Lower Your Rate or Shorten Your Term | Bank of Utah | Personal and Business Banking | Loans

Refinance to Lower Your Rate or Term

Whether your goal is to lower your monthly payment, pay off your mortgage sooner, or both — refinancing can help you save money and reach your financial goals faster. Bank of Utah makes it easy to see how adjusting your rate or term could benefit you.

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6 Ways Refinancing Can Work for You

Lower Your Interest Rate

Lock a better rate to reduce your monthly payment or save more over time.

Shorten Your Loan Term

Move from 30 years to 20, 15 or 10 to build equity faster and cut total interest.

Switch to a Fixed Rate

If you have an adjustable-rate mortgage (ARM), a fixed rate brings predictable payments for the life of the loan.

Remove PMI

If your home value has increased, refinancing may help eliminate private mortgage insurance.

Reduce Lifetime Interest

Even small rate drops can lead to significant total interest savings.

Align with Life Changes

Adjust your mortgage to fit new goals — budgeting, retirement or changing income.

Why Refinance with Bank of Utah?

Work with Local Experts

Our team lives and lends in Utah. We offer personal guidance from application to closing.

Apply Online, Anytime

Start your refinance when it works for you. Our secure portal keeps things simple and moving.

Get Fast, Local Decisions

We make decisions right here in Utah, so you aren’t waiting on out-of-state approvals.

Refinance by Loan Type

The best refinance option for you often depends on the type of loan you have now. Each program has unique benefits, but all can help you lower your rate or shorten your term — without taking cash out.

Loan Type	Key Benefit
Conventional	Lower your rate or term with flexible qualification options.
FHA	Easier credit and appraisal requirements for smoother refinancing.
VA	Streamlined refinancing for eligible veterans and service members.
USDA	Available for qualifying rural borrowers to reduce rate or term while keeping USDA benefits.

Not sure which option fits your situation? Utah-based loan officers can review your current mortgage and help you find the best path forward.

Considering Taking Cash Out Instead?

If your goal is to tap into your home’s equity for renovations, education or other major expenses, a cash-out refinance might be the better fit.

Compare options and see how each could work for your goals.

Explore Cash-Out Options

Refinance FAQs

+ How do I know if refinancing will save me money?

Compare your current loan’s rate and term with the potential new one. If your monthly or lifetime savings outweigh the closing costs within your expected timeframe in the home, refinancing may make sense. We can help calculate your break-even point.

+ What is a break-even point when refinancing?

The break-even point is how long it takes for your refinance savings to cover the closing costs. If you’ll stay in your home longer than that, refinancing often makes sense.

+ Are there closing costs when refinancing?

Yes. Like your original mortgage, you’ll pay fees for appraisal, title and processing — typically 2%–5% of the loan amount. Some may be rolled into your new loan to reduce upfront costs.

+ Will refinancing restart my loan term?

It can, but it doesn’t have to. You can choose a shorter or similar term to your current loan, so you continue progressing toward payoff while still lowering your rate.

+ Can I refinance if my credit score has changed?

Possibly. While stronger credit can unlock better rates, we’ll look at your full financial picture — income, debts and equity — to see what may be available.

Talk With Us About Your Refinance Options

Whether you’re looking to lower your payment, shorten your term or both, we’ll help you review numbers, timing and loan options so you can move forward with confidence.