Refinance house Meaning and Definition

Pronunciation

(/ˈriˌfaɪns haus/) 🔊

Part of Speech

Noun

Definition

A home or property that has a mortgage or debt and is being paid off, possibly through a refinancing process, resulting in a new loan with a different interest rate or loan term.

Examples

• The couple refinanced their house to get a better interest rate.
• They refinanced their property to switch from an adjustable-rate to a fixed-rate mortgage.

Synonyms

• Mortgaged property
• Property with debt

Antonyms

• Unmortgaged property
• Property with no debt

Additional Information

Refinancing a house can help homeowners save money by lowering their monthly payments or interest rate. It can also provide an opportunity to tap into the equity built up in the property. Homeowners may choose to refinance their house to switch from an adjustable-rate to a fixed-rate mortgage, or to consolidate debt.

Refinancing a house requires careful consideration of the terms and conditions of the new loan, as well as the potential fees and costs involved. It’s essential to consult with a financial advisor or mortgage professional to determine if refinancing is the right decision for your situation.

Etymology

The term “refinance” originated in the 19th century, derived from the Latin words “re” meaning “again” and “finis” meaning “end” or “termination”.

Usage Notes

In formal contexts, such as financial reports or real estate transactions, the term “refinance house” is used to describe the process of replacing an existing mortgage with a new one.

Cultural References

Refinancing a house is a common theme in popular culture, appearing in movies, TV shows, and literature.

Idiomatic Expressions or Phrases

• “To refinance and consolidate debt”
• “To take out a mortgage and refinance”

Related Words or Phrases

• Mortgage
• Debt
• Loan
• Interest rate

Collocations

• Refinance house with a better interest rate
• Refinance property to reduce debt

Frequency of Use

The term “refinance house” is commonly used in financial and real estate contexts, with an estimated frequency of use of around 1% of all words in business writing.

Common Misspellings

• Re finance house
• Refinence house