Refinancing a mortgage means replacing your existing home loan with a new one to secure better terms and conditions. This process often aims to achieve a lower interest rate, reduce monthly payments, shorten the loan term, or access home equity for other financial needs. To refinance, you apply for a new loan that pays off your current mortgage, and then you make payments on the new loan. The benefits can include saving money over time, lowering your monthly payments, enabling faster loan repayment, or providing extra cash for expenses like renovations or debt consolidation.