refinance
verb [ I or T ]
uk/ˌriːˈfaɪnæns/ us FINANCE
to replace a loan with a new one:
refinance sth with sth The firm refinanced its bank loans with $150 million of 30-year bonds.
refinance a loan/debt/mortgage
refinance your home/car
Penalties for early mortgage repayment often make it prohibitively expensive for people to refinance.