A new report by NerdWallet reveals that 18% of consumers are planning to refinance their loans when interest rates decline further. Experts advise borrowers to carefully evaluate their financial situation and consider factors like credit score, income, and debt levels before applying for a refinance.
About 18% of consumers said they planned to refinance a loan once interest rates go down, according to a report by NerdWallet.half percentage point
Applying to refinance is similar to applying for a mortgage. A change in your financial situation, like a layoff or lower income, or higher debt, could mean you don't qualify. You can refinance within days of closing with some types of loans, while others may require a year's worth of payments, "While there's maybe not a hard limit on how many times you can refinance, you probably don't really want to be doing it that often," he said.
"Otherwise, you put yourself in a situation where you've spent so much money refinancing that your monthly savings don't really account for much," he said."If you're really, really struggling, and say something catastrophic has happened in your life ... instead of a refinance, it may be worth talking about a mortgage modification with your lender," said Channel.
Refinance Interest Rates Mortgage Financial Advice Debt
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Small Businesses Hit By Break-Ins, Experts Offer Tips To Minimize DamageBreak-ins and thefts can impact any small business. Experts advise taking steps like notifying police, documenting damage, filing insurance claims, and strengthening security measures to minimize the impact.
Read more »
How to protect plants during a heat wave: Experts offer adviceAs Southern California contends with the summer's extreme heat, it's important to protect your plants from brutal temperatures.
Read more »
Tips from experts on staying safe, hydrated during SoCal heat waveAs a dangerous heat wave hits Southern California, hospitals and urgent care clinics are bracing for an influx of patients with heat-related illness.
Read more »
Tips for Cargo Biking With Your Kids (2024): Gear and Tips to Ride SafelyYou’ve decided to join the ebiking boom, and so have your kids. Congrats! Here’s the gear and advice you need to ride safely.
Read more »
How EV Range Tips Differ From ICE MPG TipsClean Tech News & Views: EVs, Solar Energy, Batteries
Read more »
In Harris' debate performance, Democrats see an advertising, social media 'gold mine'Harris' expressive reactions offer fresh fodder for campaign ads, experts said.
Read more »