Q: How does refinancing my loan benefit me?
A: Refinancing is the process of taking out a new loan to pay off one or more outstanding loans. This may offer different terms such as rates, the opportunity to combine loans, different payment amounts and length of repayment, and/or additional cash out.
Q: Will my due date stay the same?
A: Your new due date will be based on your deposit date, but you can always modify it online through your Best Egg account once you’ve registered your account, or by calling once you’ve received your funds.
Q: Can I opt-out after accepting a refinance offer?
A: Yes, but a modification would have to be done. This will void your current offer.
Q: When will I get confirmation of my refinanced loan being paid off?
A: You will receive a Paid-in-Full Email approximately 7 days after the payment posts.
Q: Is there an origination fee?
A: There is an origination fee associated with refinancing your existing loan(s). You will see this fee reflected on the Offers page and confirmed on your Truth in Lending Agreement you must sign to accept the loan offer.
Q: How will the refinanced loan show on my credit report?
A: Your original loan will report as closed with a $0 balance and the new loan will report as a separate, new trade. You can expect to see your credit report reflect this status within 30-60 days.
Q: Do I continue to make payments on my first loan?
A: Any previously scheduled payments, including auto pay, will not be cancelled until the loan being refinanced is paid-in-full. You will know that it has been closed, paid, and any previously schedule payments were cancelled when you receive the confirmation email of payment-in-full.
Q: How long will it take for my refinanced loan to show as paid off on my credit report?
A: You can expect to see your credit report reflect a closed $0 balance status within 30-60 days.