Northern Marianas Islands 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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Officially known as the Commonwealth of the Northern Mariana Islands, CNMI is situated in the North Pacific Ocean between Hawaii and the Philippines. Closer in proximity to the Philippines, the islands' shores meet the North Pacific Ocean on the east, and the Philippine Sea on the west. A group of fourteen islands running in a north-to-south direction, the commonwealth consists of Farallon de Pajaros, Maug Islands, Asincion Island, Agrihan, Pagan, Alamagan, Guguan, Sarigan, Anatahan, Farallon de Medinilla, Saipan, Tinian, Aguijan and Rota. The Island of Saipan is the capital of Northern Mariana Islands.

Land is a premium in CNMI. Consequently, government leaders have put into place strict rules for the ownership, management and use of properties on the islands. To buy land outright, one must be of Northern Marianas descent. Otherwise, properties can be leased for a maximum duration of fifty-five years. A bill is expected to be reviewed in 2011, as Governor Benigno Repeki Fitial believes that unrestricted ownership may help the economy. In regards to the economy, it can only be described as precarious at best. Regular deficits in the budget mean that government employees, a segment of the population that actually includes many sectors of the islands, are not paid on a regular basis. If there is money in the bank, people get paid. Otherwise, they wait. To combat this issue, employees will only be paid for four-day work weeks in 2011, and they will receive fourteen unpaid holiday days. Needless to say, this situation does not make a lender too comfortable and secure in the thought of providing Northern Marianas Islands mortgage refinance.

Further, unemployment is about eight percent, which is below states in North America, but is still a disadvantage to this economy. Fifty percent of the residents work in the tourism industry which up until now has been quite lucrative. But, because the bulk of the tourists are Japanese, and because Japan has suffered some financial troubles of its own, tourism numbers have dropped. For those with jobs, however, although they are US citizens, and the islands are eligible for funding from the US, they do not make the same wages as other Americans. The islands are permitted to set their own minimum wage scales which are considerably lower than the states. But, positive things have occurred to help those in Northern Mariana Islands facing foreclosures.

In 2009, laws to the CNMI Constitution were amended so that home owners had at least two years to negotiate agreements with lenders to cure their defaulted mortgages. Called "Dormant Docket for Mortgage Foreclosure Proceedings", the government felt that it was only fair that home owners be permitted to explore options and find alternative ways to deal with foreclosure notices. In fact, one way might be to secure Northern Marianas Islands mortgage refinance. Also, the CNMI Retirement Fund provided delinquent home owners the opportunity to make amends through full payment at maturity, balloon payment, refinance for a 360-year term, or deed in lieu of foreclosure. Lastly, the commonwealth prefers to avoid foreclosures at all costs, and while lenders are permitted a very short period in which to send foreclosure notices, the government prefers that substantial time is taken to remedy the situation to the home owners' benefit if possible.

Such a beautiful, peaceful place to live, mainland Americans are lucky to be able to relocate within their own confines, without being considered foreign.

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