A mortgage refinance is when you apply for a secured new loan on your current property and using this new loan in order to pay out your current mortgage or another different debt you may have.
    
Consolidate your debt through a mortgage refinance
A mortgage refinance is used to consolidate credit card and personal loan debt. This is because a mortgage loan is usually available at a significantly lower interest rate than the interest rate you pay on your credit cards or personal loans.

By consolidating all your debts under your mortgage you will only have to make a single payment instead of making several payments each month.
In addition, refinancing can cost between 3% and 6% of the loan's principal and  like getting the original mortgage - requires appraisal, title search and application fees