Refinancing is the repayment of a debt from the proceeds of a new loan using the same property as security. We also consider the current owners placement of financing on a property that is not financed as a refinance transaction. Here at CU Mortgage Service we can guide you in the decision on whether or not to refinance your current mortgage. In the past, refinancing meant balancing the savings of a lower monthly payment against the costs of refinancing. However, in recent years, mortgage lenders have introduced low-cost refinancing packages that minimize the out-of-pocket expenses of refinancing.