Interest rates are dropping and that will save many of us some money
Wednesday, October 3rd 2001, 12:00 am
By: News On 6
The drop in interest rates will benefit many people. It's a good time to refinance a mortgage - or if you have credit card debt, you could cut that down too. News on Six consumer reporter Diane White looks at the impact of the continuing drop in rates.
Homeowners could soon be saving money. Interest rates are down again and many are ready to reap the benefits. "Rates keep dropping and its just time to go ahead and move - keep our economy moving and do better for myself." So this seven-year homeowner called a mortgage broker - to crunch some numbers. "So you're refinancing..." Refinancing can save you thousands over the long haul, with interest rates as low as 5.65 - for a 15 year mortgage.â€ You can add the closing costs in your financing and you're going to be running about 3 percent of your loan amount - is about what your closing cost is going to be." If you drop at least a point - you'll come out ahead. There are other ways to save. " It's a great time to consolidate debt because your credit cards are 18-21%."
The rate on a consolidation loan will be much lower - 6 to 7%. Lonnie Trecek is sharing his knowledge with KOTV viewers - part of "Ask the Prosâ€. â€œItâ€™s neat to read them and it's neat to answer them." So we asked a question: What paperwork should you bring when applying for a loan. His answer. Recent bank statements, W-2 forms and the last few pay stubs. "That really helps us to evaluate your loan at the time we sit down and take your loan applications. We will need a credit report." And that will get the process in motion.
If you want to ask Lonnie Trecek a question - click on Ask the Pros.
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