Today’s money tip asks “Is it time to refinance?” Rates are at all time lows, which means a lot of consumers are looking into refinancing their mortgage. But how do you know if it’s the right time for you? First off, make sure you’ve built up at least 10% equity in your home. If it’s less than this, you may have to pay a certain amount in cash to make up the difference in equity. Also, most experts recommend that you do not refinance your mortgage unless your new rate is 2% less than your current rate – this will give you the best value after you refinance, and help to pay back any fees associated with the transaction. And no matter what, do your homework. Make sure you compare refinancing rates from different lenders. Finding the best rate and terms will save you a substantial amount of interest over the life of the loan.