What is the term used for the process of obtaining a new mortgage to lower monthly payments or change mortgage companies?

The term used for the process of obtaining a new mortgage to lower monthly payments or change mortgage companies is refinancing. This involves taking out a new loan to replace the original mortgage, generally with different terms. Homeowners may choose to refinance in order to secure a lower interest rate, which can lead to reduced monthly payments or a shorter loan term, ultimately saving money over the life of the loan.

Refinancing is commonly pursued during periods of lower interest rates, allowing borrowers to take advantage of better lending conditions. It can also facilitate changes in the lender, which may provide better service or more favorable terms.

The other options, while related to borrowing against a property, serve different purposes. A home equity loan allows homeowners to borrow against the equity in their home, a foreclosure pertains to the legal process that allows lenders to reclaim properties from borrowers who are unable to meet their mortgage obligations, and a second mortgage allows a homeowner to take out a secondary loan on their home, usually while retaining their primary mortgage. None of these terms encompass the essence of obtaining a new mortgage for the purposes identified in the question.