zoner(13:27:04)
but if the interest is a lower amount than with the previous bank, both you and the new bank win, and the old bank is like, ok, i got all my money back, but i didn't get the sweet-sweet interest. oh well!
zoner(13:26:26)
refinancing involved getting another bank to use all their money to pay the rest of what you owe on your loan, and then make you pay THEM back, and they now collect the interest
Rapture(13:25:41)
bank doesnt give me money. they say I'm freelancer. no matter if I have 1$ or 1M$ on bank account, no loan for me
zoner(13:24:55)
so if you are lucky or do things right, you "lock in" a good rate, and ride that out, even if interest rates for people getting new loans are much higher