Is refinancing a loan a good idea Connecticut

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Calculation example: with a loan amount of USD 100,000 at 10% per annum, for a period of 1 year, the total amount to be repaid will be equal to: USD 105,499.06, with a monthly payment: USD 8791.59. The consequences of not paying the loan are regulated by the legislation of USA.

    What is refinancing

    Refinancing a loan is an opportunity to quickly repay a debt to one creditor at the expense of another, roughly speaking, to reborrow. The borrower takes a new loan on more favorable terms and fully or partially repays the old one. The new loan may have a lower rate or a lower overpayment.

    If the borrower understands that he is no longer able to pay on the loan, then you need to contact the bank immediately, without leading to delays and fines. By refinancing a loan, a person technically receives a new loan, so the bank will check the credit history before that. If it is bad, then refinancing may be refused or money given at a higher percentage.