Refinance
Pronunciation: /ˌriːfəˈnæns/
Refinance (verb)
- To change an existing loan by getting a new one, often with different payment terms.
- To arrange new borrowing so payments are smaller or easier to manage, usually by changing interest rates.
- For a company, to replace old debts with new ones to improve cash flow or reduce total costs.
Examples
- She refinances to replace loan terms with better conditions.
- They refinance the mortgage to replace loan terms after a rate change.