Definitions

1. verb

to obtain a new loan or credit agreement, typically by replacing an existing one, often at a lower interest rate or with more favorable terms.

“After checking the market, we decided to refinance our mortgage to get a better interest rate.”

2. noun

the act of obtaining a new loan or credit agreement, typically by replacing an existing one, often at a lower interest rate or with more favorable terms.

“The refinance process took several weeks, but it was worth it in the end.”