Refinancing is a financial strategy to save money or adjust payment terms. They chose to refinance their loan to reduce the monthly payments.
Pro Tip 2/3
Interest Rates
Refinancing is common when interest rates fall to secure lower rates. To take advantage of lower interest rates, Sarah decided to refinance.
Pro Tip 3/3
Improved Terms
Refinancing aims to negotiate better loan terms, like duration or payment structure. John hopes to refinance his mortgage for a shorter term and save on interest.