Ask the Tree

Auto Q & As

• If you refinance your auto loan (with a new bank or dealership) does that affect your warranty?

  Submitted by Kim H., Charlotte, NC

  No. But by refinancing your auto loan, you may be able to purchase an additional warranty for your car such as GAP coverage or an Extended Warranty.
  

• Can I refinance an auto loan?

  Submitted by Judy R., Lakewood, NY

  Yes. Refinancing an auto loan may be a good idea if you can find a more attractive interest rate or a lower monthly payment. For more information on refinancing an auto loan, chec... Read More

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Credit Q & As

• How do I check my credit?

  Submitted by Rachel W., Blacksburg, VA

  It's important to check your credit regularly to make sure the information about you is accurate. You are entitled to a free copy of your credit report once every year from each o... Read More

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Home Equity Q & As

• Need to put a new roof, siding and gutters on my home. I bought the house for $100,000 and it’s worth $120,000. Still owe about $65,000. I have an excellent credit rating. What’s the best type of loan?

  Submitted by Mark, Mountain View, Arkansas

  You have several options for accessing your home equity. The one that’s best for you depends on your personal situation and preferences. Your options include a cash-out refinan... Read More

• We are looking to get $50,000.00 to do some home renovations. Should we get a heloc, home equity loan or refinance with cash out? Our current mortgage is a 15 year with 9 years left and $120,000.00 left to pay and a 5.375% rate. Our credit is very good, upper 700's. What is our best option?

  Submitted by Pietro, Norridge, IL

  Your best bet is to discuss the details of your particular situation with a certified loan officer or financial planner. A HELOC (home equity line of credit), home equity loan,... Read More

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Mortgage Q & As

• What rebates are available for first-time home buyers in today’s market?

  Submitted by Sandra N., Greenville, SC

  First-time home buyers (or anyone who hasn't owned a home in the last three years) can take advantage of up to an $8,000 tax credit that was enacted as part of the American Recove... Read More

• What is a breakdown of the closing costs? Where does that money go?

  Submitted by Thomas O., Baltimore, MD

  Closing costs are fees associated with closing on a new loan. Closing costs are generally broken out on the Good Faith Estimate (GFE) that a lender provides after receiving your l... Read More

• I am a first-time home buyer and very unfamiliar with the process of purchasing a home. Can you help me understand where I need to start? Should I get a credit report done to see what my price range is? What should I expect in terms of down payment? Any other relevant tips/suggestions for first time home buyers in the Bay Area would be greatly appreciated.

  Submitted by David, San Francisco, CA

  Congratulations on your decision to buy a home! LendingTree has some great resources for first-time home buyers. Check out our pdf Read More

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Personal Finance Q & As

• What home improvements can get me a federal rebate?

  Submitted by Robert P., Newport, VT

  The recent economic stimulus package updated and expanded the federal tax credit for energy-efficient home improvements. Now homeowners can take advantage of a tax credit of up to... Read More

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Refinance Q & As

• Will shopping around for a mortgage hurt my credit?

  Submitted by Mike V., Pittsburgh, PA

  According to Fair Isaac, the company behind the FICO score, your score will not be affected by shopping for a mortgage as long as you do all of your loan shopping within 30 days. ... Read More

• Why are interest rates so variable by day and hour?

  Submitted by Kim H., Charlotte, NC

  Interest rates vary on an hourly and/or daily basis due to constant fluctuations in the market. When industry data is released, for example when the Federal Reserve meets or ... Read More

• What is the difference between the interest rate and APR?

  Submitted by Teri E., Charlotte, NC

  Interest rate is the rate that lenders use to calculate the monthly payment on the loan, while APR (or annual percentage rate) represents both the interest rate and other fees ass... Read More

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