Refinance
Definition
Paying off an old loan while simultaneously taking a new one. This may be done to reduce borrowing costs under conditions where the borrower can obtain a new loan at an interest rate below the rate on the existing loan. It may be done to raise cash, as an alternative to a home equity loan. Or it may be done to reduce the monthly payment. For articles on refinancing, see Mortgage Refinancing.
Related Terms Other terms related to 'Refinance' starting with the letter 'R' Rate protection, Rate point options, Rate point breakeven, RESPA, Recast payment Browse by Letter » 1 4 A B C D E F G H I J L M N O P Q R S T U V W Y | 