Should I Refinance My Auto Loan and Mortgage?

Date October 1, 2010

Has this question crossed your mind lately? Have you acted on it? Sometimes we get so busy with our day to day lives and put a lot of things on the back burner. This is one of those things that you shouldn’t put off right now.

Why? Rates are extremely low right now! You could possibly save hundreds, if not thousands, of dollars simply by refinancing your car or home loan.

I challenge you to look at the rate you’re currently paying on your car or home, and then shop for current rates at your local credit union. You can go to MCCU’s Loan Calculator to see how much you can save with a new, lower rate! Plus, most credit unions, including MCCU, won’t charge you to apply for a new loan. Here’s an example of how much you can save on a car loan refinance with MCCU:

Your Rate – 6.00% annual percentage rate

MCCU’s Rate – 2.99% annual percentage rate (restrictions apply)

For a 60-month loan for $20,000, total interest for your loan at 6.00% would be $3,202. Total interest if you refinance with MCCU is $1,558. That’s a total savings of over $1,600!

I won’t quote mortgage rates here since they can change so frequently but they are extremely low right now! Talk to a mortgage broker or loan officer and find out if you can take advantage of these low rates. MCCU offers mortgages – fixed and ARMs (Adjustable Rate Mortgages). We can help you find the product that best fits your current needs.

Take the time to get this done, you’ll be happy you did when you see how much money you may be able to save. If you are already with a credit union, talk to them about their current rates and see if refinancing can help you save money. Otherwise check out MCCU’s current rates and contact us today to see if we can help. As long as you live in California we can help you!

Questions or comments? E-mail me at blogger@matadorsmoneymatters.com.

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