When it comes to refinancing a mortgage, there are many benefits to it. Homeowners can often enjoy a shorter mortgage term, a lower interest rate, or even change the type of mortgage they have. The process of refinancing can take some work, but it can also save you money in the end. Essentially, you are paying off your current loan and obtaining a new one. In an effort to get a new mortgage with new terms, you will need to have an appraisal done on your house.