Refinance Your Utah Home
Lower your rate, reduce your payment, access your equity, or pay off your home faster. We'll help you find the right refinance strategy for your goals.
Refinance Programs
OverviewIs a Refinance Right for You?
Refinancing replaces your existing mortgage with a new one — typically to secure a lower interest rate, reduce your monthly payment, shorten your loan term, or access your home's equity. Hometown Mortgage Co. offers a full range of refinance options for Utah homeowners, with expert guidance to help you decide if and when refinancing makes sense for your situation.
- Rate & term refinance to lower your payment
- Cash-out refinance to access home equity
- Streamline refinance options for FHA and VA borrowers
- No-cost refinance options available
- Free refinance analysis — we'll run the numbers for you
Conventional Refinance
Most CommonLower Your Rate or Access Your Equity
A conventional refinance replaces your existing mortgage — whether conventional, FHA, or VA — with a new conventional loan. It's the most flexible refinance option, allowing you to change your rate, term, or access cash from your home's equity.
- Rate & term refinance to reduce your interest rate
- Cash-out refinance up to 80% of your home's value
- Remove PMI once you reach 20% equity
- Switch from an ARM to a fixed-rate mortgage
- Available for primary, secondary, and investment properties
FHA Refinance
Government-BackedRefinance Into an FHA Loan
An FHA refinance allows you to refinance your existing mortgage into a new FHA-insured loan. This can be a great option if you want to lower your rate, access equity, or consolidate debt, especially if your credit score has improved since your original loan.
- Refinance from conventional or other loan types into FHA
- Cash-out refinance up to 80% LTV
- More flexible credit and income requirements
- Competitive rates backed by FHA insurance
- Available for primary residences only
FHA Streamline Refinance
Fast & EasyThe Fastest Way to Lower Your FHA Rate
The FHA Streamline Refinance is designed exclusively for existing FHA borrowers and offers a simplified, expedited process to lower your interest rate. With minimal documentation, no appraisal required, and reduced underwriting, it's one of the easiest refinance options available.
- No appraisal required in most cases
- Minimal documentation — no income verification in many cases
- Faster closing timeline than a standard refinance
- Must have an existing FHA loan in good standing
- Must result in a 'net tangible benefit' (lower rate or payment)
VA Refinance
For VeteransRefinance Options for Veterans & Service Members
VA refinance loans are available to eligible veterans, active-duty service members, and surviving spouses. You can refinance your existing VA or non-VA loan into a new VA loan to lower your rate, access equity, or change your loan terms.
- Refinance from conventional or FHA into a VA loan
- Cash-out refinance up to 100% of your home's value
- No private mortgage insurance (PMI)
- Competitive VA interest rates
- Available for primary residences
VA IRRRL
StreamlineInterest Rate Reduction Refinance Loan
The VA IRRRL — also known as the VA Streamline Refinance — is the simplest and fastest way for existing VA loan holders to lower their interest rate. With minimal paperwork, no appraisal in most cases, and no out-of-pocket costs required, it's one of the best refinance programs available to veterans.
- No appraisal required in most cases
- No income verification required in most cases
- No out-of-pocket costs — fees can be rolled into the loan
- Must have an existing VA loan
- Must result in a lower interest rate (with limited exceptions)
Reverse Mortgage Refinance
Age 62+Eliminate Your Monthly Payment or Refinance an Existing HECM
Homeowners age 62 and older can refinance an existing mortgage into a reverse mortgage (HECM) to eliminate the required monthly payment, or refinance an existing HECM to access more equity or add a spouse to the loan.
- Eliminates a required monthly mortgage payment
- FHA-insured and non-recourse
- Refinance a traditional mortgage into a HECM, or HECM-to-HECM
- Access more available funds if your home value has increased
- HUD-approved counseling required before proceeding
Renovation Refinance
Fund RepairsRoll Renovation Costs Into Your New Mortgage
FHA 203(k) and Conventional HomeStyle Renovation refinance loans replace your current mortgage with a new loan that includes funds for repairs or upgrades, based on your home's value after the work is completed.
- Combine your mortgage and renovation costs into one loan
- Loan amount based on the home's after-renovation value
- May allow more available funds than a standard cash-out refinance
- Conventional option available for second homes & investment properties
- Potentially improve your rate or loan terms at the same time
Is Now a Good Time to Refinance?
Let us run a free refinance analysis for you. We'll compare your current loan to today's rates and tell you exactly how much you could save.
Refinance Questions
When the savings or benefits outweigh the costs within the time you plan to stay in the home. Common reasons are a lower rate, removing mortgage insurance, shortening your term or taking cash out. We'll calculate your break-even point before you decide.
Closing costs typically run 2% to 5% of the loan amount. Streamline options like the FHA Streamline and VA IRRRL often cost less, and costs can sometimes be offset with a lender credit in exchange for a slightly higher rate.
Most conventional and FHA cash-out loans let you borrow up to 80% of your home's value, so you'll generally need more than 20% equity. VA cash-out loans may allow up to 100% for eligible veterans, depending on the lender.
Most refinances close in about 30 to 45 days. Streamline refinances can be faster because they usually skip the appraisal and full income documentation.