refinance
v. B2 Upper Intermediate US //ˈɹiˈfaɪˌnæns// UK //ɹɪfaɪnˈæns// re·fi·nance
v. to get a new loan to pay off an old one. You usually do this to get a lower interest rate or better terms on your mortgage.
v. to replace an existing loan with a new one, typically to secure a lower interest rate or more favourable terms. Often used in the context of mortgages or business debt.
They decided to refinance their home to save money.
After the interest rates dropped significantly, many homeowners chose to refinance their mortgages to reduce their monthly payments.
The company's decision to refinance its debt was driven by the need to lower its overall interest burden and improve its credit rating before the end of the fiscal year.
From re- + finance.