Refinancing

Refinancing should be carefully evaluated as part of an overall budgeting plan, but it’s something to consider when interest rates have dropped substantially since the last time you financed your home, and you intend to stay for several more years. Refinancing is used to:

  • Lower your monthly payment
  • Reduce your interest rate
  • Pay off your mortgage sooner
  • Convert to a fixed-rate mortgage
  • Pay for a major purchase or expense

To refinance, you will have to meet eligibility requirements, including:

  • At least 20% equity in your home
  • A good credit score

There are a few reasons why people consider refinancing their current mortgage. Understanding the big picture of what comes with getting a new mortgage can help you determine if refinancing is right for you. Ask your Starion Mortgage Banker for more information.

Use our mortgage calculator to see if refinancing is a good option for you.

Cash-out refinance

Basically, a cash-out refinance pays off your current mortgage and uses your home equity to provide additional money for other uses. To decide if cash-out refinancing is appropriate, you need to weigh the benefit of how you’ll use the money against the amount of time it takes to pay off the loan. Here are some considerations:

  • Are interest rates lower than your current financing?
  • How much cash do you need?
  • What’s the monthly payment amount?
  • What’s the effect on your taxes?
  • What’s the total cost of borrowing?
  • What’s your break-even point?

For more expert guidance on refinancing, contact your Starion Mortgage Banker.

Ready to get started?

Start the online application process.

Starion News

Starion’s Hetland, Hoffman Graduate from Banking School

Dale Hetland and Brandon Hoffman of Starion Financial recently graduated from the Dakota School of Banking. Hetland is business banking officer/VP in Fargo. Hoffman is mortgage banking manager/VP and based out of the downtown Bismarck location.

Mon. Jul 13 4:07 PM Read more...

Starion Financial’s Heck joins Risk Management

Jenny Heck has taken a new role at Starion Financial as a compliance specialist in the risk management department.

Wed. Jul 01 3:07 PM Read more...

Starion Financial promotes, hires in Mandan

Starion Financial has promoted three employees and hired two, all at the Mandan branch.

Wed. Jul 01 3:07 PM Read more...

More News >>

Need Help?

We're here to help.

Do you need help choosing an account or applying for a loan?
Contact your Starion Personal Banker today.

Have another question? Chat with us.

Our Customer Service Team is available to chat when the “Start Chat” button appears below. Click to begin a chat. If a "Chat Closed," button appears you can leave us a message and we’ll be back to you.

Start Chat

Contact Us

1.888.258.6050

- or -

Find a local branch.