Question 1

What is refinancing (hva er refinansiering)?

Accepted Answer

Refinancing means replacing one or more existing loans with a new loan on better terms, either to lower the rate, to lower the monthly payment, or to collect several debts into one. The term covers both consumer debt and mortgages, and the Norwegian word for it is refinansiering.

Question 2

What does it cost to refinance a loan (hva koster refinansiering)?

Accepted Answer

The new loan carries an establishment fee, and secured refinancing adds a valuation and a registration cost on top. Weigh those against what a lower rate gives back over the time you have left. Comparing offers through uScore's partner costs you nothing, while the loan itself always has a price.

Question 3

Can you refinance credit card debt and consumer loans?

Accepted Answer

Yes. Collecting several small and expensive debts into one loan is the most common refinancing case, and interest on unsecured debt runs far higher than on debt secured by property, so that is where the room usually sits. uScore matches you to partner lenders willing to consolidate, and says so when consolidating would cost you more than keeping what you have.

Question 4

Who can refinance, and what are the requirements?

Accepted Answer

Stable income and a clean payment history matter most. In uScore's own figures from applications here, an unsecured refinancing loan is in practice not granted below 200 000 kroner in gross yearly income, and permanent work is approved more often than temporary work or a pension. Income is what you state yourself, before tax. An active payment remark, called a betalingsanmerkning, closes the route with almost all partner lenders. The realistic path is then to clear the remark first, or to refinance with security in your home through your own bank.

Question 5

What are the alternatives to refinancing (hvilke alternativer finnes)?

Accepted Answer

Paying extra on the principal, negotiating the rate with your current lender, or, if you own your home, borrowing against the home equity through your own bank. Sometimes keeping the loans you have is the better move, and that is usually the case when the time left is short or the fees eat the saving. The debt overview in uScore lets you see the numbers before you decide.

Question 6

Should you refinance from a variable to a fixed interest rate?

Accepted Answer

A fixed rate buys predictability and costs you flexibility. It can make sense when the budget cannot absorb a rate rise, and less so when you plan to repay early, since breaking a fixed agreement carries a cost. This is a choice you make, and uScore gives you the overview rather than the advice.

Question 7

Is refinancing good or bad?

Accepted Answer

Refinancing is neither in itself. It helps when a lower rate and one bill leave you with a lower cost over the same repayment time, and it works against you when a longer term quietly raises the total. Run the numbers on the whole loan, not on the monthly payment, and the answer for your own case becomes clear.

Debt amount	Monthly cost before	Monthly cost after	Saved per month	Total saved
50 000 kr	993 kr	883 kr	110 kr	9 279 kr
100 000 kr	1 986 kr	1 765 kr	221 kr	18 558 kr
150 000 kr	2 979 kr	2 648 kr	331 kr	27 838 kr
200 000 kr	3 972 kr	3 531 kr	442 kr	37 117 kr
250 000 kr	4 966 kr	4 413 kr	552 kr	46 396 kr
300 000 kr	5 959 kr	5 296 kr	663 kr	55 675 kr

Refinancing

How much can you save by refinancing?

Cut your monthly loan costs with refinancing

See your expected rate before you choose

Personal

Secure

Honest

What exactly does refinancing do?

How to refinance your loans

Recommended by our members

FAQ