Utah Mortgage Refinance
Borrowers interested in refinancing their Utah mortgage can take advantage of a variety of refinance options. For example, the 30 year fixed rate product is 5.28%APR or a 7/1 adjustable rate mortgage (ARM) rates are 3.55% APR. The difference between a fixed rate mortgage versus an ARM in Texas is that the ARM rate fluctuates after a pre-determined year period, whereas the fixed rate mortgage has the same rate for the life of the loan. Borrowers in the “Beehive State” (population 2,550,063), also receive tax benefits from mortgage refinance. Home owners can deduct the mortgage interest, point and property taxes on their next return. Before applying for a mortgage, borrowers should assess their credit worthiness based on their credit score--the higher the score, the lower the rate. When gathering quotes compare similar products, terms and amounts in order to make an educated, informed decision. Home owners should also take into account their home’s value. Property values in Utah can range from $135,829 in Taylorsville (84118) to $$480,822 in Huntsville (84317). Home values in other cities range from $135,945 to $159,588 in Copperton (84006) to $152,878 to $179,466 in Salt Lake City (84115). The average property price in Utah is $226,587. Homes in Taylorsville (84118) have sold for $212,351 and $137,732. Homes in Magna (84044) have sold for $104,849 and $81,028.