Other forms: refinancing, refinanced, refinances
To refinance is to replace a loan with a new one on different terms. Refinance the mortgage.
It is done for a lower rate or a longer term, and the second costs more overall. To refinance always has fees, which is what decides whether it is worth doing.
1verbrefinanceTo replace a loan with a new one on different terms.
“They chose to refinance and saved two hundred pounds a month.”
refinance is a replacing.
Latin
fīnis
Middle French
finance
Middle English
finaunce
English
finance
English, today
refinance
Built from
From re- + finance. finance comes from Middle English finaunce, fynaunce, from Anglo-Norman -, Middle French finance, from finer (“to pay ransom”) (whence also English fine (“to pay a penalty”)), from fin (“end”), from Latin fīnis. Original English sense that appeared c. 1400 was “ending”. The sense of “ending or satisfying a debt” originated from French influence: in the sense of “ransom” appeared in the mid 15th century, in the sense of “taxation” appeared in the late 15th century. In the sense of “manage money” first recorded c. 1770.
Etymology from Wiktionary, CC BY-SA