Refinance is the process of replacing an existing mortgage with a new one. This is often done to obtain a lower interest rate, reduce monthly payments, or change the loan term. Refinance can be a useful option for homeowners who are struggling to make their mortgage payments or who want to take advantage of lower interest rates to save money on their loan. It can also be a way for homeowners to tap into the equity they have built up in their property, either by taking out a cash-out refinance or by using a home equity line of credit.