Refinancing Is Not Scary
Refinancing is not and does not have to be scary. In fact, it is one of the easiest ways to save money if your financial situation has been improving. Oxford dictionary defines refinance as “finance something again, typically with a new loan at a lower rate of interest.” While this may sound a little complicated allow us to show you why we think it’s a great idea.
1. Lower Rate of Interest
As explained in the definition, refinances usually come with lower interest rates. That means more money in your pockets. If you have a car loan for a 5.5% or 6% interest rate and you’ve been building your credit, you may qualify for a 4% or 3.5% depending on certain criteria. One percent may not seem like a lot but over the life of a loan, this could add up to hundreds or thousands of dollars.
2. Takes Less Time
Buying a car or home is usually a lengthy process. Securing the financing for a car could take hours, and initial mortgage loans could take weeks. Depending on the situation, refinancing could take a few hours, and in most cases, can be handled electronically. You won’t be sitting in a dealership office and signing a ton of paperwork. Once approved, you’ll be on your way with a better interest rate and money saved.
3. Our Friendly Staff Will Guide You
We’re people helping people. Our friendly and knowledgeable credit union staff is here to guide you through the refinancing process. We will explain the best option for your situation and help you take the steps to getting the best rate or payment possible. We will hold your hand from the introduction of the rate to the final document signed.
If you’ve been putting off refinancing because it sounds scary or time consuming, reach out to us and we’ll help you see that a few minutes could save you a lot of money. Call, click or come in today.