What’s the difference between loan consolidation and refinancing?
An example of an AI chatbot conversation about loan consolidation vs refinancing options.
What’s the difference between loan consolidation and refinancing?
Loan consolidation combines multiple loans into one, while refinancing replaces an existing loan with a new one.
Which option is better for reducing my monthly payments?
Loan consolidation may lower your monthly payments by extending the repayment term, but refinancing can also offer lower rates.
Are there any fees associated with either option?
Yes, both options can have fees. Consolidation may have a one-time fee, while refinancing might include closing costs.
How do I decide which option is best for me?
Consider your financial goals, current interest rates, and whether you want to simplify payments or lower your rate.
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