What is refinancing a loan?
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Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms. ... A loan(debt) might be refinanced for various reasons: To take advantage of a better interest rate (a reduced monthly payment or a reduced term)
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A refinance occurs when a previous loan has been revised in terms of the interest rate & payment schedule .
A refinance involves the re - evaluation of a person credit status .
A refinance involves the re - evaluation of a person credit status .
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