Before you refinance your mortgage, it’s a good idea to make you understand what home refinancing is all about. The first step is to find out if you should refinance your mortgage. In some cases home loan refinancing can be a benefit to you. In others, it may bring more trouble for you. Step 2 Be aware of the dangers of refinancing. Dishonest brokers could lead you astray to make an unwise decision. Step 3 Learn to pick the best mortgage broker. Step 4 Understand the different mortgage loan types. Step 5. Find a mortgage broker to help you make the right decisions.