When interest rates rise, homeowners with variable-rate mortgages can get squeezed by higher monthly payments. If you’re worried about a possible increase in monthly payments, consider refinancing the loan. Pros and cons of each loan type:
30-year fixed loan.
By refinancing to a 30-year fixed mortgage, you will at least avoid the risk of future rate increases. [...]
To choose the right lender when applying for a new home loan or refinancing an existing one:
1.Scan your score.
Before applying for a mortgage, determine your credit score at www.myfico.com. If your score is low, review your credit reports for mistakes. Free reports are available at www.annualcreditreport.com.
2. Try your current lender.
To keep your business, it may [...]
When you need a loan to finance the purchase of a car, you have many different varieties available to you. Here are the different types and when to consider them:
Credit-union loan.
Rates are generally low for members of credit unions. If you don’t belong to one already, it may be worth joining.
Dealer financing.
An interest-free or ultra-low [...]
Auto loans are relatively easy to obtain. Lending institutions know they’ll get their money back because if you don’t make the payments, they can repossess the car. The key is to get a loan for the lowest possible interest rate. Key steps:
1.Cruise the field.Compare interest rates at various financial institutions – such as [...]
