refinance
Americanverb (used with object)
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to finance again.
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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.
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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)
Usage
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.
Etymology
Origin of refinance
Example Sentences
Examples are provided to illustrate real-world usage of words in context. Any opinions expressed do not reflect the views of Dictionary.com.
They often aggressively seek to refinance customers at lower rates, because doing so represents another transaction.
Lenders, real-estate agents and economists say the drop could lure more buyers into the market and spur a jump in refinance applications for homeowners who bought when rates were higher.
It is also expected to spur a jump in refinance applications for homeowners who bought in recent years when rates were higher.
For example, he was defrauded and had to refinance his house after losing money.
From MarketWatch
Easy, recurring savings can often be accessed by switching cell phone or internet plans or insurance companies, or by refinancing a car loan, he said.
From MarketWatch
Definitions and idiom definitions from Dictionary.com Unabridged, based on the Random House Unabridged Dictionary, © Random House, Inc. 2023
Idioms from The American Heritage® Idioms Dictionary copyright © 2002, 2001, 1995 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company.
