refinancing definition
Glossary; R ; Refinance ; Refinance What is refinance? Refinance, also called refinancing or refi, is the process by which one loan is replaced by another loan, in most cases with more favorable terms. The new loan is used to pay off the original loan. Refinancing is done to take advantage of lower interest rates, to reduce monthly payments, to consolidate debt, or to free up cash. Deeper definition