Interest rates are at historic lows, and that is sure to make refinancing look attractive. There are several refinancing options, but you should first consider whether it’s the right time to refinance. First, you must consider how much longer you expect to remain in the home. If you only plan on staying in your current home for four years or less, then refinancing may not be the option for you unless you can recoup the costs of refinancing well before you plan to move.

Homeowners who want to refinance have several options. Refinancing is a way for homeowners to get money out of their home, lower their interest rate, extend the loan repayment period or even consolidate debt.