refinance
- The act of revising or renewing the financial structure of a loan or credit
- Updating the conditions of an existing debt, especially concerning the interest rate or payment schedule
- Obtaining new financing for an existing loan or purchase
- The process of obtaining new financing for a previously financed object
- The homeowners decided to refinance their mortgage to take advantage of the lower interest rates.
- With the rise in tuition, many students had to refinance their student loans.
- The company had to refinance its corporate debt due to financial constraints.
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