refinance
UK: ˌriːˈfaɪnæns | US: ˌriːˈfaɪnæns
vt. to replace an existing debt with a new loan, typically to secure better terms
vt. to provide new funding for a project or enterprise
The word "refinance" combines the prefix "re-" (from Latin, meaning "again") with "finance" (from Old French "finer," meaning "to settle a debt," derived from Latin "finis," meaning "end" or "boundary"). The term emerged in the early 20th century, reflecting the practice of restructuring financial obligations. The prefix "re-" emphasizes repetition, while "finance" retains its core meaning of monetary management, creating a logical compound for renewing or revising financial arrangements.
They decided to refinance their mortgage to take advantage of lower interest rates.
The company plans to refinance its debt to improve cash flow.
Homeowners often refinance when market conditions are favorable.
The bank offered to refinance the loan with more flexible repayment terms.
Refinancing can reduce monthly payments but may extend the loan period.