Refi and Home Finance

When people think of refinancing the first thing that usually comes to mind is their mortgage. And that makes sense because interest rates are really low right now. If you own a home and your mortgage has a high interest rate, you can indeed save money by refinancing. But homes are not the only thing that you can refinance. And the benefits of refinancing these other things carry an additional benefit: your credit rating can go up after you refinance!

Let’s say that you bought a car last year and you used the financing that the dealer had to offer. Let’s even suppose that they roped you in with a really low interest rate for 12 months. Well now that those 12 months are up, what is your interest rate? That’s right, it went through the roof! So here’s my suggestion: March down to your local credit union. If you are not already a member, join. Then sit down with one of their loan officers and see just what they can do for you as far as refinancing your vehicle. You will see that your payment will go down and so will your interest rate. And in most cases you will be able to pay off your car quicker than you would have which helps your credit rating.