When you refinance your home country loan with MPOWER, the process of conversion and disbursement into U.S. dollars involves several steps:

• Currency conversion and disbursement: Once approved, the refinancing amount in your home country's currency is converted into U.S. dollars based on the current foreign exchange (FX) rate. This converted amount is disbursed via electronic funds transfer (SWIFT- International wire transfer) to pay off your original loan.
• Settlement with original lender: The converted and disbursed amount is used to settle your existing loan with your home country's lender. Depending on the receiving lender, this process typically takes three to five business days.

Are there any fees involved?

Yes, there are fees associated with converting and disbursing a refinance loan:

• Origination fee: A 5% origination fee is added by MPOWER to the disbursed refinanced loan amount.
• Foreign currency exchange rate: The U.S. dollar loan amount disbursed by MPOWER  includes the foreign exchange rate conversion fee. MPOWER does NOT charge a facilitation fee and ensures applicants receive a competitive exchange rate.   
• Premium charge for conversion service: Your home country lender may add a fee for currency conversion and fund transfer services on their end.

When we confirm the outstanding loan balance in your home country, we’ll convert that into U.S. dollars and include the forex markup and conversion premium in the total amount to be refinanced in U.S. dollars. We’ll then calculate the 5% origination fee based on that amount.

Example: If your disbursed loan amount is US$10,000, the origination fee would be US$500, which is 5% of US$10,000. Thus, your total loan amount would be US $10,500.