With home lending rates still at historic lows, now is the time for anyone with any appreciable equity in their home to at least look into refinancing their mortgage.

Rates for 30-year fixed rate mortgages remain at 3.75 percent, down almost 120 basis points from their most recent peak of 4.94 percent, according to Yahoo! Finance. That means that if you have a mortgage sitting at anything above 4.25 percent APR (still a great deal, by the way) and if your home has appreciated at a sufficient rate since you purchased it, a refinance package may be the right way to go, even if you end up rolling the closing costs into the principle of your new loan (not a preferred option, but an option, nonetheless). 

With good or excellent credit, you can probably get a better rate and even negotiate with the lender for better-than-normal terms on the transaction costs. Inspection will probably cost you between $600 and $1,000, which is a non-negotiable. 

If you can muster a better rate, your monthly payment will go down. If you can also score some cash out of the deal or slice a few years off your mortgage (or both!), you win. If you can’t do at least one of those three things, refinancing will be a waste of time. However, if you ever had a chance at doing at least one of those things, all of which will help your overall financial picture, now is the time.