{"id":25578,"date":"2023-01-13T11:29:00","date_gmt":"2023-01-13T11:29:00","guid":{"rendered":"https:\/\/businessyield.com\/?p=25578"},"modified":"2023-02-07T11:10:09","modified_gmt":"2023-02-07T11:10:09","slug":"refinancing-a-loan","status":"publish","type":"post","link":"https:\/\/businessyield.com\/finance-accounting\/refinancing-a-loan\/","title":{"rendered":"Refinancing A Loan: What It Means & How It Works (Detailed Guide)","gt_translate_keys":[{"key":"rendered","format":"text"}]},"content":{"rendered":"
Refinancing a loan or credit account, such as a mortgage, personal loan, or vehicle loan, is a popular approach to get a bigger discount. However, this guide will help you to know what does it mean to refinance a loan, how refinancing does work with bad credit, its cost, and how it hurt your credit.<\/p>
Let\u2019s begin. <\/p>
Refinancing is the process of altering and modifying the terms of an existing credit agreement, most importantly a loan or mortgage. When a business or individual refinances a credit debt, they are generally aiming to better their interest rate, payment schedule, and\/or other contract terms.<\/p>