WordValeverb
refinance
replacing a loan with a new one on different terms
In more detail
1. (verb) to borrow money again to pay off an earlier loan, usually at better terms or a lower interest rate
2. (verb) to arrange new financing for something you already own
Examples
- 1. They decided to refinance their mortgage when interest rates dropped.
- 2. The company refinanced its debt to reduce monthly payments.
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