First International BankStory by Mike Mulwani, FIBT Director of Mortgage Photos Provided by First International Bank and Trust
We understand, the prospect of refinancing may come with a little fear: you’ve heard it’s expensive and requires reams of paperwork. However, mortgage rates continue to sit at or near record-breaking lows. If you haven’t done so already, it may be time to consider, “Is now the time to refinance?”
To answer that question, you have to answer a few others.
If you answered yes to any of these questions, it’s time to at least consider talking to a lender. The ultimate barometer of whether a deal will make sense for you will be whether you expect to stay in the home long enough to recover the cost of the refinance. Here’s a quick example from SavvyMoney.com. If you took out a $200,000, 30-year fixed mortgage in 2018 at a 4.5% interest rate (4.600% APR*) your monthly payment would be $1,013 (without taxes and insurance). Refinance now at a rate of 3.66% (3.752% APR*) and your new monthly payment could be $916 — a savings of $97 a month. If the refi cost 2% of the home price or $4,000, which is typical, you’d have to be in the home 41 months to break even. If you’re not planning on staying that long, the deal isn’t worth doing. If you’re planning on staying longer, go ahead.
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[First International Bank & Trust]Story by Charles Cooper Photography provided by First International Bank & Trust  What are your long term financial goals? Maybe you’re dreaming of a second home on the lake, thinking about investing more, or hoping for a comfortable, early retirement. When it’s time to turn those thoughts into action, First International Bank & Trust is ready to be your guide. This month, Private Banking Manager, Charles Cooper showed us a simple four-step process to help determine your personal financial goals and how to finally reach them.
[First International Bank & Trust] A home is a huge investment. For most people, it's the biggest and most expensive thing they'll ever buy. So, why would you ever sign a contract on an enormous item if you're not sure all its parts are working correctly? Shyness, awkwardness, call it what you will, but it can feel weird to poke around in someone else's home...especially if they're still living there. Opening cupboards, lifting toilet seats — it feels like you're intruding. But, this is no time to be shy.
[Inside the Region's Oldest, Full-Service Gallery]Story by Tracy Nicholson Photography by M.Schleif Photography  From Left, framing expert Christa Crane, Lisa Hemm and gallery owner, Barbara Wolfe As a mother-daughter team, gallery owner, Barbara Wolfe and daughter, Lisa Hemm are proud of the legacy they've continued to build on since 1981. Starting with a gallery in Fergus Falls, then expanding to Fargo in 1985, today Wolfe operates the oldest, full-service art gallery in Fargo-Moorhead. Along with having one of the region’s largest collections of fine art, the Underbrush Gallery also has the framing and restoration expertise of Christa Crane. Beyond the priceless work on their walls, this gallery is a local hot spot to be treasured.
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