I Have Loans, Bills and a Mortgage – What Are My Options?

It’s easy to get carried away with worries these days. Americans have spent weeks adjusting to a new way of living, and many have been focusing on how to modify their budget to accommodate their new normal. With so many options available, it can be difficult to know where to begin.

Whether you have a handful of loans or are interested in getting one, we have pulled together current, useful information on financial options that can be of assistance during this time. This list is your starting point to understanding your financial options that can help lower bills and cover expenses.

Taking Care of Your Finances

If you’re wondering how you can adjust your budget right now to prepare for a future of unknowns, this is a good place to start. Whether your finances have been affected by a change in work schedule or you’d like to cut superfluous costs in order to save more, the first thing to do is review all of your current expenses to identify what can be adjusted (like spending limits and goals). Also, learn about ways to save and available relief options that can help alleviate financial hardship.

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Auto Refinance

If you have a car payment, it may be valuable to explore refinancing options for your auto loan. Whether your original loan was a direct loan or through dealer financing, refinancing can possibly lower your interest rate or loan length, leading to spending less money over the life of the loan and lower monthly payments.

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Personal Lines of Credit

Personal lines of credit are similar to credit cards but often can offer much lower interest rates. For covering short-term needs, many financial institutions offer personal lines of credit which give consumers access to cash or a new payment option.

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Mortgage Refinance

Since the news that the Federal Reserve has cut lending rates, many homeowners have begun investigating whether they can obtain a better rate on their home loan. There are many reasons to refinance a mortgage: You can extend the life of the loan or shorten it, increase payments to pay off your house more quickly or lower monthly payments based on your needs. Because lending rates have gone down, it’s more likely that you’ll be able to obtain a better rate now than what it was just a year or two ago.

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Home Equity Line of Credit (HELOC)

A home equity line of credit allows you to borrow against the equity you have in your home. Approval of a HELOC application will provide you with a line of credit that you can use for consolidating high-interest debt or large expenses, such as home improvement projects. Once your line of credit is approved, you have the flexibility to take only what you need.

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Local and Member Resources

Here in Arizona, many local organizations have gone the extra mile to support their communities. Local First AZ continues to support local businesses and share ideas on how communities can rally around their local organizations. Additionally, banks and credit unions around the Valley have responded by offering accessible offerings and services, even as they have to limit in-branch hours or teller times.

At Desert Financial, we are here to be your guide through this difficult time. Visit our Financial Support Center, or chat with us online, send us a message in Online Banking or call (602) 433-5626. We are here for you!

We’re here to support you!

Visit our Financial Support Center where you can find resources to help you manage and protect your finances in our changing economy.

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The material presented here is for educational purposes only, and is not intended to be used as financial, investment, or legal advice.