Your home is an investment. Refinancing is one way you can use your home to leverage that investment. There are several reasons you may want to refinance, including getting cash from your home, lowering your payment, and shortening your loan term.
The steps you must take to refinance a mortgage are similar to those you took to get your current loan. Refinancing involves all the usual closing costs, so it might only be a worthwhile option if you plan to live in your home for a while.