With all the uncertainty surrounding COVID-19 and the world’s financial markets, the Federal Reserve cut interest rates in the U.S. which creates an incredible opportunity to refinance loans of almost every kind. With many people adjusting to a life of working from home, this might be the right time to refinance your loans to get a smaller monthly payment and free up critical funds to help with living expenses.
Here are a few ideas to get you started.
Refinancing Your Current Auto Loan
If you currently have an auto loan financed with a dealership or other financial institution, refinancing it with the credit union may help you save significant money each month and over the life of your loan. The credit union has a current special offer that we’ll beat rate if you bring us your auto loan from another lender, plus you’ll get 90 days with no payment. This special offer ends on June 30, 2020.
Mortgage Loan Refinancing
Your mortgage is probably your largest single expense each month. The reduction in interest rates could easily put hundreds of dollars back into your pocket each month while simultaneously saving you tens of thousands of dollars, overall, on the cost of your home. Right now, you’ll also get a $500 closing cost credit when you apply before July 31, 2020.
Credit Card Consolidation
Perhaps one of the most significant ways to help yourself and your financial position would be to consolidate your high-interest credit cards into either a personal loan or one single, lower-rate credit card from the credit union. A personal loan offers the greatest savings and converts your revolving debt into a fixed-term loan with a lower interest rate. That’s great news for your wallet! Even better, managing your payments will be way easier when you only have a single monthly payment to make.
HELOC: Your Emergency Lifeline
If you’re a homeowner, a Home Equity Line of Credit (HELOC) can provide peace of mind knowing that you have access to low-interest money should an unforeseen expense arise. A HELOC lets you borrow against a portion of the equity in your home. It acts like a credit card – you only repay what you spend. We have a current special introductory rate of 1.99% APR for the first 6 months. Check it out!
We’re Here to Help!
At first refinancing, a loan might be intimidating, but our loan experts make the process easy. Get the refi process started from the comfort of your home, by filling out our simple online application.