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WordNet-Online
Definitions from WordNet | ||||
Definitions from the WebRefinancingDefinition:Refinancing refers to the process of replacing an existing debt obligation with a new loan that has different terms, such as interest rates, payment schedules, or loan durations. This is typically done to obtain better loan terms, lower interest rates, or to consolidate multiple loans into a single one. Senses:Sense 1:As a noun (countable): The act of obtaining a new loan to pay off an existing debt. Example sentence: The homeowner decided to pursue refinancing to take advantage of the current low-interest rates. Sense 2:As a verb (transitive): The action of obtaining a new loan to repay an existing debt obligation. Example sentence: The borrower refinanced their mortgage to secure a lower monthly payment. Sense 3:As a verb (intransitive): The act of restructuring one's debt by replacing it with a new loan. Example sentence: Many individuals decide to refinance when interest rates drop significantly. Usages:Popular usage: Refinancing is commonly used when referring to mortgage loans or auto loans, where borrowers aim to secure better payment terms, lower interest rates, or to tap into the equity built in their property. Local usage: In some regions, refinancing may specifically refer to the action of obtaining a new loan to pay off an existing student loan, educational debt, or business loan. Related products:To learn more about refinancing, you may be interested in the following related products: | ||||
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