Should you refinance and when does it pay to do so? These are two very important questions. Of course there are several reasons why you might want to refinance your home.

Are you interested in reducing the size of the monthly payments on your loan?

• Lowering the interest rate on your mortgage. This can reduce your monthly payments and overall cost.

Would you like to eliminate thousands of dollars in interest over the term of your loan?

• Reducing the length or term of your loan, doing this can save you thousands of dollars in interest.

Do you want to get rid of high interest credit card balances?

• Consolidating your debt when refinancing can eliminate credit card rates that can be costing you hundred or even thousands of dollars in interest.

Any of these can be excellent reasons to consider refinancing, however you still have several issues that should be considered first.

How much will it cost you to refinance? A refinance will require an application, credit check, new survey and title search, along with inspection fees and an appraisal.

If you are in an ARM or a loan with a higher than market percentage rate it can pay to refinance, if you can get an interest rate at least two percentage points lower than what you are currently paying you will find yourself saving a significant amount of money.

Ask yourself a few questions that can help determine if you can save money.

• How much can you lower your current monthly payment by?
• How long do you plan to stay in the house after you refinance?
• How much will you pay in refinancing costs?

To help you out give us a call at 801-255-4242 and if you are in Midvale, feel free to stop in a talk to us. You can also try out the online refinance calculator to get a rough idea on how refinancing your current loan can help you out.