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Posted in Auto Loans
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shawnebaby99

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How does refinance work
want to know more about how it works

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I'm no expert, but I thinkg refinancing a loan is pretty much like obtaining a new loan.  You go to a lender, they pull your credit report and scores and tell you what you qualify for and what the interest rate will be.  If you are refinancing a home, the lender may also get an appraisal on the property to see if the house is worth the financed amount, since that would be the collateral for the loan.  Same kind of thing for refinancing a car.  Good luck!

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Reply by
bghoss

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thats correct

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