Utah
Mortgages
Utah Mortgages: What is a Mortgage?
A mortgage is a long-term loan used to finance
the purchase of real estate. As the borrower, or mortgagor, you
repay the lender, or mortgagee, the loan principal plus interest,
gradually building your equity in the property. While the mortgage
is in force, you have the use of the property, but not the title
to it. When the loan is repaid in full, and the property is yours.
But if you default, or fail to repay, the mortgagee can exercise
its lien on the property and take possession of it.
Refinancing Made Easy for Utah Residents
If you are a homeowner who was lucky enough to buy when mortgage
rates were low, you may have no interest in refinancing your present
loan. But perhaps you bought your home when rates were higher. Or
perhaps you have an adjustable rate loan and would like to obtain
different terms.
Wondering if you should refinance your mortgage in Utah? If you
do refinance, the process will remind you of what you went through
in obtaining the original mortgage. That's because, in reality,
refinancing a mortgage is simply taking out a new mortgage. You
will encounter many of the same procedures-and the same types of
costs the second time around.
If you decide that a refinancing is not worth the costs, ask your
Utah lender whether you may be able to obtain all or some of the
new terms you want by agreeing to a modification of your existing
loan instead of a refinancing.
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