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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. 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.