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refinance

[ ree-fi-nans, ree-fahy-nans ]

verb (used with object)

, re·fi·nanced, re·fi·nanc·ing.
  1. to finance again.
  2. 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.

  3. 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·fi·nanced, re·fi·nanc·ing.
  1. to arrange new financing for something.
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Word History and Origins

Origin of refinance1

First recorded in 1895–1900; re- + finance
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Example Sentences

Moreover, many folks are choosing to just refinance their mortgage at the new, lower rate rather than deal with trying to find a new home in such a competitive environment.

From Vox

So while lenders were busier than ever, much of that volume was driven by people who already owned homes refinancing with the lower rates.

Later this year, Charlie plans to offer debt refinancing services to users.

The worry is that the unprecedented mountain of debt could have to be refinanced at higher yields down the road.

From Quartz

It’s this happy outcome of doing it, for sure, but I think the primary reason is to refinance debt to a more affordable payment.

From Fortune

A federal Home Affordable Refinance Program paperwork T.P.ing of our residence.

Instead, the senator from Massachusetts wants students to be able to refinance federal student loans.

One congressman asked if his friend should refinance his mortgage.

Too many families who have never missed a payment and want to refinance are being told no.

Lower interest rates are making it far easier for borrowers to refinance their way out of trouble.

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More About Refinance

What does 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

“[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.

Other terms connected with the topic of refinance

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