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What it means to refinance your mortgage Refinancing can save you money, both on your monthly payments and in the long term. The type of refinance you choose will depend on your goals and the kind of mortgage you have. What is a mortgage refinance? When you refinance, you re replacing your original mortgage with a new one. Your new mortgage comes with a different interest rate and monthly payments. You ll probably refinance into a new term length, and you may even switch from an adjustable rate to a fixed rate. Refinancing can help you achieve several financial goals. You could lower your monthly payments so you have more room in your monthly budget, lower your interest rate to save money in the long run, or switch to a shorter term length to pay your home off faster. ....