A refinance, or "refi" for short, refers to the process of revising and replacing the terms of an existing credit agreement, usually as it relates to a loan or mortgage.
When a business or an individual decides to refinance a credit obligation, they effectively seek to make favorable changes to their interest rate, payment schedule, and/or other terms outlined in their contract.
If approved, the borrower gets a new contract that takes the place of the original agreement.
Borrowers often choose to refinance when the interest-rate environment changes substantially, causing potential savings on debt payments from a new agreement.
Well, refinance can benefit you in many ways. Such as interest savings, cash out for business, working capital, restructuring your loan repayment and tenure, and many more.
These are a few benefits of refinance:
Tips: When you found out that sometimes banks are offering [FREE MOVING COST] or [FREE LEGAL COST] packages. It's also good timing to sort out whether is it worth it to refinance your house for the above-mentioned benefits.
If you have any more questions, please contact our Advisor for more info.
Specialist in handling clients for their financial journey 8 years banking experience and specialized in Business Loan Consultation for SMEs and Corporate Banking clients. She is also a qualified Financial Advisor for insurance consultation services and Real-Estate Consultant. Formal Ex-banker and Chief Operating Officer of Cuprate Sdn Bhd
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