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Mortgage Refinancing Help
: Regional: North America: United States: Minnesota: Business and Economy: Financial Services
: Banks (16)
 Be Prepared. You'll probably be asked for more information and documentation after you submit your application, but before your loan is approved be prepared to document your income and assets. Answer any questions and fax documentation to your loan representative as soon as possible.
 See also:
 American Bank of St. Paul »
Offers personal and business banking services, including checking, savings, loans, investment planning. Some transactions can be conducted online. Locations in the Twin Cities, Freeborn County, and Renville County.
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 Independent Community Bankers of Minnesota »
Trade association representing smaller banks. Part of national association. Calendar, information on programs and services, employment opportunities, list of vendors.
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 Minnesota Bankers Association »
Trade association for commercial banks. Press releases, publications, consumer information, directory of bank web sites, employment opportunities.
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 First National Bank of Milaca »
Community bank with locations in Milaca, Isle, and Gilman. Types of accounts they offer, hours, local links, online banking and bill pay. Requires JavaScript.
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 Wells Federal Bank »
Community bank headquartered in Wells, with eight other locations in south central Minnesota and a loan office in Mason City, Iowa. Offers business and personal checking, Internet banking, credit cards. Site requires JavaScript and a 4.0 or later browser.
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 American Heritage National Bank »
Personal and business checking, loans. Savings accounts, payroll services. St. Cloud, Browerville, and Long Prairie.
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 Northwoods Bank of Minnesota »
Small, locally-owned bank, with headquarters in Park Rapids and branches in Nevis, Pine City, and Rush City.
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 First Federal Bank »
Internet banking allows customers to access any of their First Federal accounts via computer. Headquarters in Bemidji, with offices in Bagley, Baudette, and Walker.
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 Pine Country Bank »
Offers personal and business banking services. Online banking or bank by phone available. Flagship office in Little Falls, with branches in Royalton, Rice, and Bowlus.
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 Midwest Bank »
Locally owned, independent bank with several offices in west central Minnesota. Services for personal and business customers, including banking by phone.
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 Wadena State Bank »
Locally-owned independent bank. Offers phone and Internet banking, drive-up, walk-up. Personal and business banking. Locations in Bluffton, Deer Creek, and Wadena.
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 Americana Community Bank »
Personal and business banking services, including online banking. Five locations in southern Minnesota and the western suburbs of the Twin Cities.
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 First Minnesota Bank »
Independent community bank offers savings accounts, personal and business checking. Online banking available. Locations in McLeod County and the western Twin Cities area.
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 Community Development Bank »
Community bank. Offers checking and savings accounts, personal and commercial loans. List of services, description of account types, current interest rates, fees. Ogema, Hancock, and Benson.
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 Woodland Bank »
Family-owned. Offers personal and commercial banking services. Has branches in Remer, Longville, Cohasset, and Hill City.
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 Closing costs can be expensive. If you plan on refinancing your home to save money, be sure to take into consideration how much the closing costs on the new loan will cost you.
For both new buyers and refinancers, it's important to understand what a no-cost mortgage loan or a no-cost refinance loan really means. "No cost" does not mean that closing costs (also known as settlement costs) have been erased. It means that the closing costs will be factored into the interest rate associated with the loan. Of course, this also means that, all other things being equal, the interest rate associated with a no-cost mortgage will always be higher than one where the borrower pays the closing costs up front.
Ask for more than just rates. Bad loan officers will tell you anything to keep you on the phone -- then change the details to suit them later. Instead, make them get real with you! Ask how long they've been in the industry. Probe them about their experience in the industry. Also, ask what their opinion is on the current market and where it's going.
If your property value reduces and you refinance up to 80% of the reappraised value, your original mortgage amount may be higher than this amount. Thus, the new loan will not be sufficient enough to help you pay down the existing one.
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