Corporate Cranium Mentor Articles

When is the Correct Time to Refinance Your Home?

By Shaun Corbin, First Minnesota Bank | July 25, 2019

At First Minnesota Bank I get the opportunity to offer all types of loans.  One of the loan types I want to discuss is the residential home mortgage refinance.  The big question is–when is the correct time to refinance your home?  The answer depends on what you want to accomplish or what financial goals do you want to obtain.  In my opinion, there are four main reasons to refinance 1) To lower your mortgage payment or consolidate debts to lower overall monthly obligations.  This may be needed for cash flow purposes and/or to payoff higher interest rate debts.  The positives can be lower monthly payments and higher interest rate items will be paid off.  The one negative with this strategy is you are usually pushing out your debt to a longer term, meaning you are paying more interest in the...

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First Minnesota Bank
555 Hwy 55
Bufalo, MN 55313
P: (763) 682-0555
Other P: (612) 618-3199
F: (763) 682-0050
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