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- Renew or reorganize the financing of somethingRefinance means to renew or reorganize the financing of something, usually a loan or mortgage, by making or obtaining another loan on fresh terms1234. Refinancing can be done to satisfy an existing debt, to borrow more money, or to get more favorable terms, such as a lower interest rate, reduced monthly payments, or a longer repayment period134. Refinance is also called remortgage in the UK4.Learn more:✕This summary was generated using AI based on multiple online sources. To view the original source information, use the "Learn more" links.
A refinance, or "refi" for short, refers to the process of revising and replacing the terms of an existing credit agreement, usually as it relates to a loan or mortgage.
www.investopedia.com/terms/r/refinance.asprefinanced; refinancing; refinances Synonyms of refinance transitive + intransitive : to renew or reorganize the financing of something : to provide for (an outstanding indebtedness) by making or obtaining another loan or a larger loan on fresh termswww.merriam-webster.com/dictionary/refinanceverb (used with object),re·fi·nanced,re·fi·nanc·ing. 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.www.dictionary.com/browse/refinanceMeaning of refinance in English refinance verb [ I or T ] US uk / ˌriːˈfaɪ.næns / us / ˌriːˈfaɪ.næns / (UK remortgage) Add to word list to change the terms of a mortgage (= agreement by which you borrow money to buy property) or loan, usually by increasing the amount of it in order to be able to borrow more money:dictionary.cambridge.org/dictionary/english/refinance - People also ask
Refinance: What It Is, How It Works, Types, and Example
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