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Mortgage Refinancing Help
: Regional: North America: United States
: Minnesota (14,618)
 If you have a mortgage, you should keep an eye on rates-especially if you have an adjustable rate mortgage. Getting locked in at a lower, fixed rate can save you hundreds, possibly even thousands, of dollars over the life of your loan.
 See also:
 Minnesota State and County QuickFacts »
Selected demographic information for the state, map linked to county statistics, from the U.S. Census Bureau.
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 Minnesota: Ya Sure, You Betcha »
Becky Murphy's brief, and humorous, tribute to her home state of Minnesota. With interesting links.
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 Minnesota North Star »
Official State of Minnesota web site. Links and information on Minnesota government, industry, tourism, and miscellaneous official information.
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 Surf Minnesota »
Minnesota-themed jokes and stories, listing of places to stay in Minnesota, message board, mailing list.
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 State Demographic Center »
Part of Minnesota Planning. Offers annual demographic estimates, projections, and articles on emerging trends.
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 Be specific about the loan you want. The more precise you are, the easier it will be for a loan officer or mortgage broker to find the best rate. For example, do you want a 15-year or 30-year mortgage? Do you need a "jumbo" mortgage (more than $333,700)? Are you willing to pay points to reduce the interest rate? The answers to these questions will depend on several factors, including when you plan to sell the house and how soon you want to retire your debt. Only you know the answers, but the sooner you know them, the better.
It is feasible to go for a refinance when you have built up at least 10% equity in your home (For Fannie Mae owned mortgages, the value is 5%). It is also possible for you to choose the option if your equity is less than 5%, but you may have to pay a certain amount of cash in order to make up for the difference in equity.
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.
Almost 30 million Americans qualify for a VA Loan. With a VA Loan, you can qualify for a VA Streamline Refinance. You may also be able to refinance your home with an FHA Streamline refinance.
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