refinance // verb [+ obj or no obj]

(Finance )

to borrow money, usually at a lower rate of interest, in order to pay a debt or loan:

Consumers can save money by refinancing mortgages at lower interest rates.

The money raised will be used to refinance existing bank debt.

refinancing noun [U,C]:

debt/mortgage refinancing

a refinancing deal/package/proposal

The board could not agree on a refinancing of the company's debt.

⇨ REFUNDING

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