Most people would think.... What's the point? Going through the headache of having to do the whole mortgage loan approval thingy as a first-time home buyer, and for what? A couple hundred dollars in savings? Nah.

Still, for the longest time mortgage refinance has been an alternative for savvy homeowners to reverse engineer their equity and actually practically make money. You have to be a bit of a real estate guru, though, to know when's the best time to refinance your loan. The good news is this:

We're Currently Sitting on the BIGGEST Mortgage Reduction Ever in History—All Thanks to Mortgage Refinance

Also known as Obama Refi. Some say it's HARP (Home Affordable Refinance Plan), and it's a golden nugget many don't even realize actually exists. You want to know why?

Because the banks don't WANT YOU TO KNOW.

Here's the thing: HARP has already been around for a while, but it was recently reported that the program was going to expire back in September of 2017. Sad for everyone, yes; but here's the great news: it's not expiring.

It was announced that HARP will continue offering those outstanding benefits to current homeowners, and here's the biggest push for buying a home—given the drop in home prices at the moment, interest rates are plummeting. So we're looking at the lowest loan payment amounts ever.

That should tell you something:

It Should Tell You That NOW IS THE TIME to REFINANCE

Because of the ridiculous loan options now available, you can refinance that bloated 30-year traditional loan and save not even $500 a year on your total loan.

Not even $1,000 a year. Not even.... $3,000 A YEAR.

Thanks to HARP, homeowners actually save an astonishing $4,264 EVERY YEAR, all those savings in paying for your home. And all it takes is refinancing. That's it.

Just Be Sure to Ask Yourself These Important Questions:

One, you've got to consider this—ARE YOU THINKING OF MOVING?

If the answer's YES, you're in luck: mortgage refinancing will pay off huge.

Perhaps you have some debt to manage before you can successfully qualify for the new house you're looking into. If that's the case, refinancing your current mortgage gives you exactly what you're looking for: extra money.

Just be sure you're not thinking way too down the road—like two years down the road—because if that's the case, better find a home loan with no closing costs.

Secondly.... DO YOU STILL HAVE DEBT?

An important question to ask: and you never thought you'd have to consider that given you already got approved for your original loan. However, take note—you're still getting a new loan regardless of when you refinance, so the same rules apply.

It just so happens that if your debt-to-income ratio's too high, chances are good you won't even get approved for your rent-to-own home! So look at your debt. See where you're sitting.

The good news is the FHA does a 31/43 ratio with a back-end of 50%. VA's similar with a back-end of 41%. And don't get even get me started with the USDA and Fannie Mae.

In other words—you have plenty of options. So do your homework.

Thirdly.... Simply ask yourself: IS IT WORTH IT?

Look, I know this is about how mortgage refinance is super-awesome (it is). But timing is everything when looking to own a new home. Refinance at the wrong time, and really it's just a waste of... time.

By time, I mean where you're currently sitting at with your original loan. If you want to cut off five years from your $200K home loan and pay $100 more per month, guess what—that's an amazing $60K in savings right there.

What about shaving off ten years? You can see why knowing where you're sitting may benefit you. If you're just in, maybe, ten years into a 30-year loan, taking ten years off and paying only an additional $86/month also might benefit you big-time.

Consider the weight. You're paying more per month—but over time, you're saving. It's a question of how much extra per month, and how many months left to go.

Once You Have All the Answers, the Choice Should Be Pretty Clear

Just don't hesitate on it. The market's currently shifting. You only have a window here. And depending on where you're sitting with your current loan.... That's a BIG WINDOW!

START REFINANCING YOUR LOAN RIGHT NOW.