Should You Take Out a New Loan?
Refinancing or Taking a New Loan Can Save You Money
Does it make sense to refinance your home, get a home equity loan, or take out a second mortgage? You can often save a lot of money by optimizing your debt with low interest rate or consolidation loans. If you are paying high interest rates on your credit cards, home loans or any other debt (school loans, car loans, boat loans, etc) and you want to cut your rates and your minimum payment, consider taking out or refinancing one of your existing loans.
Many of the new loan programs are for existing home owners or for first mortgages, but some the lenders offer personal loans backed by assets other than your home. Make sure that before you apply that your credit report is in good shape. If your credit is flawed, don't worry, some lenders offers sub prime loans to people with bad credit. You'll pay a little higher interest rate but it could still be worth it if you are already paying high interest rates.
Need help learning what loan structuring is right for you? Visit one of our financial calculators:
- Learn what your loan could look like, including a payment table.
- Learn how much you can borrow.
- Learn how long it will take you to pay down your debt.
