refinance
//ˌriːˈfaɪnæns//
Verb
refinanceInfinitive
refinancedPast tense
refinancedPast participle
refinancingPresent participle
refinancesThird-person singular
1
To replace an existing loan or debt with a new one, typically with different terms such as a lower interest rate or extended repayment period.
We decided to refinance our mortgage to get a lower interest rate.
2
To obtain new financing for a property, business, or asset by paying off the original loan.
We decided to refinance our house to get a lower interest rate.