-out refinancing →Streamline Refinance
Available for FHA, VA, and USDA loans. Streamline refinances require less documentation, may not require an appraisal, and close faster than a standard refinance.
Learn about streamline refinancing →Free Refinance Break-Even Calculator
Not sure if refinancing is worth the closing costs? Our free refinance break-even calculator shows you exactly how many months it takes for your savings to exceed your costs — so you can make a confident, data-driven decision.
What You'll Need to Refinance
The refinance process is generally faster and simpler than a purchase. We typically just need:
- Verification of current income and assets
- Current appraisal (sometimes this can be waived!)
- A quick conversation to align the new loan with your goals
Utah Refinance FAQ
When should I refinance my mortgage in Utah?
Consider refinancing when current rates are significantly lower than your existing rate, when you want to switch from an ARM to a fixed rate, when you need to access home equity, or when your credit score has improved enough to qualify for better terms.
What is a refinance break-even point?
The break-even point is when your cumulative monthly savings equal the total closing costs you paid to refinance. For example, if your refinance costs $4,000 and saves you $200 per month, you break even in 20 months. Staying in the home beyond that point means net savings.
Can I refinance to remove PMI?
Yes. If your home has appreciated or you've paid down your loan balance so that you have at least 20% equity, refinancing can eliminate private mortgage insurance (PMI). This alone can save Utah homeowners $100–$300+ per month.
What are current Utah refinance rates?
Utah refinance rates change daily based on market conditions, your credit score, loan-to-value ratio, and loan type. Contact The Tim Hawkes Team at (801) 820-7620 or apply online for a personalized rate quote with today's exact rates.
How much does it cost to refinance in Utah?
Refinancing in Utah typically costs between 2% and 5% of the loan amount. This includes appraisal fees, title insurance, origination fees, and recording fees. Some lenders offer no-closing-cost options where costs are rolled into the loan or offset by a slightly higher rate.
Can I do a cash-out refinance in Utah?
Yes. A cash-out refinance allows you to replace your existing mortgage with a larger loan and receive the difference in cash. This is popular for debt consolidation, home improvements, and major expenses. You typically need at least 20% equity remaining after the cash-out.
Ready to Refinance Your Utah Mortgage?
Every situation is different. Let our team run a free refinance analysis to see if the numbers work in your favor — no obligation, no pressure.