If you own a home, one of the options to help reduce your monthly payments and save money is to refinance your mortgage. And with this ever-changing market, refinancing is certainly something to consider. This process won’t be for everyone, but it’s a good first step if you’re looking to save a little bit of money.

Ask for help.

Once you’ve decided to look into refinancing your home loan, a good first step is to work with a real estate agent who can help you navigate the ins and outs of the process. There are a lot of different types of loans and methods for refinancing (which are touched on below). But an industry expert is the best place to turn for questions. An agent can also help you determine how much your home is worth on the current market—a determining factor in whether or not a refinance could bring you valuable equity.

The purpose of refinancing.

Refinancing can help you accomplish a variety of different things, including lowering your monthly payment, lowering your interest rate, paying off your loan more quickly, acquiring more equity, or a combination of these. Depending on what you’re trying to accomplish, you can find the best loan for your particular situation.

The different types of loans.

When you refinance your home loan, you are simply replacing your current loan with a new one. Homeowners have a few different options when it comes to refinancing:

Rate-and-term refinancing

This option allows you to change your mortgage rate (the percentage you pay per month) and the term of your loan (the length of time for payment). For example, if your current mortgage rate is 3 percent over 30 years, you could refinance for a mortgage rate of 5 percent over 15 years.

Cash-in refinancing

If you have the cash and are looking to potentially lower your mortgage rate or lower your insurance premium, this could be the option for you. Cash-in refinancing requires you to pay down your current loan in cash with your lender, ultimately lowering your monthly payment.

Cash-out refinancing

This option puts more risk on lenders and typically requires a more stringent approval process for homeowners. However, it could be an option for those looking to decrease the term of their loan. Although this option will increase the amount homeowners owe on their loan, it can be helpful for consolidation when multiple mortgages are taken out.

Do your research.

Know that when it comes to refinancing, you have options and resources at your disposal to help you. You don’t have to make the decision today, or even tomorrow, but if you are curious about the benefits of refinancing, it is always worth it to do your research and see if there is an option that best fits your current financial situation.