What is Refinancing?

Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms. Refinancing is done to allow a borrower to obtain a better interest term and rate. The first loan is paid off, allowing the second loan to be created, instead of simply making a new mortgage and throwing out the original mortgage.

What are the benefits of Refinancing?

✓ Provides access to working capital

✓ Repayments made at a fixed monthly rate

✓ Uninterrupted use of the asset

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