Best refinance rates Meaning and Definition
Best refinance rates
Pronunciation
/ˈbest ˈrefiˈnans ˈreɪts/
Part of Speech
Noun
Definition
A quotation for the lowest available interest rate offered by a lender for refinancing a mortgage loan, with the goal of reducing the loan’s monthly payments or overall cost.
Examples
- After shopping around, John found the best refinance rates at a local credit union.
- The online lender promised to provide the best refinance rates for clients who met certain credit criteria.
Synonyms
- Lender rate
- Mortgage quote
Antonyms
- High interest rate
- Exorbitant fee
Etymology
The term “refinance” originated from the Latin “re” meaning “again” and “finis” meaning “finish” or “completion”. The concept of refinancing dates back to ancient times, when transactions and debts were renegotiated to adjust terms and interest rates.
Usage Notes
When negotiating for the best refinance rates, it’s essential to understand the loan terms and conditions, including the interest rate, fees, and repayment terms.
Cultural References
In the 1997 film “The Game”, the main character, Michael Douglas, uses the phrase “best refinance rates” to negotiate a better deal on his mortgage.
Idiomatic Expressions or Phrases
There are no commonly used idiomatic expressions or phrases that include the term “best refinance rates”. This term is typically used in formal financial contexts.
Related Words or Phrases
- Mortgage rates
- Loan terms
- Borrowing options
Collocations
- Best refinance rates for a 30-year mortgage
- Comparing the best refinance rates
- Getting the best refinance rates on a home loan
Frequency of Use
The term “best refinance rates” is commonly used in financial and business contexts, particularly in discussions related to mortgage lending and refinancing.
Common Misspellings
- Refinance rate
- Refinance rate quotes
- Best refinance rate