<P> Refinancing is the replacement of an existing debt obligation with another debt obligation under different terms . The terms and conditions of refinancing may vary widely by country, province, or state, based on several economic factors such as inherent risk, projected risk, political stability of a nation, currency stability, banking regulations, borrower's credit worthiness, and credit rating of a nation . In many industrialized nations, a common form of refinancing is for a place of primary residency mortgage . </P> <P> If the replacement of debt occurs under financial distress, refinancing might be referred to as debt restructuring . </P>

What does it mean to refinance a building
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