Credit Cards & Financial Planning : When to Refinance

Thinking about refinancing, but don’t know
what to do. Hi, I’m Carrie Kukuda, the Someday Coach, and I’m going to give you some ideas
of when you might want to consider to refinance. If, say, you went out and you cleaned up your
credit, you want to definitely go and look for a lower interest rate. You can save thousands
and thousands of dollars, and that would include both your auto and home loans, so if you’re
thinking about refinancing, don’t just think of it in a home term. Look at the auto loan
as well. Wherever you can save is a good thing. You also can look at refinancing is when you’re
trying to consolidate existing debt — if you need to rollover some of that into one
payment, it might be the time to refinance on your home. Just make sure that you keep
in mind that you need to be in the home longer — that you’re planning on staying in your
home longer — because you want to recap some of that money that you spent and actually
take advantage of the savings. And another thing is, is where it’s maybe dropping. So
when rates drop and you’re looking at, you know, considering refinancing — say, you
have a seven percent and the rates are at five…and…five and a half, there’s a good
time and an indication that you might want to consider looking into refinancing. As well
as if you have an adjustable rate. An adjustable rate can fluctuate. If you’re sick of the
fluctuation…the fluctuating of that and you want it more secured, know what your payments
are, then you can take that adjustable rate and make it a fixed rate refinance loan. Just
some little tips to help you when…to know when to refinance. Again, I’m Carrie, and
thank you.

Paul Whisler

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