Refinance, Glossary and Terms, Depository Institutions & Credit Unions
List of United States Depository Institutions, Credit Unions, Guide Service
"Refinance"
The process of getting a new loan to pay off an existing loan. For example, a borrower may refinance a home mortgage to take advantage of a lower interest rate or to lower monthly payments by extending the length of their mortgage (from 15 to 30 years, for example).