Word
refinance
Phoneticsre·fi·nance, stress on the first syllable
US/ˈɹiˈfaɪˌnæns/
UK/ɹɪfaɪnˈæns/
Definition
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.
Examples
“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.”
Examples
simple
“They decided to refinance their home to save money.”
contextual
“After the interest rates dropped significantly, many homeowners chose to refinance their mortgages to reduce their monthly payments.”
complex
“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.”
Real-World Examples
“But higher rates could affect those looking to secure a new mortgage or refinance.” Etymology
From re- + finance.
Etymology adapted from Wiktionary, available under CC BY-SA 4.0.
Domain
- Exam level
- CambridgeCambridgeCambridge English QualificationsThe exam suite from Cambridge University Press & Assessment, from A1 Movers up to C2 Proficiency. The benchmark names double as CEFR labels.B2 FirstIELTSIELTSInternational English Language Testing SystemThe 0–9 band test co-owned by the British Council, IDP, and Cambridge. Used for university entry, work, and migration.5.5–6.5TOEFL iBTTOEFL iBTTest of English as a Foreign Language, Internet-Based TestETS's academic English test, the standard route for US university admissions. Scored 0–120, with a 1–6 scale since 2026.1–6 scale: 4.0–4.572–94TOEICTOEICTest of English for International CommunicationETS's workplace English test, big in Japan and Korea. Listening & Reading scores 10–990 and tops out at C1.785–944
- Frequency
- Occasional
- Level
- B2 · Upper Intermediate
- Updated
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QR code
englishreference.com/q/refinance