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Lee Said:

When is a good time to refinance my car, or should i trade in for something else?

We Answered:

You must either be a first time buyer or have bad credit to get a 21% rate.

Either way, if the lender you financed with reports to the credit bureaus? You need to make at least 12-payments as agreed and make sure they show up on your credit.

After 12-payments show on your credit, you should have no problem refinancing your car at a lower rate because you will have a established pay history.

Erik Said:

How do I know if I should refinance my mortgage?

We Answered:

The following article gives a good list of seven pointers when thinking of refinancing. It is written by a Certified Financial Planner at FiGuide.

Things to consider:
1. How long do you plan on living in the house? If the answer is not at least 3-5 years, then you will probably not recover the closing costs.

2. What is the new interest rate you will be receiving? If it is not at least a 1-1/2% less then your current rate, then it is probably better not to refinance. Also, does your new interest rate involve any points? Will your new mortgage require you to pay private mortgage insurance (PMI) while your current mortgage does not?

3. Has your credit score significantly improved since you purchased your previous mortgage? What is your current debt-to-income ratio?

4. How much difference will it really make in your monthly payment? I have heard from some of my mortgage broker friends that lending institutions now have payment difference minimums that they need to see before they offer you a refinance.

5. If you are currently in an adjustable rate mortgage (ARM), I highly encourage you to meet with a professional to see if refinancing to a fixed-rate mortgage is a possibility. One of the main benefits of home ownership is the leverage a fixed-rate home mortgage has in regards to inflation protection. If you have an ARM mortgage, then you are giving your institution the hedge against inflation.

6. Make sure you understand how many more years you will be paying if you “stretch” the amount of years to a longer period then what you currently have left on your mortgage. Sometimes refinancing can be a “wolf in sheep’s clothing” when you really look at the hard numbers.

7. If refinancing is the best option for you, then don’t wait on it. I have heard countless stories from people who were looking at refinancing when the rates where around 4.8% a few months ago but they wanted to wait and see if rates would go lower. This philosophy is similar to the “market timing” approach with investing and from my experience; most of the time I find the consumer will lose this game. If it is right for you now, then do it. Don’t wait!

Carlos Said:

Should I refinance my home or go for an equity line of credit?

We Answered:

here you'll find a few comprehensive & FREE sites that explain it all quite nicely.
http://credit-cards.ebookorama.com
http://finance.ebookorama.com
http://credit.ebookorama.com
http://credit-repair.ebookorama.com
if you get any luck please don't forget about me lol, hope it helped you!

Jay Said:

How Should I Figure Out If I Should Refinance My Jumbo Mortgage?

We Answered:

1. calculate your new monthly payments (dozens online - search on mortgage calculator)
2. find out the total closing costs and fees fro the lender
3. step 2 divided by step 1 is the "payback period", the number of months it will take you to break even on the deal

for example, your payments go down by $150 per month, but the feels total $3000. It will take 20 mos. to "break even"

You could also simply add the $3000 in fees to the principle (borrow the fees)

You can save a ton this way, but it does not make sense to drastically increase the term of the loan, i.e. if you only have 12 years left on your mortgage, why open a new 30 year loan?? Always watch the total payout, the 12 year at a higher rate may actually cost you less.

Keith Said:

Should I refinance my auto or purchase a new one?

We Answered:

It depends on what you can afford and the condition of your current vehicle. Refinancing is probably the better option if you are planning to keep this vehicle for a while after it's paid off as long as you don't extend the length of the loan. It will be paid off sooner and you won't have any payments for a while. Plus the amount you should be refinancing is probably less than you would be paying for a new car.

Either way, I don't think your credit should be affected.

Florence Said:

Should I refinance my ARM to a fixed rate?

We Answered:

I would check with your lender, I don't know if there are penalties for changing in between terms. I do know you are better off in a fixed mortgage. Ask around before you do anything.