refinancing
The process of paying off an old loan with the proceeds from a new loan secured on the same property, usually for the purpose of lowering monthly payments or interest rates for the borrower.
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The following dictionary definition list is provided for clarification only. Note that many definitions are not directly applicable to mortgages, loans or other financial terminology in this glossary. Used with permission: WordNet 2.1 Copyright 2005 by Princeton University. All rights reserved.
refinancing
Verb: refinance (renew the financing of)
- refinancing -
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