North Dakota Mortgage Refinance

Refinance Rates

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Loan	Rate	APR
30 Year Fixed Rate	3.88%	3.38%
15 Year Fixed Rate	4.06%	3.61%
5/1 Adjustable Rate	2.75%	3.37%
* These rates are averages, and might not apply to you.

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Among the northern states, between Montana, Minnesota and South Dakota, and along the Canadian border next to Saskatchewan and Manitoba, North Dakota is a beautiful prairie state with wide open fields and severe winters. Being in the west, it tends to be more "homey" and is considered to be friendlier than other places around the country. In fact, the tourism industry promotes it as "The Friendliest State", and the word "dakota" is the Sioux word for "friend". Its largest cities are Fargo, Bismarck, Grand Forks, Minot, Mandan, Dickinson, Jamestown, West Fargo, Williston and Wahpeton.

North Dakota is given high praise in media reports relating to its economy. While other states have seen significant loss of jobs, North Dakota remains one of the states with the most positive news. Unemployment has been low, the economy has actually grown over recent years, and trends indicate that homes have appreciated over ten percent. For home owners, this is welcome news because it means that more people per capita should be able to buy homes, maintain or repair their homes through North Dakota mortgage refinance, and ultimately pay off their homes sooner.

With a huge emphasis on farming, North Dakota residents are offered several programs from which they can buy or upgrade properties that are classified as agricultural. In addition, the Bank of North Dakota, the only state owned bank in the country, promotes several programs including the Farm Disaster Ag PACE Loan Program, which offers low cost loans for farmers or ranchers who have been directly affected by weather related acts. As a result of programs to help residents, North Dakota's ninety-day delinquency rate remains nominal. And while some manufacturing jobs were lost, they have been replaced with jobs in the exciting new field of wind energy, as well as coal and oil production. With so many jobs attracting residents from other states, and with mortgage rates more appealing, home owners are positioned to consider North Dakota mortgage refinance.

Because of the thriving economy and the influx of residents from other states in search of jobs, a problem that appears to be unique to North Dakota is the shortage of housing, both rental properties and homes for sale. Mobile homes, campers, tents and trailers are found in urban areas of the state, as people wait for available accommodations. But, the problem is not necessarily the lack of homes per se. Real estate agents claim there are plenty of homes for sale. And the housing market seems to be growing, as the number of building permits issued has increased over last year. Instead, the problem seems to be that although the newly landed residents have jobs paying excellent wages, they are not able to find mortgages due to the houses and situations they abandoned. So, it seems more likely that someone who previously lived in North Dakota is seeking North Dakota mortgage refinance, rather than newcomers who are living in portable housing and temporary communities.

Indeed, with the beauty of the seasons, and a booming economy, it is understandable why everyone is rushing to North Dakota.

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