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From Longman Dictionary of Contemporary Englishrefinancere·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]From Longman Business Dictionaryrefinancere‧fi‧nance /ˌriːˈfaɪnæns, -fɪˈnæns/ verb [transitive] FINANCE to replace one loan with another one, usually at a lower rate of interestMany fixed-rate mortgages are now being refinanced at interest rates of around 8%.refinancing noun [countable, uncountable]The troubled DIY group has been in talks with its bankers arranging a refinancing of the £553 million loan taken out at the time of the management buy-out.
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