Reducing Monthly Bills by Refinancing - KTEN.com - Texoma news, weather and sports

KTEN MoneyWatch Series

Reducing Monthly Bills by Refinancing

Posted:

A new series on how to save money by reducing your monthly bills. Monday's report applies to homeowners. KTEN's Deeda Payton spoke to a local home lender about consolidating debt and knowing when to refinance.

It's that time of year again, tax statements are coming in, the year is winding down and you need to decide what financially makes sense for you.

Michelle Castle, a Mortgage Lender for Network Funding in Denison, says refinancing is a great idea if you have enough equity.  She says rates are low and even with the cost of refinancing you might be able to save yourself some money, if your rate is seven percent or more.

"Refinancing is great to do at the end of the year because you've got your taxes that you know if your taxes have changed. It's a great way to save money on your interest rate, lower your payment and get your tax escrow account straightened back up so it doesn't cost you a couple a hundred dollars in a couple of months."

Castle wants to remind those of you with escrowed loans, loans that include their taxes and insurance in the monthly payment, to pay close attention to your tax statements you are just now receiving.

If your taxes have gone up, you need to be prepared to write a check for the difference or expect your payment to increase enough to cover the shortage for 2008 and the increase for 2009.

Castle also advises against using online home lenders to refinance. She says there are plenty of experienced mortgage lenders in the area and they all get the same rates.

Deeda Payton, KTEN News.

  • KTEN MoneyWatch SeriesMoney watch Series: Reducing Monthly Bills by RefinancingMore>>

  • KTEN MoneyWatch Series

    Ways to Save on Car Payments

    Ways to Save on Car Payments

    Friday, December 12 2008 6:34 PM EST2008-12-12 23:34:12 GMT
    Today another installment of our series focused on saving you money. KTEN's Deeda Payton has tips for lowering your monthly car payments. After researching and speaking with local dealerships, I compiled a list of the most efficient ways to cut down your car payment. More >>
  • KTEN MoneyWatch Series

    Cutting Your TV Bill

    Cutting Your TV Bill

    Thursday, December 11 2008 6:22 PM EST2008-12-11 23:22:31 GMT
    In Thursday's KTEN Moneywatch we continue our series geared toward saving you money on your monthly expenses.  KTEN's Deeda Payton has ways to save on your TV bill. More >>
  • KTEN MoneyWatch Series

    How to Lower Your Electric Bill This Winter

    How to Lower Your Electric Bill This Winter

    Wednesday, December 10 2008 7:20 PM EST2008-12-11 00:20:21 GMT
    We continue our MoneyWatch series on helping you find ways to lower some of your major bills.  Monday we told you how to lower you mortgage payments. Now, how to lower your electric bill. KTEN's Meredith Saldana has tips and spoke to consumers to see what they do to cut costs.More >>
  • NewsMore>>

  • Clear the Shelters: Pet connections in Ardmore

    Clear the Shelters: Pet connections in Ardmore

    This sweet dog found a new owner at the 2019 Clear the Shelters event at Ardmore Animal Care. (KTEN)This sweet dog found a new owner at the 2019 Clear the Shelters event at Ardmore Animal Care. (KTEN)
    This sweet dog found a new owner at the 2019 Clear the Shelters event at Ardmore Animal Care. (KTEN)This sweet dog found a new owner at the 2019 Clear the Shelters event at Ardmore Animal Care. (KTEN)

    In the first hour alone, 30 animals were adopted at Ardmore Animal Care.

    More >>

    In the first hour alone, 30 animals were adopted at Ardmore Animal Care.

    More >>
  • BLOG: Clear the Shelters with KTEN

    BLOG: Clear the Shelters with KTEN

    KTEN meteorologists Alana Cameron and Amber Nowaski with some adorable adoptables at the Denison Animal Welfare Group. (KTEN)KTEN meteorologists Alana Cameron and Amber Nowaski with some adorable adoptables at the Denison Animal Welfare Group. (KTEN)
    KTEN meteorologists Alana Cameron and Amber Nowaski with some adorable adoptables at the Denison Animal Welfare Group. (KTEN)KTEN meteorologists Alana Cameron and Amber Nowaski with some adorable adoptables at the Denison Animal Welfare Group. (KTEN)

    Here are the latest dispatches from our personnel visiting the four Texoma animal shelters offering special incentives for pet adoptions on Saturday.

    More >>

    Here are the latest dispatches from our personnel visiting the four Texoma animal shelters offering special incentives for pet adoptions on Saturday.

    More >>
  • Clear the Shelters today with KTEN

    Clear the Shelters today with KTEN

    Thursday, August 1 2019 10:27 AM EDT2019-08-01 14:27:07 GMT
    Saturday, August 17 2019 1:28 PM EDT2019-08-17 17:28:21 GMT
    Another dog adopted at the Denison Animal Welfare Group at the 2019 Clear the Shelters event. (KTEN)Another dog adopted at the Denison Animal Welfare Group at the 2019 Clear the Shelters event. (KTEN)
    Another dog adopted at the Denison Animal Welfare Group at the 2019 Clear the Shelters event. (KTEN)Another dog adopted at the Denison Animal Welfare Group at the 2019 Clear the Shelters event. (KTEN)

    For the third consecutive year, KTEN is participating in a national adoption drive that matched up more than 76,000 pets with loving new homes last year.

    More >>

    For the third consecutive year, KTEN is participating in a national adoption drive that matched up more than 76,000 pets with loving new homes last year.

    More >>