YOUR HOME
How it Works
Lenders constantly advertise new, competitive interest rates. If you want to switch to a more favorable one, call your bank and ask what fees are involved. Though you will incur the usual closing and legal costs that come with any new mortgage, refinancing will save you money that would otherwise go into your lender's pocket, and will ultimately improve your monthly cash flow.
If You Own
Refinancing your car carries minimal fees (usually under $100), so it can be a quick way to stop paying so much interest each month. (You can also consider using a home-equity loan to pay off your car loan, since the former generally carries lower rates—and is sometimes even tax-deductible.)
YOUR CAR
When to Do It
The new rate should be at least a point lower than your current one to make it worthwhile, and you should be planning to stay in your home for at least a couple of years (so the savings offset the costs). Use a mortgage calculator to crunch your numbers.
An Accountant
Should you want to trade your leased car for a more economical model, try a lease-transfer website like swapalease.com. For a low fee, it will list your car for interested buyers, then help you work through the transfer process with your finance company. But keep in mind that not every lender allows transfers—so check the policy on your lease.
