E-LOAN(R), an online consumer direct lender, today announced their "Top Five Year-End Tips" to help consumers find easy ways to save money as they get ready for the New Year.
1. Re-evaluate your home loans like you do your stock portfolio -- mak ure your current loan(s) still make sense.
With the Federal Reserve continuing to increase short-term rates, many homeowners are opting to refinance their variable or adjustable rate mortgages (ARMs) into a more stable fixed-rate loan. For many borrowers, doing so provides long-term predictability and allows them to avoid the pain of climbing interest rates and monthly payments. So, whether you have a Pay Option ARM, short-term ARM or a home equity line of credit, staying on top of changing interest rates and re-evaluating your loan portfolio may save you thousands of dollars over the life of the loan. Numerous financial web sites, such as E-LOAN, provide free calculators and tools that make it easy to evaluate various loan and interest rate scenarios to determine which course of action makes the most financial sense for you.
2. Put a little something extra in your stocking by refinancing your aut oan.
Many consumers think about refinancing their home to save money but don't realize they can also save by refinancing their auto loan. It's quick and easy, and by doing so many consumers can lower their monthly payments and save hundreds of dollars. Consumers who have improved their credit score or were sold a loan at a higher rate than they deserved stand to save the most.
3. Looking to buy a new car? Why not take advantage of the surplus o lightly used cars and save thousands!
With the onslaught of manufacturer rebates and purchase incentives on new cars, dealers across the country have found themselves with a large surplus of used vehicles on their lots -- especially SUV's. For car buyers, this means that if you're willing to get a slightly used car -- say a 2 or 3 year-old model -- you can avoid paying a new car premium and still drive away with that new car smell. Yes, dealers have figured out how to put that priceless new car smell into used models. To make sure you're getting the best deal, be sure to check out consumer sites such as Edmunds.com before you buy.
4. Start a new holiday tradition! Protect your good name and figh dentity theft by ordering your free annual credit report and checkin our credit score.
Why not make it an annual tradition to check your credit reports every December? It's important for all individuals to stay on top of their credit reports so that mistakes or a possible identity theft situation are caught and addressed as soon as possible -- especially because it can take up to six months to correct an error. This is particularly true for those consumers who are planning to make a significant purchase -- like a new home or car -- within the next few months. The information that makes up your credit report is used to determine your credit score, which is often the most important factor lenders use to determine the rate you pay on a loan. So, it's equally important to check, monitor and manage your all-important credit score! Thanks to the Fair and Accurate Credit Transactions Act of 2003, consumers nationwide have access to free credit reports from each of the three credit reporting bureaus. You can go to http://www.annualcreditreport.com to order free copies of your credit reports, and visit http://www.eloan.com/myeloan/viewscore to get your credit score for free. For education and guidance on preventing and resolving identity theft issues, visit http://www.idtheftcenter.org.
5. Save money by sending in your January mortgage payment now and payin our property taxes early!
By paying your property taxes early and making your January mortgage payment before the end of this year, you can enjoy a greater mortgage interest deduction at tax time.* Given that you're probably in the midst of "shopping 'till you drop" this busy holiday shopping season, it may seem unreasonable to think that you could afford to make that early mortgage or property tax payment now. However, with the money you'll save on 2005 taxes, it might be that you can't afford not to!*
*Consult your tax advisor regarding the deductibility of interest payments.
About E-LOAN(R)
E-LOAN is an online consumer direct lender dedicated to providing borrowers with a simple, easy and open way to obtain mortgage, auto loans and home equity loans. Since its launch in 1997, E-LOAN has drawn upon its pro consumer values to improve the lending experience in revolutionary ways. By eliminating the traditional incentive structure to charge consumers higher rates, giving consumers free access to credit scores and eliminating lender fees, E-LOAN is providing a uniquely open, fair and honest loan process. Protecting consumers' financial privacy is also a paramount concern, leading E-LOAN to implement industry leading privacy practices and advocate strong consumer financial privacy protection laws. Consumers have recognized E-LOAN for its trustworthiness and respect for customers. Two independent studies conducted by TRUSTe and The Ponemon Institute ranked E-LOAN as one of the Top 20 Most Trusted Companies for Privacy in America. In another independent study conducted by The Customer Respect Group, E-LOAN received the overall highest rating in the Online Customer Respect Study of North America's largest financial services firms.
E-LOAN has originated and sold over $27 billion in consumer loans. To find out more about E-LOAN and its products and services, logon to http://www.eloan.com or call 1-888-E-LOAN-22. E-LOAN is a wholly owned subsidiary of Popular Financial Holdings, Inc., in turn a wholly owned subsidiary of Popular, Inc., the leading financial institution in Puerto Rico.
For more information:
Keith Bratz
Vice President
Communications
Popular Financial Holdings
856-396-3762