If you are considering a home re-finance, it is important to understand the ins and outs of a mortgage refinance. When you refinance your current loan, you are essentially paying off your current loan and replacing it with a new one. For some, refinancing will save them money, for others, not so much. The goal of a refinance is to save money, not only on a monthly basis, but in terms of the overall period of the loan. There are costs involved with a refinance, such as closing costs, points, etc, all of which need to be factored into the decision-making process.