Federal loan refinancing Florida

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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 a refinancing loan?

    Refinancing is the replacement of an existing loan with a new one taken from a current or new lender on more favorable terms for the borrower. The new bank repays the debt to the old one and becomes a new full-fledged creditor to whom the client must pay the debt.

    Only by taking into account all commissions and additional payments and subtracting them from the cost of on-lending, you can find out its real cost. Some banks protect themselves from the possibility of refinancing by adding a clause in the agreement about a high commission for early repayment. Also, a new lender may increase the cost of insurance or add to the service, for example, a card with a high interest rate.