Refinancing Housing Loan & Mortgage
- Refinancing works by giving a homeowner access to a new mortgage loan which replace its existing one.
- Refinancing homeowners are required to demonstrate that refinance mortgage will result in monthly payment savings.
- In the context of personal finance, refinance multiple debts makes management of the debt easier. If high-interest debt such as credit card debt, personal loan debt is consolidated into the home mortgage, the borrower is able to pay off the remaining debt at mortgage rates over a longer period.
- It is a type of unsecured loan and help to meet your current financial need, you don’t need any security & collateral while availing it.
- Personal loan gives you the flexibility to use the fund as per your convenience and need.
- Personal loan is your solution for instant cash and can be use from traveling, weeding medical, emergency, home renovation or else.
- A business loan is a loan specifically for business purposes, as with all loan, it involves the creation of a debt which will be repaid with added interest.
- Business loan is thus an unsecured loan at an interest rates giving you access to credit that can be paid bank, over an agreed time along with the interest.
- Business loan require an adequate amount of capital to fund startup expenses or pay for expansions. As such, companies take out business loan to gain the financial assistance they need.
Credit Card Loan
- It’s payment card issued by a financial institution for the purpose of payment of goods and services.
- It is basically a small loan because just like a house loan or personal loan, you are essentially borrowing cash from your card issuer that must be paid back.
- Issuer opens a revolving account that grounds the cardholders a line of credit that is used for payment or credit.