Sometimes Enough Just Isn't Enough Forbes (blog)
After months of bouts of public wrangling and political posturing, Democrats and Republicans ended the debt ceiling debate. And then they offered an essentially ineffectual compromise to the American people, all within the last week.
While the compromise did somewhat avert the country going into default on its debts, it failed to accomplish what investors feared the most: preserving our precious Triple-A credit rating. Standard and Poor’s, this past weekend, officially lowered America’s Triple-A rating down to a Double-A+ rating, creating a new round of finger-pointing and pomposity among the two major parties.
Now, people are wondering, shifting furtive glances at each other: who’s next? The U.S has been downgraded. France and Britain, two more superpowers, are most likely going to follow their lead. The two countries have some questionable habits, as they have proven to grow at extremely slow rates and take a deal from other countries. A surprise downgrade could occur at any time.
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Loan Information : When Is the Best Time to Refinance Your Auto Loan?
The best time to refinance an auto loan is at the end of the lease when a balloon payment is due. Get an installment loan from a bank or credit ...
Mortgage refinance when is the best time ?
Refinancing mortgage is not an easy decision, when is the best time to refinance ?
Interest rates fluctuate together with economy. Depending on what they were at the time of closing the loan, you may have chosen an adjustable rate loan or a fixed rate loan. That means that you get the benefit of keeping low interest rates or modifying the rates to a lower value if you have an adjustable rate loan. If, on the other hand, they were to rise to abnormal values, there is a maximum or “cap” to limit the incidence of rates on the loan. Read more http://refimortgage-online.blogspot.com/
If you're looking to refinance just to refinance you'd be smart to invest most of it elsewhere. But go ahead take some money and go have fun. You've earned it.
I work for a title company and know that one of the biggest factors in refinancing is finding a good loan officer. I have seen many good and many bad ones. If you would like to be referred to a few that I would send my own family to, shoot me an email and I would be glad to share.
Stephanie
here are some suggestions
http://www.ehow.com/how_2002256_time-refinance-mortgage.h
Only refinance if you have an ARM and want to go to a fixed rate; or if you can qualify for a lower rate of 1-2 % points less than your current rate, and if you are going to remain in the house for at least the next 2-5 years. Figure out how much you will actually save per month by refinancing before you sign on the dotted line.
Don't fall for any advertised schemes that offer artificially low rates. Check the list of fees associated with the refinance loan.
Don't take equity out of your house to pay car or credit car debt. Most real estate markets are soft and may remain like this for several more years. If circumstances change and you need to sell quickly, you have the additional debt to repay. Only refinance for the remainder of the original loan. That is the smart way to go.
I want to know when is the best time to refinance a car?
I BOUGHT A TOYOTA YARIS A YEAR AN A HALF AGO. I WANT TO HAVE THE OPTION OF LOWERING THE MONTHLY PAYMENTS. SOME ONE TOLD ME THAT IN ORDER TO DO THAT I MUST REFINANCE MY CAR LOAN. DOES ANY ONE KNOW IF THAT IS THE ANSWER, WHEN IS THE BEST TIME TO DO IT AND WHERE CAN GET HELP TO DO IT?
You asked the right question. You can refinance at any point when you have a loan, but the best time can be tricky.
First, you need to make sure that your credit has gotten better. Get your credit report, review it, and take care of anything out of whack like collections or defaults. You want your credit in the best possible situation.
Next is that you can't be too upside down on your loan. Lenders look at your Loan to Value score which is the calculation: Amount Owed/Car Value. Check http://www.kbb.com for your car value. This number cannot be over 140-150% The lower it is, the better. The closer to 100% the better really.
Finally you need to be sure that you have a good debt to income number. Look at what you owe each month (rent etc) and it's relation to your monthly income. The lender will want to be sure that you can pay for you're new loan. ;)
To lower your payments you will need to refinance your current auto loan, but it's really a quite painless process. If you have any questions about the process let me know. But know that applying for refinance should always be free and not carry any obligation. If you are curious if it's right for you, just apply with a refinancing broker and see. You don't have to take any deal and all they can say is no. And if you ask nicely, they may even give you some pointers on why you weren't approved if that happens.
Best of luck!
http://www.leaseguide.com/Articles/auto-loan-refinance.htm
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It is just another loan.
When is the best time to refinance a car loan?
I recently purchased a new car in November and the dealer told me that I can come back in year when my credit excels a bit to refinance with them. Is this true and do I have the option to refinance with another lender?
Yes, you can often refinance a car loan once you have been good with your payment history.
However, the dealership will not refinance you unless you are trading in for another vehicle.
To refinance you need to go to a bank or credit union. Credit unions are very good about refinance car loans if you qualify.
When is the best time to refinance a 2003 Trailblazer?
i really need to refinance my vehicle and i have made 7 on time payments. when is the best time? (if it matters i am only 20 years old)
allot of times people find better rates (mainly on used vehicles) than the dealer offers. you should start looking for better rates. try a credit union. you need to make sure you don't end up upside down (owing more than the vehicle is worth) or no bank will help you
Bankruptcy will occur within 3 years, and I suggest you learn as much as you can about insurance fraud and forensic investigations.
When do you think would be the best time in 2008 to refinance your home?
I'm on a interest only loan and want to move to a 30 year fix. I'm not really a financial guy, and I'm trying to figure out when would be a good time to make this move.
Rates are really good right now, you probably want to start looking around now.
Remember to compare the whole loan package, not just interest rate. Not getting a good fatih estimate of closing costs so you can compare apples to apples can cost you thousands of dollars.
I am refinancing both of my houses. There are great rates out there right now.
Good luck
When is the best time to refinance your home?
I live in a condo, and we have a 100% mortgage. We have to pay mortgage insurance because it is not under 80%. So now our home is worth 170,000 and we paid 140000 for it, and we bought it in february. Is it bad to refinance this early? Please let me know the pros and cons of doing this. Will it poorly affect my credit? Does it cost alot? etc. etc.
If you are refinancing to remove the mortgage insurance, you may not need to. If you have been in the house over 2 years, have 20% equity, and have conventional mortgage insurance (not FHA loan) you can remove the mortgage insurance simply by having the house reappraised and then showing the lender you now have 20% equity. If the appraisal does not show 20% equity you will need to pay down the loan a bit to get that 20%. Note that the appraisers are usually conservative and the banks may be jerks about removing the insurance but keep at it and you can get it removed (assuming you meet the other standards).
As to when, otherwise, its worth it to refinance - I'd advise thinking long and hard about your situation and what you want to accomplish. If you plan on moving pretty soon (even within a few years) you probably won't get back the costs to refinance to its not worth it. If you have a good interest rate compared to whats available its probably not worth it. Still it you are staying there awhile and have a high interest rate (or varibale rate and want a fixed one or something) it may be worth it.
To find out for sure, figure out what your current rate is, what the new one is, what costs are = and crunch the numbers. Eloan used to be great to figure all this out (and then you can apply for a loan there if you like them - but be sure to compare other places too).
Good luck.
At that time, I woul drecommend you contact your lender about a streamline refinance. It is much simpler and very cost effective.
Watch out for th sharks in here.
If you go to a Mortgage Broker or a bank and refinance then you'll have closing costs all over again which are about as much as the closing costs you paid when you first purchased the condo. Refinancing again should not affect your score that much it might go down a few points or so. MI (mtg insurance) is definitely a waste of money.
Good Luck!
It will actually help your credit as you will show a paid off mortgage as well.
There is always a cost involved- appraisals, title, government charges, etc. but you can write some of that off on your taxes anyways.
Talk to 3-4 brokers and take the best deal on rate and origination fees.
Good luck!
Is it best to refinance or just pay it off on time?
I've gotten offers to refinance my 2008 Jetta. I purchased it in December 2008. My credit is good, but I had a lot of negative equity in a car that didn't keep it's value when I traded it in. Do you think it's best to hold on to my high $450 car note or should I refinace? If I refinace I will be only paying more than it's worth.
Im sorry I purchased it in December 2007
It totally depends on your situation and what the refinance deal is. You bought the car in Dec 2007, you've only made a few payments. Refinancing may be worth it to you, but like the others it'd be best to pay as much as possible on the loan.
My recommendation would be to apply for refinancing and just see what the deal is. You are never under any obligation to take it. If it's not worth it, then just pay on the current loan and keep this car as long as possible.
If it is a good deal for you (not extending the terms, lower rate by a few percentage points), then refinance and keep paying at the $450 rate. This way you'll be paying down faster without taking a hit to your budget. I know a lot of people don't have money to dedicate to paying more on their loan. This might be a way for you to do that.
And yes, some lenders will refinance an overage on the value on the car, just not over the amount of the current loan. Again, this all depends on your specific financial status. Nothing can ever be guaranteed.
Best of Luck
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Save your money, pay it off, drive the jetta until it dissolves into a little heap of rust 20 years from now, and get your money's worth out of it that way.
but you're worried about negative equity, and think that the answer to that is to pay LESS each month? if so, you're an idiot.
don't refinance a car. if they payments are too high, then you should have bought a cheaper car. i would encourage you to pay more than 450 a month to avoid negative equity - that way if you ever get in a pinch, you can at least sell your car and get a few thousand dollars cash.
If so and the rate is better, it can work. Watch out for a loan fee.
what is the best way to determine if it is a good time to refinance your mortgage?
especially if you're on a five year adjustable rate?
It's a comparison of a few different numbers.
(1) The cost of the refinancing. You can get this for free from a lender, or you can look at your previous mortgage for a ballpark figure of how much it will cost. Some banks do "no-cost refinancing" which costs you nothing, but doesn't get you the best possible rate.
(2) The difference in the interest rates *times* your mortgage amount. So if you're looking to lower your rate by 1.5%, for example, on a $300k mortgage, then this number is $4500. That's how much money you'll save per year.
(3) Now divide (1) by (2). That's how many years it'll take to "break-even", after which you'll make money on the decision to refinance. Typically I recommend that people should be fairly certain that they're not going to move for *twice* as long as this number -- because they only *break even* after (1)/(2) years, and you want to refinance only if you're reasonably sure that it'll be a financial advantage for you.
There are other smaller factors like your tax rate, your other itemized deductions, your investment retun on the money you would otherwise spend on the re-finance -- but there's smaller variables than the ones mentioned above.
Good luck,
Doug
When is it the best time to refinance a mortgage???
I have my own thoughts on this, but wanted to hear what others think or have done themselves in the past. Lets say someone has a mortage at 7.5 fixed rate. How far should rates drop before a person should considering refinancing and it really benefitting them???. 1%, 1.5%, 2%
As the first ans. said 1.25% One thing you should try first, call the company currently holding your mortgage and let them know you are going to shop around for a lower rate. We did this and our current company offered us a lower rate with no closing costs. Worth a try.
when will be the best time tor refinance my home?
with the recent interest rates dropping when will be the best time to refinace.....and.....will mortgage companies just drop my rate to keep my business without going thru the whole re-fi process....thanks...wsal46
Now seems to be a good time. I work in the mortgage industry. We had 800 apps for refi's come in on 1 day.