Have you had a change in your cash flow each month? Has your credit score improved? Has it been a while since you got your loan? It might be time for you to refinance one of your loans. How can you get the most out of loan refinancing? Learn more about refinancing to see if it is right for you.
What is Refinancing?
Refinancing is the process of changing the stipulations of a loan by replacing your loan with a different one to lessen your financial burden. Your new loan pays off your old loan, so now your payments are to a new lender and all of your loan conditions are different. You can refinance your car loan, home equity loan, and more.
Cash-out refinancing allows you to take out a new loan for a larger amount than your original loan. Once you take out the new loan, you will have extra cash to use for paying off other debt. Use rate-and-term refinancing to refinance the rest of an existing loan balance at a lower interest rate and a different loan term. You can replace your existing loan with a new one that has conditions that are easier for you financially.
Do I Need Refinancing?
Refinancing your loans can make your financial life more manageable. Sometimes all of the monthly payments can pile up and be too much to handle. When you refinance your loan, you can give yourself monthly payments that are easier to pay along with your other monthly expenses.
If you want to consolidate your debt, you can use loan refinancing to get a lower interest rate and combine some of your loans. Many people refinance their loans if they cannot make the current monthly loan payments. Others may refinance a loan so that they pay less money over the full lifetime of the loan. We may be partial, but depending on where you got your original loan, we think you may find a better interest rate with a local credit union.
The Right Time to Refinance
Refinancing is a great financial option if your credit score has improved since you took out your initial loan. After paying on the loan for some time and improving your credit score, lower interest rate loans may be available to you. This is a great time to refinance! Take on a new loan with a lower interest rate to pay off your loans with higher interest rates. Another great time to look into refinancing is when the rates are significantly lower than when you originally got your loan. It’s good peace of mind to check it out and be sure that you are in the best loan available to you.
Refinancing with Great Basin FCU
At Great Basin FCU, we can help you save on your monthly payments with loan refinancing. Great Basin FCU can refinance qualifying Home Equity Loans from other financial institutions. Refinance your car loan, mortgage, or other loans through Great Basin FCU.
Our Core credit union members can enjoy lower interest rates on loans as one of the many perks.
Apply today to refinance your loan with Great Basin FCU to get a lower interest rate. Speak with a loan processor at one of our branches to see how refinancing a loan can help you!Share: