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What is loan refinancing?
Loan refinancing is the process of replacing an existing loan with a new loan with more favorable terms. This may include reducing the interest rate, extending the repayment period or changing the type of loan.
When is the best time to refinance a loan?
The best time to refinance a loan depends on several factors, such as current interest rates, length of loan repayment and current financial situation. It is usually recommended to refinance a loan when interest rates drop by at least 0.5%-1% compared to the existing loan.
How is the interest rate determined?
The interest rate is usually determined based on market conditions, i.e. supply and demand for loans. A bank or other lender takes into account factors such as risk, inflation, currency exchange rates and other factors to determine the interest rate.
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