Grow Financial Federal Credit Union
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February 9, 2022

Should I Refinance? Benefits of Refinancing Your Mortgage or Auto Loan

You may love your car or your home, but how much are you paying for it? Is your monthly payment more than you think it should be? Are you asking yourself Should I refinance? Consider refinancing your auto loan or mortgage to take advantage of one or more of these benefits:

  • Lower interest rate: Market rates are constantly changing. Whether you got your loan two months ago or two years ago, better interest rates may be available today! Refinancing with a lower rate means you’ll pay less in interest, saving you money over the life of the loan.
  • Lower monthly payment: One of the most popular reasons for a refinance is to get a lower monthly payment. If you’re able to get a lower rate but keep the same term on your loan, your monthly payment could go down significantly, lowering your regular expenses.
  • Fewer monthly payments: When you refinance, you can also choose a new term for your loan. If you’re not concerned about lowering your monthly payment and ditching debt fast is more your style, choose a shorter term. You’ll decrease the total number of payments you’ll have to make, getting you closer to paying off the loan completely.
  • Access to equity: A cash out refinance on a mortgage will allow you to access the equity you have built up in your home. You can get a chunk of cash to help pay for a renovation or other major expense, giving you more flexibility in your spending.

Ready to refinance your auto loan or mortgage?

Apply today! You can contact our team of Real Estate Loan Officers who will walk you through a mortgage refinance and begin the application process, or you can apply for a loan with us and get approved for an auto loan refinance in as little as 60 seconds. We’ll be happy to serve you.

REFINANCE YOUR CAR REFINANCE YOUR HOME

Subject to credit approval.
Grow Financial mortgage loans are valid for the purchase or refinance of owner-occupied residential properties in the states of Florida and South Carolina, including single-family detached, condominiums and townhomes. Not valid for the purchase of investment properties. Grow Financial mortgage loan rates are updated daily and available at growfinancial.org


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