What is a mortgage refinance?. This is an existing property owner who has a mortgage and wants to increase that mortgage loan amount or owns a home with no mortgage and wants to put one on there. The new funds can be used for so many purposes. Borrowers can use for a down payment on a new property purchase. Borrowers can use to consolidate debts into a lower rate mortgage therefore increasing their cash flow and paying down their debts more efficiently. Borrowers can use to renovate their home or even help a child pay for Tuition. Their are many ways to tap into the equity in your home through a mortgage refinance.