Refinance (verb)

To obtain a new loan to pay off an existing loan, typically with a lower interest rate or more favorable terms.

Origin:

From the prefix re- meaning again, and finance, meaning to provide or obtain the money needed to do something.

Examples:

1. We decided to refinance our mortgage to take advantage of lower interest rates.
2. They refinance their car loan to get a lower monthly payment.
3. The company is looking to refinance their debt to improve their cash flow.
4. Many homeowners are choosing to refinance to get cash out of their homes.
5. He refinance his student loans to lower his interest rate.