Refinance

Refinance is the term many lenders, particularly outside the United States, use for what is more fully described as refinancing: paying off an existing loan with the proceeds of a new one, typically to secure a lower interest rate, change the loan term, or draw on equity that has built up in the underlying asset. The two words describe the same transaction, with "refinance" used as the everyday verb and "refinancing" as the more formal noun for the overall process.

For the full explanation of how refinancing works, the types available, typical costs and when it makes financial sense, see the main Refinancing entry.