Refinancing means you are replacing one loan with a brand new loan at a new company.This means you will have a brand new rate and new term. Most do it to save money.
The type of loan refers to the types of loans refinance companies offer: fixed, variable and specialty. The term means how long you have to repay the loan.
Lenders want you to verify items like your income, graduation, and loan information. He will then wait a week or two for the refinance to be processed.