With interest rates at record lows, now may be the best time to refinance or buy a new home. In an effort to turn the economy around, Federal Reserve Chairman Alan Greenspan has cut interest rates several times in the past year. This could mean big savings for homeowners who refinance their homes. It can also mean you can get more house for less money if you are buying a home. Even though rates are very low, Real Estate Loan Officer Doyle still says refinancing might not be worth everyone`s time because of closing costs. Doyle Still - Real Estate Loan Officer "As far as savings, the only thing you`re going to save is interest so if you can`t save enough interest over the remaining time of the loan, to pay extra costs again, it`s not worth your while." Still says it usually takes 2 or 3 years to pay off the extra costs of refinancing.