Recent Examples of refinance from the Web
Senate Bill 2 from state Sen. Toni Atkins of San Diego would generate roughly $250 million per year through a fee on real estate transactions, such as mortgage refinances.
Besides, there was always another chance to refinance.
That’s made both older buyers who would traditionally look to downsize and younger buyers who want bigger houses more willing to refinance, remodel or find another way to make their current house work.
State police investigators learned that the title insurance company never received the $300,000 needed fso the couple could refinance their Essex home, the affidavit says.
SoFi started off in 2011 offering student loan refinancing to graduates of top-tier schools such as Stanford University, but has since expanded into offering mortgages, personal loans and wealth management.
The Wall Street Journal, citing unidentified sources, recently reported that Bon-Ton has hired the restructuring firm PJT Partners to consider how the retailer could refinance debt and prepare for a possible bankruptcy filing.
Retail Wrap: Meyerland Plaza gets $93 million loan for refinancingThe deal represents the final purchase for the fund.
Around the same time, Barrack helped Manafort, loaning Trump's future campaign manager $1.5 million to refinance a home in the Hamptons.
These example sentences are selected automatically from various online news sources to reflect current usage of the word 'refinance.' Views expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us feedback.
First Known Use of refinance
Financial Definition of REFINANCE
How It Works
Financing involves borrowing a specific amount of money over a length of time at an agreed-upon interest rate. Payments on the debt are divided between interest and principal. If circumstances change, for example, the length of time needed to repay the debt is longer and the lender agrees, the loan may be refinanced, extending the term and lowering the period payments (because they are extended over a longer period of time.) If interest rates change, the debt may be refinanced using a lower interest rate.
For example, the $150,000 loan below is shown with a term of 15 years at 8% per year. By year 5, the market interest rate drops to 5%. When the loan is refinanced over the balance of the term, for example, the savings in principal and interest payments on the loan will be over 32,000.
Refinancing may also convert an adjustable rate mortgage to a fix rate mortgage, reducing the interest rate risk to the borrower.
Why It Matters
Refinancing may be restricted on debts containing "call provisions," requiring a penalty payment in the event of a refinancing. In addition, a refinancing usually requires a closing and transaction fee that may be expensive. As a result, it is important to calculate the present value (the value in today's dollars) of the savings and compare it to the closing costs of the refinancing.
REFINANCE Defined for English Language Learners
legal Definition of refinance
- refinance a mortgage
Seen and Heard
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