REFINANCE Meaning and
Definition
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Refinance is a financial term that refers to the process of obtaining new financing to replace an existing loan or debt obligation. It involves the revision of the terms and conditions of an existing loan or mortgage, typically with the aim of obtaining more favorable terms, such as lower interest rates, reduced monthly payments, or extending the repayment period.
When an individual or a business entity chooses to refinance, they essentially pay off their existing loan or debt by taking out a new loan, often from a different lender. This new loan is used to settle the original debt, and the borrower then makes regular payments on the new loan according to the updated terms.
Refinancing can be a strategic financial move that is undertaken to improve one's financial situation. By securing a new loan with more advantageous terms, borrowers often seek to reduce their monthly payments, lower interest expenses, or access additional funds from the equity they have built up in their property or assets.
The decision to refinance depends on various factors, including the current interest rates, creditworthiness of the borrower, the length of time left on the existing loan, and the financial goals of the borrower. Homeowners commonly refinance mortgages to take advantage of lower interest rates or shorten the loan term. Businesses may refinance to increase cash flow, fund expansion plans, or consolidate debts.
Overall, refinancing allows borrowers to modify their existing financial arrangements, potentially resulting in improved financial stability, reduced costs, or increased available funds.
Top Common Misspellings for REFINANCE *
* The statistics data for these misspellings percentages are collected from over 15,411,110 spell check sessions on www.spellchecker.net from Jan 2010 - Jun 2012.
Other Common Misspellings for REFINANCE
Etymology of REFINANCE
The word "refinance" is a combination of two terms: "re-" and "finance".
The prefix "re-" comes from the Latin word "re-", which means "again" or "back". It has the sense of repeating or returning to a previous state or action.
The word "finance" comes from the Old French word "finer", meaning "to pay a fine" or "to settle a debt". It ultimately derives from the Latin word "finis", which means "end" or "boundary".
Therefore, when combined, "refinance" forms a word that describes the act of settling or paying off a debt again or returning to a previous financial arrangement. In modern usage, "refinance" typically refers to the process of obtaining a new loan to replace an existing one, usually with more favorable terms.
Similar spelling word for REFINANCE
Conjugate verb Refinance
CONDITIONAL PERFECT
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CONDITIONAL PERFECT PROGRESSIVE
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CONDITIONAL PRESENT
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CONDITIONAL PRESENT PROGRESSIVE
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FUTURE
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FUTURE CONTINUOUS
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FUTURE PERFECT
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FUTURE PERFECT CONTINUOUS
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IMPERATIVE
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PAST CONTINUOUS
I
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PAST PARTICIPLE
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PAST PERFECT
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PAST PERFECT CONTINUOUS
I
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PRESENT
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PRESENT CONTINUOUS
I
am refinancing
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is refinancing
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PRESENT PARTICIPLE
refinancing
PRESENT PERFECT
I
have refinanced
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have refinanced
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PRESENT PERFECT CONTINUOUS
I
have been refinancing
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have been refinancing
he/she/it
has been refinancing
we
have been refinancing
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have been refinancing
PRESENT SUBJUNCTIVE
he/she/it
refinance
SIMPLE PAST
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refinanced
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refinanced
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refinanced
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refinanced
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