Loan Programs Refinancing There are many reasons to refinance your home mortgage loan. Refinancing allows you to have lower monthly Mortgage Payments. This can be done by refinancing into a new, lower-rate home mortgage loan, a fixed ARM combination, or an adjustable rate mortgage. You can obtain fixed monthly payments by refinancing your loan into a new fixed rate loan. You have the option to consolidate debts from your home's equity by refinancing your mortgage loan.