When you refinance, you borrow money from a bank (or a similar lender) in order to pay back a loan you already have. The old debt is cleared with the new money, and you now owe the new loan instead. People do this most often with a home loan: they hope for a lower interest rate, a different monthly payment, or more years to pay. Companies refinance too, not only families. Though actually, you are not wiping the debt away, and you are not being given free money. You are replacing one loan with another, sometimes on better terms, sometimes just to keep the payments manageable.

轉貸、再融資。台灣房貸口語多用「轉貸」；「再融資」較書面