refi


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Refinance

To repay a loan by taking out another loan. Refinancing can allow one to secure a lower interest rate; for example, one can replace a loan at an 8.5% rate with one at 5.5%. In the case of a balloon loan, refinancing can repay the principal if one does not have sufficient funds to do it; that is, if one has made only interest payments over the life of the loan and has not saved the principal amount when the loan comes due, refinancing can prevent bankruptcy. There are two main drawbacks to refinancing. First, there is no certainty that one will be approved for it. One thus takes a risk every time one decides to make only interest payments on a loan or mortgage. Secondly, refinancing generally resets the repayment period; that is, if one refinances six years into a 10 year loan, the one generally repays the new loan over 10 years instead of the remaining four.

refi

Shorthand for refinance.

References in periodicals archive ?
We then arbitrarily picked an [[xi].sup.(0).sub.i] as [[??].sub.old] and implemented REFI with tol = [10.sup.-15].
“When thousands of small business owners across this nation are struggling with high interest rates on loans for commercial buildings and an inability to finance additional working capital, this refi program is phenomenal,” said Chris Hurn, CEO of Mercantile Capital Corp.
Mae enghreifftiau o'i waith i'w gweld ar wal yr anifeiliaid Castell Caerdydd; ar ffurf cofgolofnau mewn pent refi a threfi led led Cymru i'r rhai a gollodd eu bywydau mewn rhyfel,gan gynnwys cofeb Port Sunlight; cofeb Evan a James James ym Mharc Ynys Angharad,Pontypridd a'r cerflun o Dewi Sant a sa if yn Neuadd y Ddinas,Caerdydd.
However, as part of the process of adjustment toward a common official interest rate, the rate hikes will be more modest in Sweden than in the euro zone, and by the end of 2005 the repo and refi rates will have fully converged (see Diagram 37).
The deal's previous annual interest rate was 9.5 percent, which has been reduced in this refi.
| Tomorrow: EU: ECB rate announcement At last month's meeting the ECB finally cut the refi rate by 25bps to 0.5%, but kept the deposit rate at 0.0% in a unanimous decision while the balance of risks was kept unchanged.
Powered by a stronger-than-expected refi boom this year, the Mortgage Bankers Association (MBA) forecast released at MBA's annual convention anticipates 2012 full-year origination volume coming in at $1.691 trillion.
The last rate reduction took place on November 8, 2001 when the ECB cut its main refinancing rate to 3.25%, the fourth reduction in 2001.--The Refi is the ECB's main tool for credit management in the Euro-zone.
That left the Fed with little alternative but to add another gradual hike next week, which could be pushing some home buyers off the fence given low unemployment and rising wages, combined with low inventories, even as it is drying up refi demand.
But when the recession hit, the actor fell behind in payments on the $1.5 million refi, according to the dow jones.
ECB: Rate Announcement A change in policy from the ECB this month is considered unlikely, with the refi rate likely to remain on hold at 0.75% and the deposit rate at 0.0%.
The average credit score for FHA refi loans that closed in June 20 1 2 was 716, while the average for FHA purchase loans closed in that month was 701.