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Mortgage Refinancing Help
: Business: Financial Services: Banking Services: Banks and Institutions: Regional: North America: United States
: South Dakota (13)
 Many companies in this industry will do what ever they can to get away with charging you as much as they possibly can. Some of the ways they do this is not disclosing all the third party fees involved in a loan such as title insurance, appraisals, pre-paid tax and insurance escrows etc. It is important that you ask the loan officer you're speaking with about third party fees. If you don't they may not tell you and give you a good faith estimate that sounds fair, but at closing you'll find out that you have to pay a couple of thousand dollars more in fees you were unaware of. A good loan officer at a reputable company should have no problem disclosing all fees that pertain to your loan and should also make sure you understand what the fees are for.
 See also:
 Dacotah Bank »
A large independent bank based in South Dakota, offering internet and core banking, investment, trust, and insurance services.
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 State Bank of Alcester »
Local bank provides banking and investment services in Alcester, South Dakota.
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 Farmers State Bank »
Provides business and personal banking services in Canton, South Dakota.
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 First National Bank of Sioux Falls »
Offers personal and commercial banking in Sioux Falls, South Dakota.
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 First Dakota National Bank »
Provides banking and financial services from branches throughout South Dakota.
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 BankWest »
Provides personal, commercial and agricultural services to central South Dakota.
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 Sunrise Bank Dakota Home Page »
Offers a variety of financial products and services including; Internet banking, business and personal banking, investments loans.
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 ReliaBank »
A locally owned and operated community bank offering personal and corporate financial services in four South Dakota communities.
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 Commercial State Bank »
Provides commercial and consumer banking in Wagner, South Dakota.
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 First Fidelity Bank »
Offers banking services with branches in Burke, Bonsteel, Colome, Gregory, Murdo, Platte, and Winner.
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 Pioneer Bank and Trust »
Community bank offers banking products and services to western South Dakota.
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 American Bank & Trust »
Information on banking, CD rates, loans. Locations in central South Dakota.
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 When refinancing a mortgage, as many as 30% of homeowner's cash out part or all of their home's equity. By investing in home improvements or paying off credit cards, this can be a smart. But, if you are borrowing more than 80% of your home's value, you will be hit with private mortgage insurance, costing you hundreds a year.
Ask for the reissue rate on your title work. If you've taken a mortgage within the past two years, or are using the same lender, you might be granted this option, which can save you as much as 70 percent on your title work. An editor at this magazine didn't know about this potential savings when he refinanced his mortgage; fortunately his lawyer did. The savings more than covered the attorney's fees. However, if it's been several years since you took out a home loan, or if you're using a new lender, you'll likely have to pay for a new title.
If you are making payments on a long term loan, say, 30 year mortgage for the past 10 to 20 years, then refinancing to another 30 year loan will not be a good option as it may increase your overall payment.
Close inactive credit card accounts to improve your credit score, making you eligible for lower interest rate loans. You will need to notify the credit card companies in writing that you wish the accounts closed on your request. Next, check your credit report after 30 days to be sure closed accounts include the comment "Closed at Customer's Request." You want future lenders to know it was your request and not bad credit that closed your accounts. Also, take the time to check for any mistakes in your credit report that could negatively impact your credit score.
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