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What is the aim of refinancing?

What is the aim of refinancing?

Refinancemeans a change of loan. This is done for two purposes:

1- Change in the interest rate or loan term (Rate and Terms): In this loan change model, the borrower changes his interest rate or shortens or increases the loan term.

2- Receiving cash from home (Cash Out): The borrower receives cash from his house by changing the loan.

What is the aim of refinancing?
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