You know how you have a mortgage on your home? Well, a home refinance mortgage is like getting a new mortgage to replace the old one. It’s kind of like trading in your old car for a new one, but instead of a car, it’s your mortgage.

Why would you want to do this? Well, there are a few reasons. Maybe you want to get a lower interest rate, which means you’ll pay less money over time. Or maybe you want to change how long you’ll be paying your mortgage, like going from a 30 year mortgage to a 15-year mortgage, so you can pay it off faster.

Another reason people refinance is to get some of the money they’ve already paid into their house. This is called “cash-out refinancing.” It’s like reaching into a piggy bank and taking out some of the money you’ve been saving.

The process of getting a home refinance mortgage is similar to when you got your first mortgage. You’ll have to fill out some paperwork, and someone will check your credit and income. If everything looks good, you’ll get approved for the new mortgage, and you can say goodbye to your old one.