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Refinance (Refinancing)
The act or process of applying for and obtaining a new loan with different terms than the existing loan. One or more financial goals may be met through refinancing: paying off or satisfying the existing loan, obtaining a lower interest rate, decreasing the duration of the loan, lowering the total amount paid, and/or reducing the monthly (periodic) payments.
Added: Wed Apr 09 2008
Last Modified: Tue Jun 03 2008
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