When you first begin your time here at MT you are asked to choose a Hometown. A hometown is basically the city that you will start your game in. Each continent has one major city, hub of activity and commerce, where you can buy potions, repair equipment or train skills at your guild.
Because each hometown is on a different continent, it requires a boat ride to get to other continents and hometowns, and boat rides requires time. To avoid this inconvenience, if you find yourself traveling to a particular continent often it may be beneficial to transfer your hometown. This way, your recall and load room (the room you load in when you star the game) place you on that continent when the game starts.
Currently, hometowns provide no more benefit than mere convenience for players. Perhaps in the future we could expand, giving relevant bonuses to certain citizens of towns. If you find yourself wishing to make a change, a register can be found somewhere in town (sometimes it can be tricky to find). The registering process requires money, and it is level dependent. To find out how much it costs you can type quote. To actually register, simply type register.