Refinancing means that you pay off a loan with a new one. People do so in efforts to achieve lower monthly payments and lower interest rates.
When applying for a new loan the creditors will run a hard inquiry on your credit which will have an impact on your Credit score.
Refinancing will also show a closed loan on your report. You’ll start over with a new loan that has a new open date and no payment history. If the previous loan was open for many years after it’s closed it will drastically affect your credit health, especially if you consider how the payment history is used to calculate your overall score.
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