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

Harwell said Ground Control has been in the process of refinancing and seeking loans for about four months. —Alexandra Hardle, The Arizona Republic, 8 Apr. 2024

Must be wanting to refinance and looking for a better deal? —Greg Cote, Miami Herald, 7 Apr. 2024

The bonds sold in 2006 to fund the county’s $425 million share of the $575 million renovations of Kauffman and Arrowhead stadiums were refinanced in 2014. —Mike Hendricks, Kansas City Star, 30 Mar. 2024

The partial claim second mortgage could be ignored until the house was sold, the mortgage was refinanced or the first mortgage was paid off, at which point the partial claim would have to be paid in full. —Jon Healey, Los Angeles Times, 27 Mar. 2024

Of course, consumers can try to refinance their debt after the Fed lowers rates. —Claire Ballentine, Fortune, 15 Mar. 2024

If the spouse elects to refinance the mortgage, that could mean giving up a loan with a historically low interest rate for a new one at 2024 rates, which are a lot higher. —USA TODAY, 29 Jan. 2024

That means banks will have to refinance, extend, or pay off these loans. —Dylan Sloan, Fortune, 14 Mar. 2024

Meanwhile, homeowners who refinanced or bought into pandemic-era ultra-low mortgage rates of 2% or 3% are very reluctant to sell their homes and buy a new one at the prevailing rate of close to 7%: More than 90% of current homeowners have mortgage rates at 6% or below. —Bryan Mena, CNN, 8 Mar. 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)