noun
- the process of replacing an existing loan or debt with a new loan, typically with better terms such as lower interest rates
Usage: finance
Examples
- The homeowners saved hundreds of dollars monthly through mortgage refinancing.
- Refinancing their student loans helped reduce their overall debt burden.
- The company announced refinancing of its corporate bonds to take advantage of lower rates.
- Many people consider refinancing when interest rates drop significantly.
- The bank offered attractive refinancing options for existing customers.
- Refinancing can extend the loan term but reduce monthly payments.