Definition, Meaning & Synonyms

refinance

verb

/ˌriːfaɪˈnæns/

Definition

To finance something again, typically to obtain better terms.

Examples

Many homeowners choose to refinance their mortgage to take advantage of lower interest rates.
After reviewing his finances, he decided to refinance his student loans for a more manageable payment plan.
She was able to refinance her car loan at a significantly lower rate.

Meaning

Refinancing involves replacing an existing debt obligation with a new one, usually with different terms, which can lead to lower interest rates or better repayment options.