refinance

[ ree-fi-nans, ree-fahy-nans ]
/ ˌri fɪˈnæns, riˈfaɪ næns /

verb (used with object), re·fi·nanced, re·fi·nanc·ing.

to finance again.
to satisfy (a debt) by making another loan on new terms: She just refinanced her mortgage.
to increase or change the financing of, as by selling stock or obtaining additional credit.

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Origin of refinance

First recorded in 1905–10; re- + finance
Dictionary.com Unabridged Based on the Random House Unabridged Dictionary, © Random House, Inc. 2020

FINANCIAL

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.

Other terms connected with the topic of refinance

Example sentences from the Web for refinance