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Mortgage Refinancing Help: Credit Unions
“If you know that you will be moving in 3 to 5 years, you might want to consider refinancing to a 3 or 5 year ARM (adjustable rate mortgage). These loans typically have a much lower rate that a traditional fixed rate loan such as a 30 year fixed, but they do have a fixed rate for the first 3 or 5 years of the loan. This will enable you to benefit from the lower rate, but you won't ever have to worry about the risk of a rate adjustment because you will be selling the home before the fixed-rate period ends.
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Mortgage Refinancing Help
: Regional: North America: United States: Minnesota: Business and Economy: Financial Services
: Credit Unions (6)
 Weigh the costs carefully of how long you will be staying in your home vs. how much of a savings you will be getting in a refinance. Make sure you include closing costs in your decision.
 See also:
 Soo Line Credit Union »
Serving a number of select groups including employees of Amtrak, Pope County, Prior Lake-Savage School District, Old Dutch, Miracle Ear. Locations in Minneapolis, Brooklyn Center, Glenwood, and Savage.
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 Lake State Federal Credit Union »
Serves people who live, work, worship, own real estate, attend school, or participate in an organization in Pine or Chisago County or the southern half of Carlton County. Offices in Moose Lake, Sandstone, Hinckley, and North Branch.
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 Novation Credit Union »
Serving employees of 3M, Imation, and HTI, along with other employee groups, and their families. Offers loans, card services, online bill pay, checking, savings. Offices in St. Paul, Hutchinson, Oakdale, and Woodbury.
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 Minnesota Credit Union Network »
Organization that serves the needs of the state's non-profit financial cooperatives. Services such as lobbying, training seminars, compliance assistance, and mortgages, as well as a focus on community activism.
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 Affinity Plus Federal Credit Union »
Serves select groups including employees of any state-funded organization, and students and alumni of state colleges. Offices all around the state.
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 TruStar Federal Credit Union »
Open to anyone who lives, works, worships, or attends school in Koochiching, Beltrami, Hubbard, or Wadena Counties. List of services, online access to accounts. Branches in International Falls, Big Falls, Menahga, and Park Rapids.
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 When you do a cash-out refinance you are leveraging the equity in your home in order to receive a lump sum of cash at closing. Many individuals and families use this type of loan if they want to remodel their home, or they have kids that are attending college soon. Veterans and other military personnel can now take advantage of a 100% cashout refinance thanks to the Veterans Benefits Improvement Act of 2008.
Refinancing is not the only way to decrease the term of your mortgage. By paying a little extra on principal each month, you will pay off the loan sooner and reduce the term of your loan. For example, adding $50 each month to your principal payment on the 30-year loan above reduces the term by 3 years and saves you more than $27,000 in interest costs.
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.
The majority of your mortgage payment goes toward paying interest. To save an astounding amount of money over the long term, choose a mortgage loan with a lower rate and a shorter payback term. A 15-year mortgage may be just what the financial planner ordered. This type of loan carries a larger monthly payment; but if your budget can withstand the jolt, you can save big bucks over the long haul.
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