Calculate seven times and submit a loan restructuring application once
When not to refinance
If more than half of the principal has been repaid, it is most likely unprofitable to refinance an existing loan. Then there are two cases in which the procedure can remain relevant for the customer:
If there is a significant difference in interest rates, you can still save;
If the amount of monthly contributions is uncomfortable, the contributions can be reduced if a new contract with a longer term is signed.
But do not forget that concluding a new loan agreement usually requires certain costs. For example, insurance, revaluation and re-registration of collateral, fees for interbank transfers, etc.
Before purchasing the service, you need to carefully read the proposed plan, check if there are additional paid services and calculate the amount of possible fees.
If you have to spend more money on the transaction than to pay the remaining interest on the current debt, then refinancing does not bring financial benefits, but only takes away the borrower's time.
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The main purpose of restructuring loans by financial institutions