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Refinancing refers to the replacement of an existing debt obligation with another debt obligation under different terms.
A loan or debt might be refinanced for many reasons.
To take advantage of a better interest rate (a reduced monthly payment or a reduced term)
To consolidate other debts into one loan (a potentially longer/shorter term contingent on interest rate differential and fees)
To reduce the monthly repayment amount (often for a longer term, contingent on interest rate differential and fees)
To reduce or alter risk (e.g. switching from a variable-rate to a fixed-rate loan)
To free up cash (often for a longer term, contingent on interest rate differential and fees)
A common form of refinancing is mortgage refinancing which you have to own a property to qualify for a mortgage refinancing.
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If your debt problems seem insurmountable – we can help. At CDMP, our Certified Credit Counsellors have the experience and knowledge to help you get out of debt. During your consultation, we will help you understand what your current financial situation is, how best to fix it, and how to move on to a better life. Call us today for a confidential and free initial consultation – 1.800.379.4249!