What is refinance?
Replacing existing debt with a new loan: to lower the rate, extend the term, or pull out equity. Refinance risk arises when new terms are worse or financing is unavailable at maturity.
Where you will use it: this term comes up in the Real Estate Finance course, and the full course glossary collects every term in one place.
Related terms
From the free Real Estate Finance course by Devon Coombs, CPA, MBA.