verb (used with object), re·fi·nanced, re·fi·nanc·ing.
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Words nearby refinance
What does refinance mean in finance?
To refinance a loan means to replace it with a new loan typically in order to take advantage of more favorable terms, including a lower interest rate and reduced monthly payments, or a longer period of time to repay. By refinancing a loan, a person or business can free up some cash to use for other purposes.
This term is often shortened to the more informal refi.
Examples of refinance in a sentence
“[R]efinancing your loans is only useful if you can qualify for a lower interest rate.”
—”What Is The Best Way To Pay Off Debt?” Rocket Loans. Retrieved March 15, 2020.
“A cash-out refinance means that you refinance your mortgage for more than you owe and take the difference in cash.”
—”Kitchen Remodel Financing: 7 Steps For Everything You Need To Know” Rocket Loans. Retrieved March 15, 2020.
“You can adjust certain terms of a loan when you refinance, but two factors don’t change: You won’t eliminate your original loan balance, and your collateral must remain in place.”
—”What Is Refinancing?” the balance. Retrieved August 26, 2020.
Example sentences from the Web for refinance
Instead, the senator from Massachusetts wants students to be able to refinance federal student loans.Elizabeth Warren Wants to Let You Pay for College Like a Car|Ben Jacobs|February 5, 2014|DAILY BEAST
One congressman asked if his friend should refinance his mortgage.Federal Reserve Chairman Ben Bernanke Testimony Further Calms Markets|William O’Connor|July 17, 2013|DAILY BEAST
Too many families who have never missed a payment and want to refinance are being told no.Full Text and Video of President Obama's 2013 State of the Union Address|Justin Green|February 13, 2013|DAILY BEAST
Lower interest rates are making it far easier for borrowers to refinance their way out of trouble.
Through March 2012, HARP was only permitted to refinance mortgages that were up to 125 percent of the value of a home.New Data Shows HARP Mortgage Refinance Program Is Finally Working|Matthew Zeitlin|October 4, 2012|DAILY BEAST