Refinancing: meaning, definitions and examples
🏡
refinancing
[ rɪˈfaɪnənˌsɪŋ ]
financial process
Refinancing is the process of revising a payment schedule for repaying debt. This often involves obtaining a new loan to pay off the original loan, typically to secure better interest rates or terms. Homeowners often refinance their mortgages to take advantage of lower rates or to access home equity.
Synonyms
reloaning, remortgaging, restructuring
Examples of usage
- Many homeowners are considering refinancing their mortgages.
- Refinancing can save you money on interest payments.
- After reviewing her finances, she decided that refinancing was the best option.
- He opted for refinancing to manage his student loan debt more effectively.
Translations
Translations of the word "refinancing" in other languages:
🇵🇹 refinanciamento
🇮🇳 पुनर्वित्तन
🇩🇪 Refinanzierung
🇮🇩 refinancing
🇺🇦 рефінансування
🇵🇱 refinansowanie
🇯🇵 借り換え
🇫🇷 refinancement
🇪🇸 refinanciación
🇹🇷 yeniden finansman
🇰🇷 재융자
🇸🇦 إعادة التمويل
🇨🇿 refinancování
🇸🇰 refinancovanie
🇨🇳 再融资
🇸🇮 refinanciranje
🇮🇸 endurfjármögnun
🇰🇿 қайта қаржыландыру
🇬🇪 გადახედვა
🇦🇿 yenidən maliyyələşdirmə
🇲🇽 refinanciamiento
Word origin
The term 'refinancing' combines the prefix 're-' meaning 'again' or 'anew' with the word 'finance'. The root 'finance' comes from the Middle English 'fianse', derived from the Old French 'financer', which in turn comes from 'finance', meaning 'payment' or 'settlement'. The concept of refinancing has been prevalent since at least the mid-20th century, particularly as the real estate market expanded and interest rates fluctuated. It became increasingly common for homeowners to refinance their mortgages in response to changing economic conditions, seeking to lower their monthly payments or access cash tied up in their home equity. Over time, refinancing has also spread to other types of loans, including student loans and credit lines.