Refinance
/ˌriːˈfaɪnæns/
Definitions
- (v.) To obtain a new loan to pay off an existing one, typically to secure better terms.
They decided to refinance their mortgage to lower the interest rate.
Forms
- refinancing
- refinanc
- refinances
- refinanced
Related terms
See also
Commentary
Refinance often implies improved loan terms and may involve fees; precision in contract terms is essential.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.