Refinance mortgage means many different things to different people. Mortgage refinancing could mean combining the first and second mortgages into a single mortgage. You may wish to increase the duration of repayment say from 15 to 30 years or 40 years (most people who do 40 years are investors, because they won't be staying in the house that long, so they do 40 years to get a lower payment.) which Is fairly new in the mortgage business. You may be having extra cash at some point of time prompting you to shortening the loan duration. You may be wishing to change over from adjustable rate mortgage to a fixed rate mortgage with lower interest rate. http://newmortgageloan.blogspot.com