C1verbmoneybusiness
US/ˌriː.fəˈnæns/
UK/ˌriː.faɪˈnæns/
to replace a loan with a new one, usually to get a lower interest rate
In context
We plan to refinance our mortgage while interest rates are low.
The company had to refinance its debt after sales fell sharply.
Many homeowners refinanced last year to cut their monthly payments.
Words that go with refinance
verb + noun
- refinance a mortgageThey refinanced their mortgage to lower the payments.
- refinance a loanYou can refinance a loan with a different bank.
- refinance debtThe firm refinanced its debt at a better rate.
- refinance a homeShe refinanced her home to pay for the repairs.
verb + preposition
- refinance at a lower rateWe refinanced at a lower rate last spring.
Common mistakes
Incorrect:
refinance the bankCorrect: refinance a loan