Why do borrowers refinance their loans?
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So there are two key reasons why you might consider refinancing.
The first is that you want to lower the monthly repayment amount, so looking for a lower interest rate can reduce the amount that you're paying monthly.
The second reason is if you want to get ahead on your loan and you want to pay off that loan faster, you might keep your repayments the same.
When you get a lower rate, if you kind of make those repayments at the same amount, you can reduce the amount of time you're paying off your loan and therefore reduce that overall interest you're paying over the loan term.
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