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refinance
[ree-fi-nans, ree-fahy-nans]
verb (used with object)
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)
to arrange new financing for something.
51Թ History and Origins
Origin of refinance1
Example Sentences
And that burden is set to increase in the years ahead because of refinancing and higher interest rates.
In their booths, the agents work through long lists of US phone numbers, some making promotional calls or sales, others calling about debt collection and refinancing.
The group refinanced the club's borrowings on more competitive terms, including £350m debt on the new stadium.
One of the only options is to refinance your private student loans.
The Credit Access Survey by the Federal Reserve Bank of New York showed rising rejection rates for credit cards, mortgages, auto loans, credit card limit extension applications and mortgage loan refinance applications.
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When To Use
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.
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