Some financial tools to refinance a home. (Credit: MGN) Mortgage rates are at historic lows right now and that is causing a home refinancing boom. So many of you are wondering if you should get on the refinancing train as well. Ben Cellitti moved his family to Southwest Florida from the Las Vegas area five years ago. “It’s not necessarily the best place to raise a teenage daughter, so we decided to come someplace where it’s a little more conservative,” said Cellitti. They chose Gateway, and are planning to stay there for years. That long-term plan is one of the reasons why the Celitti’s decided it was a good idea for them to refinance. “You would just see the rates ticking down, OK. And then it gets to a point where you can’t be too greedy because the rates could get here and then all of a sudden something happens globally and the rates just do this,” Celitti said. So when he saw paperwork offering a 15-year loan with a 2.25% interest rate, he couldn’t pass it up. “Go for it, I said, all right,” Cellitti said. Now, Cellitti is saving 20% or a couple hundred dollars per month, all by refinancing. “I have never seen this type of volume because we’ve never seen rates this low,” said mortgage broker, JB Broughton. Broughton says refinancing and closing on a new home are similar except that you can roll closing costs into the loan for refinancing. “Most homeowners do not need any money to refinance. You’ll usually have enough equity to cover those costs,” he said. Another tip, make sure what you’re saving with a new loan justifies the closing costs. This is especially relevant since Freddie Mac and Fannie Mae will be adding an additional fee equal to half a percent of the loan amount, beginning on Sept. 1. Luckily for Celitti, he got in at the right time. “Some of my friends have a refinance, but haven’t gotten as low as we have,” he bragged. Broughton says you wouldn’t want to refinance if you’re considering moving soon or you were granted forbearance due to the pandemic. To make sure the person crunching the numbers for you on your refinancing is actually licensed and doesn’t have any complaints against them, you can go to the NMLS website. Once there, click on consumer access.