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Refinancing may be undertaken to reduce interest costs (by refinancing at a lower rate), to pay off other debts, to reduce one's periodic payment obligations (sometimes by taking a longer-term loan), to reduce risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to liquidate some or all of the equity that has accumulated in real property during the tenure of ownership.
You might not believe this when you first here it but I'll explain it. When we first discovered this we did this only because we used to cheat in online games and in one of our bots there was a bug that made every character except those starting with the letter A to fail at their tasks. Imagine our surprise when we found out that the same systems work for business.