Borrowing more money to pay old debt is referred to in finance” Refinance . The common acts that many people turn to includes Peer Share,one of the revolving capital loan,paying for credit cards debt or get cash from credit card to pay for shares.This is only a short-term liquidity solution. In this case interests difference and payment due date of capital and interest no longer important. This is not a right mind set for a long run financial health.It is found many cases that refinance without profit can only increase more debt and makes life more difficult.
However,refinance for people who shoulder home loan is important especially during this time when the interest rises. The difference of interest affects installment.
Practically,to refinance home loan is getting money from new loan to pay off old debt : capital interest and various fees to redeem mortgage security. This process should be arranged with the presence of a land officer. Then this mortgage security can be collateral for the new loan and the process of making the loan agreement should also be completed with the presence of a land officer.
All process stated above would be handled by...
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