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Refinance Simplified

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Refinance may be defined as the source of fund of any organisation.


It has two meaning :

1. When any organisation gets a new loan whose interest rate is low or more installment of repayment of new loan after replacement of old loan. It is called refinance.

2. If any bank gets loan from other bank for giving loan to customer, it is also called refinance.

Examples 

1. Suppose, you need money for making your house. Its cost is $ 10 Million. You get Loan of $ 10 Million from A bank. Suppose this loan, you have obtained at 15% rate of interest. After sometime, you feel difficulty to pay the interest. You go to B bank and take same loan of $ 10 Million at the rate of interest 10%. Now, this new loan, you are using for paying interest and repaying first loan. So, second loan from B bank is your refinance. In simple words, you have to repay your finance (loan) through another loan.

2. Suppose, SBI bank gives loan of Rs. 50 Lakh to A customer but due to lack of money, if it gets loan of Rs. 50 Lakh from RBI, it will also be refinance.

Types of Refinance 

Refinance a Home Loan

This is most common way of refinance. To repay home loan is very challenging. If you have bought a land and constructed your home with your home loan money. You have to take more loan because total cost of construction of home will be 5 times more than your budget. At same time, you have to repay the installment of home loan. At that time, you can go to refinance companies who can support you by giving you new loan under refinance your home loan with very low amount of installments.

Refinance a Car Loan

If you are unable to pay your first car loan, you can take another car loan for repaying past car loan under refinance a car loan scheme of financial company.

Refinance a Bad Credit Loan

If your repayment of installment record is not good, you can refinance your bad credit loan. For this, your property value must be more than the value of your new loan. Many high risk taking financial company can give you loan at high rate of interest.

Related : Finance Vs Financing 

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Accounting Education: Refinance Simplified
Refinance Simplified
Accounting Education
https://www.svtuition.org/2012/04/refinance-simplified.html
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