[Draper, June 3, 2016] – City Creek Mortgage offers their services to clients in the Salt Lake City area. Their services include Purchasing and Refinancing Programs. They have a variety of refinancing options including FHA, VA, and Conventional Refinance. Others include Home Affordable Refinance Program (HARP); Homeowners Affordability and Sustainability Plan (HASP); and Reversed Mortgage.

Refinancing

Choosing to refinance can do so much for those who want to spend within their means and save money in general.

It can reduce both their monthly payment and rates over the course of their mortgage. By doing this, they can still spend this money for other necessities.

If clients have more than 20% equity in their homes, then refinancing to a conventional loan can permanently reduce mortgage insurance. Refinancing to a fixed rate loan can stabilize the monthly payments, avoiding fluctuating rates.

Conventional Refinance Program

Their conventional loans come in both adjustable and fixed rates.

Conventional adjustable rates allow the clients to profit from the lowest interest rate available at present if it has a fixed term of 5, 7, or 10 years. The monthly payment will increase and decrease every year once the initial term has passed. Based on their current interest rate, fluctuations will not go for more than 2% per year, eclipsing at 5% over the initial interest rate.

Using conventional adjustable loans to purchase a home would require a down payment of 10%. This can refinance up to 95% of the home’s value, and pre-pay is possible without any penalties.

For conventional fixed rates, the terms can go from 30 years to an 8-year option. If the monthly budget can accommodate it, then clients can look forward to lower rates if they get a 15-year loan as compared to a 30-year loan. Clients can qualify for a loan between $25,000 and $417,000 for just a 5% down during closing for a primary residence.

Like conventional adjustable loans, borrowing $417,000 or less can entitle clients to refinance up to 95% of their property’s current home value. They can also pre-pay their loans without penalties.

About City Creek Mortgage

City Creek Mortgage is one of Utah’s most trusted mortgage companies. Composed of people with individual gifts and talents, the company takes pride in their sense of teamwork. They have neither commission based nor independent mortgage loan officers. This ensures clients that the outcome is from a shared effort –that working with one of them means working with all of them.

Interested clients may visit https://citycreekmortgage.com/ for more information on their services.