|
Mortgage Refinancing Help: Minnesota
“Resist "no cost" refinancing. No cost doesn't mean free. On the contrary: The closing costs are usually bundled into the new mortgage, which means you pay interest on them. The fees associated with a 30-year mortgage could cost you more than double what they would have had you simply written a check for them at closing. Or, if the costs aren't bundled in, you'll be charged a slightly higher interest rate. Either way, the lender wins.
”
|
| |
Mortgage Refinancing Help
: Business: Financial Services: Mortgages: Regional: United States
: Minnesota (11)
 Short-term mortgages offer lower interest rates than long-term mortgages. You save money by the lower interest rates and shorter payment period. The trade off is a larger monthly payment, but this option can save you thousands.
 See also:
 Paragon Home Mortgage »
Offering home loan, home mortgage, refinance, and debt consolidation needs in Minneapolis, Minnesota.
|
 Julie Piper, Bell Mortgage »
Providing residential mortgages for the Twin Cities area of Minneapolis and St. Paul, Minnesota.
|
 Water Street Mortgage Corporation »
Independent brokerage offering residential loans. Includes FAQs, client testimonials, programs, staff profiles. Offices in Chanhassen and Minnetonka.
|
 Advisors Mortgage L.L.C. »
Provides residential mortgage financing products throughout Minnesota.
|
 Home Sweet Home Equity »
Provides residential mortgage financing products throughout Minnesota.
|
 Preferred Mortgage Corporation »
Provides residential mortgage financing for physicians in Minnesota.
|
 Thornton Mortgage, Inc »
Minnesota-based broker has a base of over 100 different mortgage programs and products, all types of credit welcome.
|
 Helgesen & Tonneson, RMG Mortgage »
Providers of mortgage financing for homebuyers in the Twin Cities.
|
 Highland Federal Mortgage »
Provides residential mortgages and financing for St. Paul and all of Minnesota.
|
 Joe Metzler Group »
Mortgage banker and broker providing FHA, VA and conventional home mortgages for purchase or refinance in Minnesota and Wisconsin.
|
 Select Mortgage Corp. »
Providing various mortgage loan programs available to borrowers, including mortgage calculators.
|
|
|
 Resist "no cost" refinancing. No cost doesn't mean free. On the contrary: The closing costs are usually bundled into the new mortgage, which means you pay interest on them. The fees associated with a 30-year mortgage could cost you more than double what they would have had you simply written a check for them at closing. Or, if the costs aren't bundled in, you'll be charged a slightly higher interest rate. Either way, the lender wins.
If you plan on moving out of your existing home within the next few years, it may not be beneficial for you to refinance. Make sure you let your mortgage specialist know your future plans.
When it comes to lowering your rates you will need to weight the benefits of having a lower rate vs. paying points up front. You may end up paying a lot more depending on your choice and how long you plan on keeping your mortgage.
You can ask for a copy of your settlement cost papers (the HUD-1 form) one day in advance of your loan closing. This will give you a chance to review the documents and verify the terms.
|
|