noun
conversion; refunding; renewal
Primarily used in finance for replacing an existing loan or bond with a new one, often to get better terms. Also used more broadly for switching to a different contract or plan.
住宅ローンの借り換えを検討している。
I'm considering refinancing my mortgage.
借り換えによって毎月の返済額が減った。
The monthly repayment amount decreased due to the refinancing.
Compound of 借り (kari, 'borrowing') + 換え (kae, 'exchange'). The kanji 借 means 'borrow' and 換 means 'exchange' or 'convert'.