Time To Refinance – But Not Your Home

If you were smart, you have already refinanced your home loan to a lower rate (and if you haven’t, then it’s time to get on the ball and do so), but with interest rates now rising, it’s not likely that refinancing is going to bring the savings that it has in the past. That is, unless you begin to refinancing other aspects of your personal finances.

Rates on a number of different types of insurance policies have been falling with stiffer competition and more people willing to shop around. For example, experts say that term life insurance rates have been falling and are expected to continue to do so through 2006. A similar trend has been seen with car insurance in certain par


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5 Responses to Time To Refinance – But Not Your Home

  1. thc says:

    Life insurance premiums are cheaper, not due to competition, but because life expectancies are longer.

  2. Pingback: AllThingsFinancial

  3. hgstern says:

    Good post, and well-written. I think you glossed over a few key points (no crime in that; don’t need a 15 page post) that one should keep in mind:

    It’s true that, for a given risk (person), life insurance rates have come down substantially over the past few years. As THC notes, mortality plays a part, but it is not the only (or most important) reason. Having said that, though, it does not follow that *your* insurance will be cheaper now than before: underwriting has really stiffened up, and if you’re not the *ideal* height and weight, or you’ve got “a little cholesterol,” or you have a family history of cancer, you may be unpleasantly surprised.

    It never hurts to shop around, of course, but be aware that the on-line quote marts will give you generic rates which don’t take most of these factors into account. And no matter *what* you do, don’t cancel your existing plan until the new one has been approved and you’ve had a chance to look it over.

    Happy New Year!

  4. LSD says:

    Shopping around for better insurance is not “refinancing”. Do you want to refinance your internet connection as well? 😛

    Always a good idea to shop around.

  5. pfadvice says:

    Shopping around for better insurance is not “refinancing

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