The loan refinance is worth depending on the situation of each borrower. Often, it is a necessary resource when you are without assignable margin, but the person needs a new loan.
To learn more about this process and when it’s worth doing, stay with us and we’ll show you all about refinancing.
First of all, it is important to know how the refinancing process works to see if it will be advantageous to hire you. Refinancing a loan is a way to get more margin after you reorganize your current loan.
How it works?
It is usually necessary that the borrower has paid at least 25% of the installments of his current loan. Thus, the bank will take out the remainder of the payout balance, and make a new loan at that amount.
With this, the amount of the new loan will be diluted again in the number of parcels you wish, as long as it is possible to release credit to the applicant. In this way, the amount already paid by the client, minus interest, will be available for a new loan.
Who is it for?
Like the payroll loan, refinancing is also a benefit granted to retirees and pensioners of the INSS and public servants.
Retirees and pensioners can split their refinancing by up to 72 times , and public servants by up to 96 times.
Paula has already paid 25% of her loan of R $ 64,800, which was divided into 72 installments. That is, in 18 installments, it paid about R $ 16,200 and still has R $ 48,600. However, you need a new loan because you want to do a major remodeling in your home, but you have no assignable margin and decide to apply for a refinance. First, the bank will pay Paula’s remaining debt (R $ 48,600). This same amount is again divided into 72 times as a new loan thus releasing assignable margin.
Then the amount already paid by Paula (R $ 16,200), withdrawing the interest paid, is granted to her as a new loan and divided to fit her margin.
When is refinancing loan worth it?
Loan refinancing is an option that in sum boils down to being able to free up credit for those who are already without a margin. Or, those who do not want to compromise a portion of the benefit. In view of this concept, it is important to refinance when it is really necessary to request a new loan. So, you will be taking on a new debt but it has an important purpose.
Often, applying for a loan refinance with few paid installments does not pay. This is because the amount you will be able to redeem with this procedure will be lower, and will not serve you fully.
However, if you need extra cash but do not necessarily need to be a loan, one solution to this is the complementary paycheck deductible credit card. Humbert Humbert has a series of complete contents explaining to you in more detail. Check out:
Complementary withdrawal: Know in which situations to request
Know the advantages of paycheck credit card