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TeachMeFinance.com - explain refinancing Refinancing -- paying off one loan by obtaining another; refinancing is generally done to secure better loan terms (like a lower interest rate ). another definition... refinancing -- the repayment of a loan with funds from a new loan secured by the same property as the first loan. The new loan may be from the same or a different lending institution. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.