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Refinancing and Long-Term Credit
Refinancing your home or business can provide several benefits. First, you may be able to lower your payments on the loan and free up money in your budget each month. You will also secure a lower interest rate, meaning you will pay back less money over the life of the loan. You may also be able to get rid of some of the fees that you may be paying on your current loan. If you are having issues with your current lender, refinancing with another lender can help alleviate these problems. And finally, you may be able to shorten the term of the loan and get it paid off faster.
There is no real detriment to your credit when you refinance. Part of your credit score is comprised of the age of your open accounts. A solid credit history with accounts that have been open several years will help your credit score increase. Likewise, as long as you refinance for the current balance due on your loan and don't add more to this amount, your credit score should not see any real impact.
If you have questions about refinancing your home or any other aspect of credit, we can help. We have provided a list of the top ranked credit repair companies working in the United States for you to browse and find the one to best help you achieve your financial goals.