If you have a present home loan at 4.5% or higher, consider lowering your rate. If you have a 30 yr loan, consider looking into a 15 year loan. Even dropping only 1% can save you a lot of money over the life of the loan and some lenders will roll any closing cost or fees into the new loan. Calling your present lender and giving them the opportunity to drop your rate, or you may go elsewhere for refi is a good strategy. You present lender wants to keep you, even at a lower rate, than lose you all together. Depending on your situation and type of loan you may qualify for 3.5% or lower with no closing cost or fees. That is a no-brainer. The below link will give you some ideas on rates. NOTE: Rates can change DAILY, so do not take your time. Good luck.