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oboloo Glossary

Refinance

oboloo Glossary

Refinance

Refinancing is a financial strategy used to restructure existing debt payments by replacing them with different debt instruments. It allows borrowers to improve their terms and pay off their loan faster. To refinance, you will need to provide evidence of improved financial stability in order to reduce the risk of non-repayment. By refinancing, you may qualify for a lower interest rate or a longer loan term, which can help you save money on your monthly payments. You could also use a cash-out refinance to access equity in your home and use those funds for important projects or other investments. Refinancing can be a smart way to manage your finances and make sure that your hard-earned money works for you.

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