Is it possible to refinance a loan in the same bank? How to be reinstalled in your own bank?

If you want to make a loan refinancing, read this article with the information useful for you.

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Rebiling a loan is a demanded service of all commercial banks. It helps to reduce the load on the borrower budget and close several loans at once. Is it profitable and possible to refinance a loan in the same bank? How to do it? Look for answers to these questions in the article below.

Is it possible to refinance a loan in the same bank?

Refinancing is the conclusion of a new credit agreement on more favorable terms, which is intended to repay the loan received earlier, or for other purposes. Is it possible to refinance a loan in the same bank? The answer is unequivocal - yes, you can. These are the most frequent reasons why people turn to their bank again in order to be re -checked:

Saving money, since the interest on the new loan will be much less than the loan received before.
In order to change the currency According to the loan on a more convenient for the borrower.
Increase in the maturity of the loan.

It is worth noting that interest on a long -term loan is much lower than for short -term loans. Therefore, often borrowers make refinancing a credit agreement and draw up, for example, one large loan for a long time to repay several small loans with high percentage taken for a short time.

How to be reinstalled in your own bank?

It is better to contact your bank for re -accepting, in which a loan was previously received. If you make refinancing in another banking institution, then the procedure for drawing up an agreement and other papers in complexity is not inferior to obtaining a mortgage. Therefore, it is more advisable to draw up a new agreement with the same creditor.

So, how is it to be reinstalled in your own bank? Follow the following steps:

Contact specialists in the bankin which you have drawn up a loan agreement.
Provide a package of documents, which were necessary for concluding the contract for the previous time.
Write a refinancing application.

When applying to the same bank, a certificate of payments and the amount of existing debt is not needed, since experts will independently check how the borrower makes payments on the loan in his own database.

Important: If you have a delay in payments, then re -wrapping may refuse.

In addition, the presence of a loan in a particular bank does not give you a guarantee that this financial institution will refinance. The bank may refuse.

It is worth noting that each bank has its own conditions of re -loaming. It must be understood that the interruption of the loan agreement ahead of schedule is most often accompanied by fines and commission. After all, it is unprofitable for the bank to interrupt the agreement, which already exists and lose profit.

Advice: Counting all expenses for the process of re -loan carefully, and if they turn out to be more than the planned benefit, it is better to abandon this procedure.

Often the execution of a loan agreement entails the payment of additional fees that benefits from refinancing insignificant. Therefore, think, consult with specialists at the bank, and only then make a decision whether to refinance a loan or not.