refinance

verb

re·​fi·​nance ˌrē-fə-ˈnan(t)s 

(ˌ)rē-ˈfī-ˌnan(t)s,

ˌrē-(ˌ)fī-ˈnan(t)s

refinanced; refinancing; refinances

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 terms

refinance a mortgage

With rates tumbling, pay a little more now and retain the flexibility to refinance again next year.

—Daniel Kadlec

Examples of refinance in a Sentence

Recent Examples on the Web

People often refinance to get more favorable terms, like a lower APR. —Byard Duncan, ProPublica, 12 Sep. 2024

In the aftermath of the pandemic, many existing homeowners refinanced their mortgage when interest rates hit rock bottom and pocketed the difference as a lump sum. —Jessica Dickler, CNBC, 11 Sep. 2024

In exchange, the state receives the original loan amount plus 20% of the appreciated gain when the home is refinanced, sold, or transferred. —Kenneth Schrupp | The Center Square, Washington Examiner - Political News and Conservative Analysis About Congress, the President, and the Federal Government, 9 Sep. 2024

Instead, when the mortgage is refinanced or the house is sold again, the borrower pays back the original the loan, plus 20% of the increase in the home’s value since the borrower purchased it. —Karen Garcia, Los Angeles Times, 6 Sep. 2024

Word History

First Known Use

1995, in the meaning defined above

Legal Definition

refinance

1 of 2 transitive verb

re·​fi·​nance ˌrē-fə-ˈnans, -ˈfī-ˌnans 

1

: to renew or reorganize the financing of

2

: to revise the terms of (a debt obligation) especially in regard to interest rate or payment schedule

refinance a mortgage

intransitive verb

: to finance something anew

refinance

2 of 2 noun

: a financing of something anew

especially : a revision of the terms of a debt obligation (as a mortgage)