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Mortgage Refinancing Help
: Regional: North America: United States: South Dakota
: Business and Economy (19)
 Pull your credit report from the bureaus and review it for any negative items (late pays, collections etc) and inaccurate detail. Try to dispute negative items and remove them from the report. If required pay off any unpaid debt. Otherwise, you won't get a low rate and may not even qualify. Of course there are lenders in the subprime market who may offer you a bad credit refinance loan, but it's better to avoid them as they'll possible charge higher rates and fees.
 See also:
 South Dakota Rural Enterprise, Inc. »
A statewide organization committed to securing more capital for South Dakota's revolving loan funds; provides training, technical assistance and networking for economic development corporations.
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 Black Hills Virtual Mall »
Directory of businesses organized by category.
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 Banner Associates, Inc. »
Engineering and architectural consulting firm. Provides description of services, company profile, newsletter, and contact information. Offices Brookings, Sioux Falls, and Rapid City, South Dakota and Pipestone, Minnesota.
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 South Dakota Beef Industry Council »
Free educational materials, recipes, nutrition information, activities, things for kids, free materials and gift shop, and contact information.
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 South Dakota Auction Guide »
Searchable calendar listings of auctions sales bills for real estate, farm, auto, antiques, construction, and industrial.
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 South Dakota Wheat Growers »
Grain and agronomy cooperative. Provides organization profile, description of programs, locations, employment opportunities, and contact information.
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 Mathison's Express Press Graphics »
Graphics design, reproduction services and CAD design hardware and software supplier with locations in Fargo, Bismark and Sioux Falls.
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 The length of time that you expect to keep the mortgage helps you determine whether it is worthwhile to pay points up front to reduce your interest rate. Unlike points paid on your original mortgage, points paid to refinance may not be fully deductible on your income taxes in the year they are paid.
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.
Be Realistic. Lenders have tightened up loan requirements, so you'll need a good credit score and at least some equity in your home to refinance. To figure out how much equity you have, subtract the total amount that you owe on all of your existing mortgages from how much you think your home is worth. If your credit is severely impaired or you owe more than the value of your home, you probably won't be able to refinance right now.
If you are refinancing from one ARM to another, check the initial rate and the fully-indexed rate. Also ask about the rate adjustments you might face over the term of the loan.
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