Meaning & use
refinance
To pay off an existing loan by taking out a new one, usually with better terms.
See it in a sentence
They refinanced their mortgage to take advantage of lower interest rates.
The company refinanced its debt to extend the repayment period by five years.
A note on using this word
People typically refinance to lower monthly payments, reduce interest rates, or change the length of a loan.
Words with a similar meaning
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