North Dakota is home to some of the nation’s most untouched lands, lower populations, great weather, and some of the most amazingly breathtaking landscapes in the world. People are finally catching onto the fact that living in North Dakota is a great opportunity to reside in a beautiful place. So, it comes as no surprise to know that current North Dakota residents have been paying far too much for their homes, which has left them living from paycheck-to-paycheck. Some of these individuals, however, may benefit from some of the many advantages of refinancing. Refinancing is the process of obtaining a new loan to cover the remaining balance on your existing mortgage. This process affords homeowners the opportunity of lowering their monthly payments, and it releases some of the equity that they have spent so long establishing in their homes.
Quick North Dakota Housing Facts:
- Percent of homeowners in North Dakota: 66.6%
- Percent of renters in North Dakota: 33.4%
- Median annual income in North Dakota: $38,270
- Average credit score in North Dakota: 706
- Median North Dakota home value: $74,400
When to Refinance in North Dakota
Refinancing is a tough process for individuals who do not do their homework. First of all, it is important to consider every aspect of your current mortgage. Are there serious fees attached to paying it off early? Will you save money in the long-term or short-term by refinancing? You want to make sure that refinancing saves you a significant amount of money in both the long and short-term, so be sure to price out what you are currently paying and compare it to your ideal refinancing package. Current rates are also an important factor to consider before you decide to refinance. If the market rates are not lower than 1.5% less than what you are paying today, then you are going to want to reconsider refinancing. Finally, it is important to make sure that there are no hidden closing costs or fees that are attached to your new refinancing program. These fees can exceed thousands of dollars, which could wipe out any savings that you could have yielded from the refinancing process. Remember, this is a process that was designed to save you money, so be thorough in your research to be sure that you do end up saving.
How much house can I afford in North Dakota
One of the biggest problems facing North Dakota’s homebuyers is figuring out how much house you can afford. We have some great mortgage calculators that can help you figure how much home will fit into your monthly budget. Don’t forget there are many other home options out there specifically for North Dakota’s residences. We work with local and national lenders to make sure that you get the best rate possible.
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