Refinancing your home means obtaining a new mortgage loan to replace your current one. This can be done for various reasons, such as to get a lower interest rate, to change the loan term, to switch from an adjustable-rate to a fixed-rate mortgage, or to access equity in the property. The process typically involves paying off the original mortgage with the proceeds from the new loan, and involves various costs such as appraisal fees, title search fees, and closing costs.

To start the process of refinancing your home, you can contact a mortgage lender or bank. You can also work with a mortgage broker who can help you compare rates and terms from multiple lenders. It's recommended to shop around and compare offers from several lenders to ensure you're getting the best deal. When you have found a lender and agreed on terms, they will guide you through the rest of the refinancing process.

You can use the money from refinancing your home to pay for renovations. This is commonly referred to as a "cash-out refinance." In this type of refinance, you take out a larger mortgage loan than what is needed to pay off your existing loan, and receive the difference in cash. You can then use this cash to pay for home renovations or any other expenses. However, keep in mind that taking out a larger loan will result in higher monthly mortgage payments, and will also increase the amount of interest you will pay over the life of the loan.