Has anyone know what is loan refinance?

[mcaronan]

Hi peeps,


I would like to ask you guys, specially the experts, about loan refinance.

What is loan refinance?
How it works?
Is it the best option for people who have bad credit?


Thanks in advance..

[Answerman]

My name is Answerman and I am new here. You'll notice that my name is not Alwaysrightanswerman. I have been in the mortgage industry for over 10 years. You have asked a very open-ended question that requires much more information to address your situation.
Typically a refinance is taking out a new loan to replace the one you currently have. Usually people do it to access some or all of the equity in their real estate investment. Another reason is to lower the repayment amount or lower the monthly payment or both.
It is harder to do with poor credit and you won't get as good a deal as those with good credit. If you wish you can contact me with your specific details and I may be able to help clarify. One thing to remember is that rule of thumb does not apply. Each situation is different and not everyone's goals are the same.

[mcaronan]

Actually im a writer that needs information about refinancing loans. I want an in depth research for me to finalize my writings. Meaning I want to know more from a certified broker or something like that..


Thanks for the reply.. :cool::cool:

[mcaronan]

hey answerman, guess what? I created an article about refinance.. thanks a lot dude..:cool:

[angie1313]

Where can we read the article?? :)

[lucybethany]

Loan refinance is to swap out your old loan with a more favorable loan. The new loan pays off the old loan, so you just make payments on the newer (presumably better) loan. Sometimes a borrower will borrow a little extra during refinancing to take some equity out of an asset (known as "cash out" refinancing).


:D----:o