re·fi·nance /ˌrē-fə-'nans, -'fī-ˌnans/ vt
1: to renew or reorganize the financing of
2: to revise the terms of (a debt obligation) esp. in regard to interest rate or payment schedule
refinance a mortgage
vi: to finance something anew
Merriam-Webster’s Dictionary of Law. Merriam-Webster. 1996.