Home mortgage refinance loans are loans that are obtained by exchanging the existing loan for another. This is ideal when the interest rates on current mortgages are lower. Home mortgage refinance loans are an effective way to decrease the debt on existing home mortgages. They are ideal if the rate on the previous mortgage is higher than the rate on the refinanced mortgage. Refinancing when the interest rates are lower would help to decrease any kind of debt burden, whether it is a credit card debt or a debt on the same house. It is the best way to convert from a high-interest loan to a low-interest loan. With increasing real estate prices, home mortgage loans and home refinance mortgage loans are being increasingly considered by professionals as well as people who have been planning to buy a house.There are several advantages from refinancing: it can lower monthly payments; it can convert an adjustable-rate mortgage into a fixed-rate mortgage or a long-term mortgage in to a short-term mortgage; it can help to consolidate the debt; and it can generate some extra cash, which can be used for home improvement that can increase the value of the home.There are certain aspects to be considered about refinancing home mortgages: the price of the home may actually come down, instead of going up, thus making repayment difficult; there could be additional costs of refinancing; you may have to move out of the house sooner than expected, etc. Refinance costs include application costs, appraisal costs and legal fees. But with increasing competition, most lenders are offering low-cost and no-cost refinance options for home mortgages. However, the waiver of these costs may mean accepting a slightly higher rate.The best source for knowing about home mortgage refinance is the Internet. Most mortgage loan companies provide information through their websites, also. These sites are updated daily with the latest mortgage rates. Their sites also have easy-to-use home refinance mortgage calculators that give all information, including payments to be made each month and the tax advantages, with the single click of a button. Most of them also have financial advisors who would provide advice online, or over the phone.