verb
- to replace an existing loan or debt with a new loan, typically with better terms such as a lower interest rate
Usage: finance
Examples
- We decided to refinance our mortgage to get a lower monthly payment.
- The company plans to refinance its debt to reduce interest costs.
- Many homeowners refinanced when interest rates dropped.
- They were able to refinance their car loan at a better rate.
- The bank offered to refinance the business loan with more favorable terms.
- She refinanced her student loans to consolidate multiple payments.