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PARK CITY REAL ESTATE

tel Call : 435.901.8333

Is Now a Good Time To Refinance My Home?

April 30, 2020 by Jensen & Company

Refinancing During Coronavirus
There are plenty of Park City homebuyers who are likely considering refinancing their homes as interest rates drop significantly. By refinancing for a lower interest rate, you can save potentially thousands of dollars in future interest, reduce your loan term for faster debt repayment, or switch to a loan type that suits your current circumstances better. So, is now a good time for you to refinance your home?

Well, the answer depends on a variety of variables, which we, your Park City real estate experts, are ready to refer you to local lenders who can help you through the process.

What Home Refinance Options Are Available

The main two mortgage options you are likely to consider are rate-and-term refinance and cash-out refinance. Each has different pros and cons, so it is important to consider your main goals for refinancing your home.

Rate-and-term refinances

– With a rate-and-term refinance, your mortgage interest rate or the length of your mortgage is changed—in some cases, both the interest and length are changed by refinancing. By changing the interest rate from a higher interest rate to a lower rate, you can save hundreds of dollars each year of the remaining life of your mortgage.
As for changing the length of your mortgage, those with 30-year loans can reduce to a 15-year term to help pay off the debt faster, or go up from a 15-year mortgage term up to a 30-year loan to lower monthly mortgage payments.

Cash-out refinance

– This type of refinancing enables you to take out a new mortgage on your property. The amount you take out will be higher than what you owe on your current mortgage, with the difference between these two mortgages being paid out to you in cash.
This refinancing option can be especially helpful for those who are preparing to sell their home, as you can use the cash to pay for renovations. That way, you can get your property ready to enter a competitive housing market.

Who Is Eligible To Refinance Their Home During COVID-19

The eligibility requirements for home mortgage refinancing will vary depending on who you go to refinance your loan. Generally, a steady income and good credit score are factors that can help to refinance. Those individuals who have lost their jobs due to COVID-19 will likely find their refinance application denied.

You should also factor in the closing costs of refinancing your home. That’s right, just like when you bought your house, you will also have closing costs associated with refinancing your property. These costs will include:

  • Refinance application
  • Home appraisal
  • House inspection fee
  • Title search
  • Attorney fee of loan lender
  • Points fees
  • Origination fee
  • Also, those individuals who have their home loans in forbearance due to coronavirus impact will not be able to refinance their homes.

    Avoid Applying For Forbearance Unless Necessary

    Speaking of mortgage forbearance, you should do your best to avoid applying for forbearance unless necessary. For one thing, not all loans will be eligible for the kinds of forbearance that government-backed mortgages are eligible to receive as part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

    Private mortgage servicers are still hashing out how mortgage forbearance and repayment are going to work out, with some considering things like 90-day repayment periods once the forbearance period is over. Also, forbearance doesn’t pause interest accrual, so property loans will continue to grow during forbearance. So, if you have the ability, stick to refinancing your home rather than going into mortgage forbearance.

    Jensen and Company are real estate agents specializing in buying and selling properties if you need assistance with a mortgage or refinancing please feel free to contact us for a referral to lenders, attorneys, and more. For more information about forbearance, please visit the CFPB and their information on the CARES Act.

    If you have specific questions about the Park City real estate market, from finding your perfect property to selling your Park City home, feel free to contact us today!

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    tel Call : 435.901.8333

    About Jensen and Company

    Brad Jensen has been a top realtor since 1988. In 2021, he was invited to join the prestigious International Luxury Alliance. The Alliance is an elite network of real estate professionals from key markets in the U.S. and abroad. Creating unique opportunities for his clientele to acquire some of the most sought-after real estate in the world. He is one of the most respected agents in Utah and would be happy to assist you in selling your home or buying a new home. It is Jensen and Company's goal to help make your real estate transaction as easy and stress-free as possible. Our blog has lots of great information and market intelligence to help you learn more about the Park City real estate market. Please contact us if you have any questions. We would be happy to assist you.

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    1153 Center Dr Ste G200
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    ftel Call : 435.901.8333

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    • About
      ▼
      • Testimonials
      • Our Videos
      • Contact Us
      • Blog
    • Search
      ▼
      • Significant Sales
        ▼
        • Luxury Mountain Living
      • Featured Properties
      • Property Search
      • Most Recent Properties
    • Park City
      ▼
      • Buy in Park City, Utah
      • Sell in Park City, Utah
      • Park City Homes & Condos For Sale
      • Park City Real Estate
    • Deer Valley
      ▼
      • All Deer Valley Real Estate
      • Deer Valley Homes & Condos For Sale
    • Communities
      ▼
      • Old Town
      • Thaynes Canyon
      • Lower Deer Valley
      • Deer Crest
      • Upper Deer Valley
      • Empire Pass
      • Aerie
      • Prospector
      • Park Meadows
      • Canyons Village & Colony
      • Sun Peak | Bear Hollow
      • Silver Springs
      • Old Ranch Road
      • Kimball Junction
      • Pinebrook
      • Summit Park
      • Jeremy Ranch
      • Glenwild | Silver Creek
      • Trailside Park
      • Promontory Area
      • Jordanelle Area
      • Midway | Charleston
      • Heber City
      • Kamas & Marion
      • Huntsville – SnowBasin
      • Red Ledges
    • Buy
      ▼
      • Deer Valley Real Estate
      • Park City Homes & Condos For Sale
      • Park City Real Estate
      • Deer Valley Homes & Condos For Sale
    • Sell
      ▼
      • Why Sell With Us
    • Discover
      ▼
      • Park City Events Calendar
      • Featured Attractions
      • Local Ski Resorts
      • Park City Local Vendors
      • Our Infographics/Resources