Posted on: 26th Oct, 2010 09:35 am
I cannot get help from my bank to lower my loan I need to know if I can go to another bank and borrow a home loan to pay off my existing home loan
hi guest
welcome to mortgage fit,
in our finance terminologies we call it refinancing .if your current bank is reluctant to refinance then you can shop around and get the refinancing done.in this case you borrow from new bank and pay all the dues to your old bank.
most people who have good credit score always try to refinance so that they can save good amount on the interest.
feel free to ask any further query if you have.......
dipa
welcome to mortgage fit,
in our finance terminologies we call it refinancing .if your current bank is reluctant to refinance then you can shop around and get the refinancing done.in this case you borrow from new bank and pay all the dues to your old bank.
most people who have good credit score always try to refinance so that they can save good amount on the interest.
feel free to ask any further query if you have.......
dipa
There has to be a valid reason for Bank 1 to decline this opportunity to help you out. What reason have they given you? If it's related to your income, your credit, your equity (or lack) in the home, etc. then you'll find that Bank #2, #3, etc. will be equally reluctant.
