Words nearby 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.
How to use refinance in a sentence
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.Covid-19 caused a recession. So why did the housing market boom?|Jerusalem Demsas|February 5, 2021|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.Divvy Homes secures $110M Series C to help renters become homeowners|Mary Ann Azevedo|February 2, 2021|TechCrunch
Later this year, Charlie plans to offer debt refinancing services to users.Charlie launches a mobile app that ‘gamifies’ getting out of debt|Sarah Perez|January 27, 2021|TechCrunch
The worry is that the unprecedented mountain of debt could have to be refinanced at higher yields down the road.
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.Upstart CEO talks major IPO ‘pop,’ A.I. racial bias, and Google|rhhackettfortune|December 18, 2020|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.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.