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The market shifts driven by the pandemic caused lenders to become more cautious about the magnitude of uncertainty in real estate. Aside from that, they also get dozens of new loan requests each month, on top of everything else. Understanding the context of its utilization is crucial in comprehending why DSCR is vital.
Loan refinancing refers to the process of applying for a new loan to pay off another outstanding loan. Debtors may decide to refinance their loan because they’re struggling to make their current payments. On the other hand, a debtor may want to refinance their loan to get a longer or shorter term, lower interest rates, or more frequent or lower monthly payments.