refinance (redirected from refinanced)

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.

Notes:

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

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refinance

1. To extend the maturity of a loan.

2. See refund.