How Do You Spell REFINANCED?

Pronunciation: [ɹɪfa͡ɪnˈanst] (IPA)

The word "refinanced" is spelled with three syllables and pronounced as /riːˈfaɪnænst/. The first syllable is "ree", and the "i" sounds like "ee". The stress is on the second syllable, "fine", which is pronounced as "fyne". The third syllable is "anced", which is pronounced with a short "a" sound, like "anst". This word is commonly used in the finance industry, and it means to replace an existing loan with a new one that has better terms, usually with a lower interest rate.

REFINANCED Meaning and Definition

1. The term "refinanced" refers to the act of revising or restructuring an existing loan agreement or debt, typically with the aim of obtaining better terms, such as a lower interest rate, extended repayment period, or more favorable conditions. Refinancing allows individuals, businesses, or organizations to replace their current loan or financing arrangement with a new one, usually from a different lender. It serves as a means to alleviate financial burden, reduce costs, or improve cash flow.

   Generally, refinancing occurs in the context of mortgages, car loans, student loans, or other types of credit facilities. When an individual or homeowner refinances a mortgage, they essentially pay off their existing loan with a new one. This can be advantageous if market conditions have changed, as it may enable the borrower to secure a lower interest rate, resulting in reduced monthly payments or overall interest costs over time. Similarly, refinancing a car loan can help borrowers secure more favorable terms or access additional funds through equity in the vehicle.

   The refinancing process usually involves submitting a new loan application, providing necessary documentation, and undergoing a credit evaluation by the potential new lender. This evaluation typically considers the borrower's creditworthiness, income level, employment history, and other relevant factors. If approved, the refinancing agreement supersedes the previous loan and becomes the new legal obligation between the borrower and the lender.

Top Common Misspellings for REFINANCED *

• refinaced 60%
• refianced 20%

* 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 REFINANCED

• refinanace
• refranced
• refianance
• refinnced
• referanced
• refenanced
• refenances
• reminenced
• refinancd
• refinencen
• Refluancey
• refinaiced
• refinancied

Etymology of REFINANCED

The etymology of the word "refinanced" is derived from the combination of two root words: "re-" and "finance".

The prefix "re-" is a Latin word meaning "again" or "back", which indicates repetition or returning to a previous state.

The word "finance" comes from the Old French word "financier", which referred to a person administering monetary affairs. "Finance" itself is ultimately derived from the Latin word "finis", meaning "end" or "settlement". In this context, it refers to managing money, investments, and transactions.

By combining "re-" and "finance", the term "refinance" is formed, and when conjugated into the past tense, it becomes "refinanced". This verb refers to the action of revising or restructuring a financial commitment, such as obtaining a new loan to replace an existing loan with different terms or interest rates.

Similar spelling word for REFINANCED

• refinance.