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refinance

[ ree-fi-nans, ree-fahy-nans ]
/ 藢ri f瑟藞n忙ns, ri藞fa瑟 n忙ns /
Finance.
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verb (used with object), re路fi路nanced, re路fi路nanc路ing.
to finance again.
to satisfy (a debt) by taking out another loan typically on more favorable terms, as a lower interest rate and reduced monthly payments, or a longer period of time to repay: She was able to refinance her mortgage to a much lower 30-year fixed interest rate.
to increase or change the financing of, as by selling stock or obtaining additional credit: The university issued bonds to refinance the recent construction of a library and dormitory.
verb (used without object) re路fi路nanced, re路fi路nanc路ing.
to arrange new financing for something.
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Also Informal, refi .

Origin of refinance

First recorded in 1895鈥1900; re- + finance
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, 漏 Random House, Inc. 2021

FINANCIAL

What does聽refinance mean in mortgages?

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

鈥淸R]efinancing your loans is only useful if you can qualify for a lower interest rate.鈥
鈥斺漌hat Is The Best Way To Pay Off Debt?鈥 Rocket Loans. Retrieved March 15, 2020.

鈥淎 cash-out refinance means that you refinance your mortgage for more than you owe and take the difference in cash.鈥
鈥斺滽itchen Remodel Financing: 7 Steps For Everything You Need To Know鈥 Rocket Loans. Retrieved March 15, 2020.

鈥淵ou 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.鈥

鈥斺漌hat Is Refinancing?鈥 the balance. Retrieved August 26, 2020.

Other terms connected with the topic of refinance

How to use refinance in a sentence

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