Minnesota Refinance Mortgage Loans - 3 Tips for Getting the Lowest Rate

Minnesota is known fondly as the land of 10,000 lakes

. It is also a land with a lot of residential housing. Home ownership in Minnesota whether you live in the Twin Cities, in suburbia, or in more rural areas, is as much a part of the American experience here as it is anywhere in the country.

When you have a mortgage in Minnesota, you have options for getting a new mortgage at any time. But, if you are like most folks, it may be easy to forget this fact. That is because most of us simply get into the habit of paying our mortgages mechanically each month. We often forget that we have the choice to refinance our homes for a lower interest rate.

The Minnesota Housing Market

The housing market in Minnesota has followed the trend of much of the U.S. in recent years. While the highs and lows in Minnesota have not been as pronounced as in some other areas of the country, there is no doubt that currently many people are under water with their homes (meaning they owe more than their homes are worth). Others are stuck with adjustable rate mortgages (ARMs) and now are paying way too much in monthly payments.

This situation causes some people to just want to walk away from their mortgage. Unfortunately, this can wreak havoc on the credit score. A better option is to consider refinancing.

Reasons to Refinance Your Mortgage

The main reasons that people choose to refinance their homes in Minnesota are to reduce their monthly mortgage payments, reduce the total cost of their home loan, or to cash out equity in the home.

Note that a small percentage of people actually refinance in a way that increases their monthly payments. They do this by taking on a shorter loan term and thereby reducing the total cost of the loan. However, these folks (while prudent) are in the minority.

3 Tips for Minnesota Refinance Mortgage Loans

If you are considering refinancing your home loan in Minnesota, try these 3 tips:

1. Contact and apply with at least 3 lenders who are not your current lender first: It will be tempting to ask your current lender for a refinance mortgage loan first and be done with it. Avoid this temptation! Remember, they will sense it if you have not shopped around yet, meaning they will not offer you the best rate. Instead, research and apply to 3 other lenders and see what they come up with.

2. Take the best offer to your current lender and see if they can beat it: Now, take that best offer and approach your current lender to see if they can be it. You will be amazed at your negotiating power when you have that offer in your back pocket.

3. Always negotiate down your best offer: Whether your best offer came from your current lender or one of the three you just contacted, always go back one final time to see if they can do better.

Follow these 3 tips for Minnesota refinance mortgage loans.

Minnesota Refinance Mortgage Loans - 3 Tips for Getting the Lowest Rate

By: Susan Willis

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