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Photo: Vitali Michkou (Shutterstock) Most people know that you can refinance a loan, which involves getting a new loan at better terms and paying off the old loan. Refinancing is most commonly associated with home mortgages, but you can refinance any loan as long as the terms allow for it and you can find a better deal. Refinancing a mortgage is so common it’s pretty much standard advice to new homeowners: Watch interest rates, and refinance if they get a certain level below what you’re paying now. But there’s another option for improving the shape of your debts: repricing. While similar to refinancing, repricing has several distinct advantages that make it worth investigating if you’re looking to reduce the costs or term of your current loan. What is repricing? When you refinance a loan, you generally go to a new lender and originate a fresh loan with better terms. You use the new loan to pay off the old loan, moving your business to another bank. As anyone who’s ever refinanced their mortgage knows, this can be a long, complex process. All that documentation you had to wade through when you took out the original mortgage? All the fees you paid and forms you signed? You pretty much do it all over again. Repricing, on the other hand, keeps the process in the same lender. Basically, you’re going to your bank and saying hey, I noticed you have much better loan terms these days than when I originated my […]