refinancere·fi·nance /riːˈfaɪnæns $ -fəˈnæns/ verb [transitive] 
to borrow money from a bank etc in order to pay back an existing amount that you owe: 
As interest rates fall, homeowners are likely to refinance their loans.—refinancing noun [uncountable]
to borrow money from a bank etc in order to pay back an existing amount that you owe: As interest rates fall, homeowners are likely to refinance their loans.—refinancing noun [uncountable]