<human>:  I have been researching different types of mortgages but I still have questions. Could you please tell me what is meant by a mortgage refinance?
<bot>: A mortgage refinance is when you take out a new loan, usually at a lower interest rate, to pay off the existing loan on your property. This is beneficial as you can reduce your monthly mortgage payments and, in some cases, save a considerable amount of money in the long run.