refinance

re·fin·ance   (rē'fə-nāns', rē-fī'nāns')    intr. & tr.v.   re·fi·nanced, re·fi·nanc·ing, re·fi·nanc·es To provide new financing or new financing for, as by discharging a mortgage with the proceeds from a new mortgage obtained at a lower interest rate. re·fi'nance' n., re'fi·nan'cer, re'fin·an·cier' (-fĭn-ən-sîr', -fə-nān'-) n.

refinance 

Refinance

1. When a business or person revises their payment schedule for repaying debt.

2. Replacing an older loan with a new loan offering better terms.

Investopedia Commentary

When a business refinances they typically extend the maturity date. When individuals change their monthly payments, or modify the rate of interest on their loan, it usually involves a penalty fee.

See also: Bullet Repayment, Loan, Mortgage, Refunding

refinance

1. To extend the maturity of a loan.

2. See refund.

Main Entry: re·fi·nance
Pronunciation: "rE-f&-'nans, -'fI-"nans
Function: transitive verb
1 : to renew or reorganize the financing of
2 : to revise the terms of (a debt obligation) esp. in regard to interest rate or payment schedule <refinance a mortgage> intransitive verb : to finance something anew