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What is the difference between refinance and line of credit? |
What is the difference between refinance and line of credit? A line of credit is available credit, which you may use, but need not use. To refinance you borrow money, typically paying off the old loan, and replace it with a new loan. Hopefully the terms of the new loan are more favorable than the terms of the old loan. lign="right" > Sign in to vote! Refinance could be when you already have a loan and you renegotiate the interest rates that you're being charged; or when you ask for a new loan in order to cover your old loan and pay different installments (usually less). A line of credit is practically a loan. Each bank will have different requisites for giving you a line of credit. However lines of credit are usually short term, don't expect a bank to open a line of credit for more than 2 years; sometimes even less. Modified 11 months ago lign="right" > Sign in to vote! http://loans.mamayek.com/loans.html... http://loans.mamayek.com/loans.html... |
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