Mortgage refinancing worth it Michigan

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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?

    This is the replacement of a client's existing loan with a new one, which he takes from his own or another bank on more favorable terms for himself.

    A prerequisite for refinancing is the repayment of existing loans at the expense of the new loan.

    Refinancing is a tool by which a client closes an old loan with a new one in order to improve conditions. Refinancing is possible in the same bank (if there is such an offer) or in another.