Posted on: 17th Sep, 2013 02:48 am
I need to know the difference between refinance and re-amortize. I need to know which will benefit me more. I am actually looking forward to adjust my monthly payments.
Hi KLR,
Refinance is taking out a new loan with better terms and conditions and pay off an existing loan. This will make you remain liable only for the new refinanced mortgage. On the other hand, re-amortization changes a borrower's monthly payment amount helping the borrower to repay the accrued interest and full principal of a loan by a specific date.
Thanks,
Jerry
Refinance is taking out a new loan with better terms and conditions and pay off an existing loan. This will make you remain liable only for the new refinanced mortgage. On the other hand, re-amortization changes a borrower's monthly payment amount helping the borrower to repay the accrued interest and full principal of a loan by a specific date.
Thanks,
Jerry
Hi KLR,
I guess, in your case, the option of refinancing will be the best.
Thanks
I guess, in your case, the option of refinancing will be the best.
Thanks