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 [...]
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 [...]
When you need cash for a financial emergency, your rainy-day funds may be too low to cover the entire cost. As a result, you may need additional assets. Here’s where to turn, in order of preference based on loan rates:
Your stuff.
If the extra amount needed is relatively small, go through your garage and closet and [...]
