First Home Equity Loans

The time for a Home Loan Refinance, could be here soon. It is unclear when, but all indicators are it will be sooner than later, that the Federal Reserve will raise the benchmark interest rate by as much as a full percentage point this.

So what does this mean to you and does it make sense to refinance your home today? Using the First Home Equity Loans financial Calculator you can discover what an increase might look like for you and your household.

Test Case: In this test case, we will say that a home that has a variable home loan amount of $400,000 is currently at 3.5% and could experience a 1% increase, moving north to 4.5%. If and when this increase takes place, the homeowner will experience a monthly increase of more than $200 a month , moving from approximately $1,796 to over $2,027.

Click On The Image Below to see how you could be affected…

1 – Home Loan Refinance

If you have an adjustable or variable home loan, you may have already begun to experience an increase in your monthly budget. You might be well served to refinance and lock in a fixed-rate mortgage to reduce the uncertainty of a rate increase.

2 – Refinance Your Private Student Loans

Borrowers with private loans do not qualify for the administrations pause on payments, you can choose to include these debts within a fixed rate loan refinancing option. Check out TISLA for some “Fair, Free, Student Loan Advice”

3 – Reduce Your Credit Card Debt

Did you know that the average credit card interest rate is now about 16%? However, with an interest rate hike credit card rates are expected to raise also, and could be near 17% by the end of the year.

Depending on your credit card limit and the debt you are carrying, you could see your monthly payment raise. So now could be a great time to consider consolidating your credit card debit into a home loan refinance.

4 – Review and Improve Your Credit Score

You have a role to play when it comes the refinance of your home loan. Lenders use your credit score to help determine the interest rate that you will pay. One of the best ways to reduce the interest rate you will pay, is to improve your credit score.

Keep your credit score higher, by maintaining low credit card balances, paying in a timely manner each month.