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Refinance

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Dictionary Says

Definition of 'Refinance'

1. When a business or person revises a payment schedule for repaying debt.

2. Replacing an older loan with a new loan offering better terms.
Investopedia Says

Investopedia explains 'Refinance'

When a business refinances, it typically extends the maturity date. When individuals change their monthly payments or modify the rate of interest on their loans, it usually involves a penalty fee.

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