Savings Corner
APRIL 4, 2024
Key takeaways Refinancing replaces your current mortgage with a new one, adjusting the rate, term or both. With refinancing, you can change the loan type as well as your lender. Here’s how refinancing a mortgage works, the common options available to you and pros and cons to consider. What is refinancing?
Savings Corner
DECEMBER 25, 2023
If your home has increased in value since you bought it, you may have more equity than what you’ve accrued from paying down your principal. Most lenders will require you to maintain at least 20% equity in your home. Since it’s a refinance, you’ll be dealing with one loan payment per month. Just one loan.
Savings Corner
APRIL 4, 2024
The steps may vary depending on whether you’re looking for debt consolidation loans , home improvement loans, medical loans or wedding loans. For instance, home improvement loans tend to come with longer repayment terms than emergency loans, and debt consolidation loans tend to have lower starting APRs than general purpose loans.
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