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Refinancing is a process in which you take out a new loan to pay off an old one. It’s an attractive option if interest rates are lower and the repayment term is shorter. Knowing the benefits and disadvantages of refinancing your car loan and mortgage is best so you can make wiser decisions. Below are some things to know about it. Get more info about a mortgage on this webpage.

Debt refinancing is the process of renewing a debt, but you can make the term longer or shorter. A good example is a 30-year mortgage that will be converted into a 15-year one when the financier allows this. This can be done for various reasons, such as getting a lower interest rate, changing the repayment terms, or consolidating multiple credit cards into one.

When refinancing, check a lot of financiers and see what their offers are. Use a calculator …

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