To refinance your home loan, there are basically three steps that you will take.
1) Assess: With your lender, assess if refinancing your mortgage is the right decision for you at this time. Then assess which program is best for you.
2) Apply: Complete the mortgage application. Gather together the documents required by your lender and his underwriters. Submit them to your lender.
3) Appraise: Your lender may require an appraisal of your home to ensure that it will cover the amount of the home loan. He will arrange this for you.
Once the mortgage application has been approved and the appraisal has been accepted, your lender will schedule a closing date. On the date of closing, you will sign new mortgage documents. Shortly thereafter, the existing mortgage will be paid-off and retired and payments on your new mortgage will begin.