Refinance: meaning, definitions and examples

This term is best used when talking about obtaining a new loan to replace an existing one, typically to get better interest rates or terms.

• They decided to refinance their mortgage to reduce their monthly payments.
• The company refinanced its debt to take advantage of lower interest rates.

This term is appropriate for situations where there is a complete reorganization of a company's financial or operational setup, often to improve efficiency or address financial difficulties.

• The company announced plans to restructure its operations to stay competitive.
• They had to restructure their debt to avoid bankruptcy.

Use this word when discussing the process of making something valid again, especially contracts, subscriptions, or licenses.

• She needed to renew her passport before traveling abroad.
• Don't forget to renew your gym membership!

This word is suitable when referring to changes or modifications made to documents, plans, or strategies to improve them.

• He needs to revise his thesis before submitting it.
• The project plan was revised based on the team's feedback.

Use this word for making changes or improvements to existing content, products, or processes, usually because they need to be corrected or improved.

• The manager asked the team to rework the proposal to better meet client needs.
• She spent the weekend reworking her art project.