The process refinancing a loan involves taking out a new loan to pay off the debt of the existing loan. People may choose to refinance an existing loan for a number of reasons – most often to get a lower interest rate.
With a lower interest rate, you could get a lower monthly payment or keep your monthly payment the same and shorten the repayment term to pay off the debt faster. During VacationLand Federal Credit Union's Loan Refinance Special, you may be able to refinance a loan you presently have with another financial institution.
When the time comes to retire, will you be ready?
You’ve probably heard that you should have saved at least $1 million to $1.5 million, or 10 to 12 times your current income. If you’re thinking about retiring, experts say to start planning well in advance of the actual date. You’ll need to think about how much money you’ll need each year after retirement, where you will live, and how long you might live, based on your current health status. Estimating longevity is challenging, but surprisingly, a 65-year-old today might live to be 95!
After the busy, hectic holidays (Thanksgiving, Christmas and New Year), you may experience what’s known as “post-holiday blues” – a term used to describe the melancholy some of us may feel after the revelry has subsided.
Weather-wise, January and February can be cold, fickle months and one might be inclined to hibernate and become less socially active, compared to the whirlwind of family and friends experienced around the winter holidays. What better way to help break out of those doldrums and get out of the house than giving back to your community. After all, you’ve just spent the last couple months constantly being involved and affable. Make an effort to lift your spirits by continuing to be around others and getting out and doing activities you enjoy.