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.
Refinancing an existing loan can help you lower your monthly payments.
During our Loan Refinance Special, we’re offering a $250 Visa gift card at closing AND we’re waiving the processing fees – a $191 savings!
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!