Refinance
Refinance. Refinancing is the process of replacing an existing loan with a new loan.
Contents |
Expanded Definition
Often the new loan is at a lower interest rate reducing the cost of the loan.
Typically one refinances by filling out an application for a new loan. The borrowed funds are then used to pay off the old loan. But note that some loans charge extra fees for prepayment of the loan. These charges can make refinancing more costly than expected.
RSS Headlines
Fool UK