Definition, Meaning & Synonyms

refi

noun

/ˈrɛfaɪ/

Definition

Refi is a colloquial term for refinancing, specifically in the context of loans or mortgages.

Examples

After reviewing their options, they decided to go for a refi to lower their monthly payments.
Many homeowners consider a refi when interest rates drop.
She completed the refi process in just a few weeks, saving a significant amount on her mortgage.

Meaning

To refinance a loan means to replace an existing loan with a new one, usually to obtain better terms such as a lower interest rate or to change the duration of the loan.