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Mortgage Refinancing Help: North Dakota
“If you are planning to stay in your home for several years, then you can save money by paying points for lower interest rates. You pay up front fees to ensure you have lower interest payments over the course of your loan. Remember, this only works if you keep your mortgage for several months.
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Mortgage Refinancing Help
: Business: Financial Services: Banking Services: Credit Unions: Regional: United States
: North Dakota (7)
 It's better to follow the 2% Rule which suggests that you can enjoy the benefits of a home refinance if your mortgage refinance rate is 2% lower than that on your current loan. The interest savings will help you recoup the costs you've paid for the new loan provided you stay in the property for a certain period of time (break-even period). However, there are no-cost as well as low-cost refinance loans wherein the costs are included into the loan. But you can expect comparatively higher rates on such loans. Moreover, these loans are limited when the market is in a credit crunch.
 See also:
 Dakota Plains Credit Union »
Provides member services from two locations in Edgeley and Ellendale.
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 Dakota West Credit Union »
Member-owned institution located in Watford City, with branches in New Town, Turtle Lake, Washburn, Riverdale, Mohall, New England and Bowman. Details services, rates, membership, employee list, hours and locations.
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 Capital Credit Union »
Bismarck. Inviting all who live within a 50 mile radius of the Bismarck/Mandan area to become members.
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 First Community Credit Union »
Full service credit union offering savings and loan products.
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 Citizens Community Credit Union »
Membership is open to individuals living and working in select North Dakota communities.
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 Portland Credit Union »
Portland. Serving members in Portland, ND.
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 North Star Community Credit Union »
Member-owned credit union based in Maddock, with branches in Rugby, Cavalier, and Bottineau. Information about accounts, lending, discount brokerage, and other products and services.
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 Be Proactive. Your loan representative should keep in contact with you even if there isn't any action on your loan. But do your part to keep the lines of communication open as well. If you don't hear from your loan representative for a few days, pick up the phone and ask for an update. The old adage that the squeaky wheel gets the grease definitely applies in this situation.
Many financial advisers caution against cash-out refinancing to pay down unsecured debt (such as credit cards) or short-term secured debt (such as car loans). You may want to talk with a trusted financial adviser before you choose cash-out refinancing as a debt-consolidation plan.
These days most people request a Good Faith Estimate (GFE), but have no clue what to look for on the GFE. Make sure you request a GFE that has ALL fees estimated and disclosed. This includes: origination points, processing, lender, appraisal, title, escrow... ALL FEES... especially the Yield Spread Premium or YSP.
If you are paying private insurance on your current mortgage, refinancing may allow you to do away with this unnecessary expense.
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