The Federal Reserve just cut interest rates by a half point. That may open up some refinancing opportunities for borrowers, depending on the type loan.
From mortgage refis to credit cards, auto loans and student debt, financial pros break down what you need to know., or 50 basis points, interest rate cut at the end of its two-day meeting Wednesday. And, naturally, some Americans will want to make
Further, most homeowners still have a lower rate on their loan than what they could likely get if they were to refinance now — with the exception of those who bought a house within the last two or three years, according to Jacob Channel, senior economic analyst at LendingTree."There isn't a universal rule for when people should think about refinancing a mortgage," Channel said.
In addition, "if you were paying mostly interest, you might not have enough equity — or any — to really leverage the lower rates," he said, unless you put more cash toward refinancing and take out a smaller loan.Refinancing student debt can come with risks
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