Borrow Smart & Save
Smart borrowing choices can make a big difference in your savings.
One way to save is to pay the lowest possible interest rate on funds you borrow. Surprised? Let’s walk through some scenarios where interest rates come into play and how you can save.
If you think you’re paying too much interest on your home, talk to your bank or financial advisor about refinancing at a lower interest rate. If you’re a first-time home buyer, take advantage of first-time home buyer rates. Shop around to find a bank that offers you the best rates and options.
- See Today's Mortgage Rates
Home Equity Loan or Line of Credit
If you have equity in your home, a home equity loan or line of credit can be one of the most convenient ways to borrow. Interest rates are often lower than that of other loans and often tax deductible.
Strive to use a credit card with a low interest rate. Also, make sure your card offers a rewards program, such as our CompassPoints® program, so you can make the most of every transaction.
If you have an existing balance on a credit card and you are paying high interest each month, take one of these two approaches:
- Pay the card off quickly.
- Call the credit card company and negotiate a lower rate that you can pay off quicker. According to a survey cited on Kiplinger.com, ninety-three percent of people know they can attempt to negotiate a lower rate, but only twenty-nine percent actually try.
The interest you’re not paying is money that could be in your savings account.
Still not convinced? Some banks, including BBVA Compass, offer a loan savings tool to enter your information and compare to current rates. The tool shows your savings if you refinance or switch to a different type of loan or product. When you see the savings possibilities, you can make an informed decision about whether to make a change.
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