28th Oct 2009 by Gary
Refinancing a loan is nothing more than taking out a second loan in order to pay off the first loan. Primarily this is done with mortgages, where raising cash or getting a better interest rate in order to get lower monthly payments is the reason behind it. You have to be aware that there are closing costs connected to refinancing any loan, so must take that into account when making your decision on whether to take those actions or not.
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