Find answers to questions on refinancing rates

Taking up a new loan to pay off the existing loan sounds a bit odd, but might be a necessary option in case of any inability to pay off debts as per the interest rate and time stipulated in the contract. Read on to find out more about refinancing and current rates.

Answered By Connor Marsh | 2 years ago
  • Q: Do the interest rates vary for public and private financial institutions?

    Interest rates and APR rates will vary according to the type of loan or refinancing taken for any debt. Interest rates will also depend on the bank or financial institution that is providing the refinancing service, be it public or private.

  • Q: How is refinancing different form debt consolidation?

    Debt consolidation refers to compiling all debts lie credit card, loans and other amounts of money which you owe to creditors to be paid off in total, divided over a stipulated period of time. Refinancing refers to taking up a new loan with revised terms and conditions to pay off your existing loan.

  • Q: What are the current refinance rates?

    Refinancing rates will vary according to the type of refinance, which is normally categorized into 30-year fixed rate, 30-year fixed rate FHA, 30-year fixed year VA, 15-year fixed rate and many more. The rates fluctuate between 3.5% to 4.5% which is again dependent on the type of refinancing.

  • Q: What do you mean by the term refinancing?

    Refinancing means replacing your existing debt with a new one, with modified terms and conditions t pay off the old one. This is done when someone is under financial distress and the new debt restructuring might just be the solution to pay off the old one.

  • Q: What is the need for refinancing?

    Refinancing is done to take advantage of a better interest rate, to consolidate other debts into one loan for ease of payments, to free up cash, to reduce the risk of variable interest rates amongst many other reasons.

  • Q: What kind of loans can be refinanced?

    Most common loans which are refinanced for a number of reasons include student loans, credit card balance, auto loan, mortgage and any other bank loans which might need debt restructuring.

  • Q: What should I know before applying for a refinance loan?

    The current loan which is being refinanced will have modified terms and conditions, which include the adjusted rate of interest may be for a longer or shorter duration. The refinance loan will require insurance and consolidation of debts to manage cash flow or equity is one of the options. Do a thorough research before refinancing.

  • Q: Which are the best companies to refinance student loans from?

    Citizens Bank, College AVE, Earnest, iHelp, Mefa, CommonBond, DRB, LendKey, Purefy, SoFi are just some of the names amongst many other which offer student refinancing loans and allied services with an attractive APR rate both fixed and variable.

Looking for a job?

Did not Find an Answer?

Please write to us and our team will get back to you.

askaquestion@findanswers.online

Experts Corner

  • John Wong
    402 Answers
  • Betty Parker
    260 Answers
  • Connor Marsh
    212 Answers
  • Jose Lopez
    151 Answers
  • Isabella Walker
    100 Answers
  • Emily Barnes
    46 Answers