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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.
yĐÄvlog History and Origins
Origin of refinance1
Example Sentences
The group refinanced the club's borrowings on more competitive terms, including ÂŁ350m 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.
Watts said the immediate priority is to stabilise Everton and improve performances on the pitch, adding that most of the club's debt has been turned into equity, repaid or refinanced on more favourable terms.
The company sought a ÂŁ200m government loan guarantee to refinance its borrowings but that was rejected for being too risky for taxpayers.
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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
â[R]efinancing your loans is only useful if you can qualify for a lower interest rate.â
ââWhat Is The Best Way To Pay Off Debt?â . Retrieved March 15, 2020.
âA cash-out refinance means that you refinance your mortgage for more than you owe and take the difference in cash.â
ââKitchen Remodel Financing: 7 Steps For Everything You Need To Knowâ . Retrieved March 15, 2020.
âYou can adjust certain terms of a loan when you refinance, but two factors donât change: You wonât eliminate your original loan balance, and your collateral must remain in place.â
ââWhat Is Refinancing?â . Retrieved August 26, 2020.
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