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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That was my favorite part of being a branch manager. I could take people from a higher interest loan, bring it over to my bank at a cheaper interest rate, and save them money while our branch made money.
The best I ever did for someone is take 13 credit cards, not exaggerating and consolidate them into one home loan. Lowered his payments to 200 bucks a month, much cheaper interest rate, and a light at the end of a tunnel. All cards were closed as well. He made payments on all of them so his credit score was still high.
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