Why would a bank offer refinancing at a lower interest? Is any money saved at all, or is it just paid on a different timeline?
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One bank is buying your loan from the other one. You should have already of aid down 1/6th of your original purchase price at a higher interest rate. You take out a loan from a different bank for the amount of money you owe if you pay for the loan in full.
You wouldn’t do this unless your new interest rates were a better deal.
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