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If I have already refinanced my home or vehicle once, can I do it again?

Yes, you can refinance your home or vehicle more than once and it may be very wise to do so if interest rates are steadily falling.

Can the interest rate on my loan contract be changed?

You may be able to change your interest rate if your contract is set up that way. The best way to find this out is to talk to a professional to see if the change is valid.

Do credit bureaus approve me for a loan?

Credit bureaus provide lenders with copies of your credit report. This is what most lenders base the decision on whether they are going to grant you credit or not. Credit bureaus do not make the decision for the lenders. It is up to that lender to decide what the acceptable criteria is for them.

What does ARM stand for and what does it mean?

ARM stands for Adjustable Rate Mortgage. An ARM is a mortgage in which the interest rate is adjusted at regular intervals based on a pre-determined index.

What is a draw period?

A draw period is the time frame during which you are allowed to use the credit available on your home equity line. When you borrow funds from your line of credit it is referred to as a draw.