When is the best time to refinance

The first answer should always be when interest rates are lower than what you have now. But it is not always that simple and reasons for refinancing a loan are always different for everyone.

Refinancing a mortgage or home loan because the rates are down should only be done if you have an open ended mortgage so that you are not going to get hit with a large refinancing fee. 

A large fee could take away any benefit of the lower rates. If you have a closed mortgage and their is approximately 6 months left before you have to renew it would be a good time to refinance because most lenders will not charge you a renewal fee.

If you have a personal loan, multiple loans or you want to get rid of high credit card interest and the rates are down it would be a good idea.

This would increase your monthly cash flow so that you can either put a little down to repay the refinance loan sooner or save for unexpected expenses.

Some people will think about refinancing a loan even if the percentage drops by 1/2 a point. To them every penny that they save in interest is worth it. This can work if you don't mind always heading into the bank, but it usually requires that you have a high credit score.

As far as a home loan mortgage is concerned it is not advisable to refinance unless you see that the rates are going up or that you can lock in for at least a 2% lower rate.

When is it time to refinance a car loan

Boy have I made my mistakes over the years doing that. This is how it started for me. I got out of school, got a job and didn't have a car. I thought I was being financially responsible by going to the bank and making a loan for the cheapest car I could.

Three months later the transmission went. I had to get a another loan to pay for this big repair. I didn't think my car was worth it but I still had to get to work.

My car total car loan is now 4,000 dollars. 6 months after this the engine goes, I have a 4000 dollar loan and need to fix my car. Needless to say I now have a car which is a pile of junk worth 6000 dollars and will probably break down.

What I should have done is gone to my bank and asked for advice. When I finally did this they explained if I would have refinanced the car loan for 6, 000 at that time I would have had a car that would have lasted over the term of the car loan and be much further ahead at the end.

I would have had a car that was still in pretty good shape and been debt free. The moral of this refinance story is go talk to someone that is more knowledgeable and asked for advice on whether you should refinance for a better vehicle or fix it with another loan.

When it comes to automobiles and financing you should always think of what you will have once the loan is repaid. To apply for a refinance car loan go here.

When should you refinance to consolidate credit cards

• Only after you repair your credit history go here for more details.

Normally when we deal with too many finance companies it's all too easy to forget to pay one bill or to have a late payment. This causes more problems than just costing you more money on Interest.

It will often cause your credit rating to go down. This is a very common problem when people have more than two credit cards. You can consolidate with a personal refinance loan or with debt consolidation loan.

This is where refinancing to consolidate makes good financial sense. Debt consolidation is a little different in that people normally use this type of service for credit card debt, student loans, multiple personal loans and too many bills that add up to an unmanageable level.

• Other finance information should should be aware of:

• Types of financing you should consider consolidating or refinancing

• Is personal debt consolidation the type of financing you need.

• Consolidating credit card debt.