701 East Howard Street
Hibbing, MN 55746-0279
Phone: (218) 263.8855
Toll Free: (800) 819.0839

Refinancing Your Current Mortgage Loan

You have your reasons to refinance…and we’ve got options for you!  Whether its fewer payments or a little extra cash, refinancing can help make life at home that much better.  Our Personal Bankers will give you an honest appraisal of the benefits available to you when you refinance.  We’ll give you the best options available to find a refinancing solution that fits your needs. We’ve got some great options and we offer a FREE REFINANCE ANALYSIS.  Stop by the Bank or call to make an appointment with a Personal Banker.

Some ways that refinancing can benefit you:

Lower your interest rate – Knowing your existing interest rate is an important thing for any homeowner.  With rates moving up and down frequently, knowing what the current rates are can allow you to refinance your loan to a lower interest rate.  This will result in small monthly payments as well as a lower interest cost over the entire loan. Go to our calculators.

Consolidate debt – A great way to save yourself money is to consolidate all of your debt into a single low rate mortgage.  Unsecured debt such as credit cards or medical bills, typically have high interest rates and are considered to be “bad” debt.  A mortgage however, is considered to be “good” debt and has a lower interest rate because it’s secured by your home.  A consolidation of your debt can result in a savings for you in the long run, as well as make it easier for you to make a single payment.  Remember, debt consolidation doesn’t mean you should go out and get more “bad” debt!  

Take cash out of your home – Throughout the years of homeownership, you pay off a portion of your mortgage and gain equity in your home.  This equity is available to you should you want to use it for things such as home improvement, college tuition, an investment opportunity, or a dream vacation!

Stop your payments from increasing – Converting your adjustable rate mortgage (ARM) into a fixed rate mortgage can end up saving you a lot of money when your rate adjusts.  If your rate increases to a level greater than the going fixed rate, then you are paying too much for your loan.  Also, to avoid the uncertainty of a variable rate, it may be in your best interest to refinance into a secure, fixed rate mortgage.