loans
refinancing
The process of replacing an existing loan with a new one, usually with better terms or a lower interest rate.
Example
"When interest rates dropped, she refinanced her mortgage to save $400 per month."
💡 Memory Tip
RE-financing — you REDO the FINANCING to get better terms.
Etymology
Re (again) + financing — financing something again with new terms.
Common Misspellings
refinacingrefinanceingrfinancingrefinanicing