Refinancing loans

Refinancing Loans

 

What are refinancing loans?

You may have an existing loan on your mortgage and you may have come across new loans that will fulfill your future home needs as well as have better interest rates or flexible tenures. Refinancing loans help you clear your existing loans so that you can take a new loan under new conditions which may be better suited for you. Most of these loans are a matter of change with country, province or state. The economic factors as well as political factors contribute a lot to your refinancing options. Let us take a look at some of the reasons for considering refinancing:

  1. Refinancing LoansYou may consider refinancing loans if you are getting better interest rates than the previous loan.
  2. You can also consider this option if you are looking to consolidate these loans into a single loan. Consolidation of various loans into a single loan will help you reduce your burdens of paying various loans at the same time.
  3. This option is also a safe bet if you want to reduce the monthly repayment option.
  4. You can also switch between floating rate interest to fixed rate interest if you want to reduce the risk through the means of refinancing loans.
  5. You can also have potential tax benefits if you consider this option.

Comparing your options while refinancing loans:     

Always make sure that you check out the various factors of the loan through which you will refinance your existing loan. You need to consider the upfront costs that will you will be obligated. You need to take into consideration the settlement fee, loan establishment fee, mortgage registration fee, loan service and exit fees before you consider the refinancing loans.

Top Banks that provide Refinancing loans:

  1. SoFi
  2. These loans are offered to undergraduate and pot graduate students.
  3. 5, 7,10,15,20 years are offered for repayment options.
  4. You will not be charged any origination fees or prepayment fines
  5. They provide a 2.14-5.94% APR variable rates that are capped at 8.95-9.95% APR.
  6. If you remain unemployed the banks will help you find a job and till then your loans will be paused.
  7. You will also be coached and career support will be given if you are a member.
  8. Earnest
  9. They provide refinancing loans to graduate and undergraduate students.
  10. The rates for these loans are at 2.13-3.50%.
  11. You can choose a tenure between 5-20 years of repayment options so that the loan is completely suited for you.
  12. Refinancing LoansAll the data points will be properly checked and you will be delivered with the lowest possible rate such that you can easily accommodate it in your plan.
  13. You can change your loan features any time you want. You can refinance your loan for free, switch between fixed and variable interest rates, change payment dates and you even have the option to skip a year of payment and make it up the next year without any fines.