When It Makes Sense To Refinance Your Life ? Yahoo Finance ...

(NAPSW)?Do you know how much you are paying in interest every month
on your credit cards, auto loan and mortgage? The answer may come as
a surprise; therefore, it could be in your best interest to learn more
about lowering your interest rates.

Many people do not realize how much interest adds to their monthly
payments and how that amount can slow down the rate at which they are
paying off a debt. On average, people can spend about a third of their
annual income on unnecessary high interest rates associated with their
monthly bills, simply because they are unaware that better options are
available.

One way to save money is to refinance with a company that offers you a
lower interest rate. In the case of credit cards, you can consolidate
several cards into one lower interest payment. The best way to get
started is to do a little homework by researching interest rates, then
compare how the rates vary.

Do Your Homework

To learn more about refinancing options, consider these helpful tips:

? Check out and compare interest rates to see what companies are
offering. Much of this information can be found online. Taking the time
to do your homework can really pay off, as some lenders offer rates that
are dramatically lower than the national average.

? Check your local paper for major interest rate fluctuations.

? Ask about closing costs. If you are ready to refinance, be sure
to ask about closing costs, as these can add to your total debt.

? Inquire about fees. When refinancing, ask about fees?you may be
surprised by how much fees can vary!

? Take advantage of discounts, promotions or incentives. Check
into companies that offer a discount for applying online, such as
Pentagon Federal Credit Union (PenFed).

Why PenFed?

A fiscally sound, member-owned credit union that has been lending for
over 75 years, PenFed offers interest rates that are substantially lower
than those the average person can get from commercial banks, especially
if you apply online.

PenFed takes pride in serving over a million members, both civilian and
military, worldwide. There are over 100 ways to join PenFed, and you too
can take advantage of its exceptional rates and member-first service!

Refinance Your Life

Here are just a few of the ways you can use PenFed?s refinancing options
to lower your debt payments:

Mortgage: You could save on your home finance charges by getting an
adjustable mortgage. The credit union delivers a finance rate that is
fixed for five years. The initial rate can change every five years by no
more than two percentage points, up or down, never to exceed five
percentage points above the initial rate.

Credit Cards: You can consolidate and refinance credit cards at a lower
rate. One consolidated payment with a lower interest rate could be lower
than one of your existing payments.

Auto Refinancing: Read the fine print on your car loan note. How much
interest are you paying? It can really add up! PenFed offers refinancing
on auto loans up to $70,000 at attractive low rates. Refinancing is
available for all car models, new or used.

Learn More

PenFed offers a diverse selection of products and services with built-in
value that?s hard to beat; such as mortgages, credit cards, auto loans,
equity loans, consolidation loans, Money Market Certificates, Money
Market Savings, IRAs and much more?including a variety of insurance and
investment-related products.

To learn more about PenFed and membership eligibility, visit www.PenFed.org/lower
or call (800) 247-5626.

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When It Makes Sense To Refinance Your Life ? Yahoo Finance

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