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At PeoplesBank, we can help you refinance more than just your mortgage.
Refinancing Your Auto Loan
Refinancing isn’t just for mortgages! Lots of people have refinanced their mortgage recently, but have you ever considered refinancing your auto loan? There could be a surprising amount of savings available to you.
Refinancing an auto loan involves taking out a new loan to pay your current auto loan. When you refinance a secured loan, you receive a new loan agreement that includes a new interest rate and an adjusted repayment period. Generally, refinancing helps decrease costs, as the new loan may have a lower interest rate.
Although refinancing could potentially save you money, it is still a major decision you should carefully consider. You may want to consider refinancing your secured car loan if:
- Interest rates have dropped since you borrowed your original loan
- Your credit health has improved
- You want a better offer on your loan
- Making repayments has become challenging for you
Refinancing Your Student Loan
The PA Forward Refinance Loan is a loan designed specifically for those who are in repayment and want assistance with managing their student debt. This loan is meant for:
- Any PA resident or resident of an approved state (DE, MD, NJ, NY, OH, VA, and WV) who is the borrower for the student loans
- Borrowers who are currently in repayment
- U.S. citizens or eligible non-citizens of the U.S.
- Borrowers and/or co-signers who meet the minimum credit requirements
Refinance Your Mortgage
When interest rates are low, it can be a good time to refinance your mortgage and save money. In addition to lowering your monthly payment, refinancing can help you access some of your home’s equity, consolidate debt or change your loan program to a better one. Make sure to factor in all of the closing costs and fees associated with refinancing.
To refinance your mortgage, you’ll want to first:
- Know how much you owe on your mortgage and get an idea of how much your home is worth by using a free website like Zillow or Trulia for an estimated value.
- Research your loan options
- Get pre-qualified online with our quick and easy form
- One of our mortgage representatives will contact you to:
- Determine all the fees and costs
- Gather required documents and paperwork
When you refinance a mortgage in Pennsylvania or Maryland, we will look at your credit score to see how you have handled your finances in the past. A favorable debt ratio can work in your favor, as it demonstrates that you can afford your bills. Banks look for low risk to ensure their money will be repaid over time.
Ready to Refinance?
Contact us today to speak with a lending professional.
