Refinancing is a wise decision in crisis situations

INCurrently, 6 out of 10 citizens have resorted to lending services for personal needs or to purchase a home. At the same time, there are situations when it becomes very difficult to manage accumulated debts, associated with various factors:interest rate increase, additional unexpected expenses, inflation. Below we will talk in detail about solving these situations, namely -Refinancing. 

So, refinancing is the issuance of a new loan by a banking institution, the purpose of which is to cover all existing loans, with the possibility of revising the terms and conditions of payments.

Thus, when refinancing you can take advantage of the following advantages:

• the opportunity to receive a grace period during which only interest will be paid (an important advantage for people going through a more difficult financial period);
• the ability to increase the previously requested amount - if additional financing is necessary;
• the ability to negotiate a longer repayment term, which can reduce the monthly rate;
• consolidation of all loans into one, payment of one installment instead of several.

As a result, refinancing could help restructure all credit or mortgage debt into a more comfortable form for the payer, which would help improve his financial situation, as well as improve his psycho-emotional state.

At the same time, when resorting to refinancing services, it is necessary to take into account the following aspects:

• conditions for submitting an application - proof that the income can cover the monthly rate, and if this is not possible - an increase in the repayment period to obtain a lower interest rate;
• the absence of commissions is a positive and very important factor when making a decision on refinancing, read heretariffs;
• possible risks - in the event that payment terms have been exceeded, which may lead to an increase in the amount of payments as part of refinancing by another banking institution or even to a refusal to provide the corresponding service.

In conclusion, it is important to note that with a responsible approach, the refinancing service is an excellent way out of the situation for those who want to reduce monthly payments or combine all loan payments into one, thereby ensuring a stable future.

If you decide to apply for refinancing, all you need to do is leave your contact information on our platformCasahub, after which a consultant will contact youmaib, who will answer all your questions.