We have experienced a long stretch of low interest rates and many physician homeowners may believe that the time to refinance their home has passed them by. Is it true? The decision to refinance your mortgage should be based on several different factors—all which stem from your personal situation.

The numbers match up. Since interest rates fluctuate, timing is often a catalyst in deciding to refinance. According to Forbes, a lower interest rate offering is a reason to consider refinancing. In other words, if your current interest rate is significantly higher than the rates being offered, it may be time to explore this option. Be careful, though: The process of refinancing incurs fees that may negate your lower interest rate gains.

Taking time off. Shortening the term of your loan can be another reason to consider refinancing. Be sure to check with your accountant on this strategy as you may have tax advantages in maintaining your mortgage. However, it might be very attractive to pay off your mortgage, especially if you plan to retire soon.

Downsizing debt. It is never advisable to run up debt and then cash in on your home’s equity. That being said, life happens. If unforeseen circumstances have caused you to run up debt with no way to catch up, refinancing your mortgage may be a way to get access to some breathing room by extending your loan’s timeframe and lowering monthly payments.

Do the calculations. The best way to determine if a refinance is to your benefit is to simply run the numbers. There are several online calculators available that can help you see in dollars if it is worth pursuing. A few of these calculators can be found on Bankrate.com, NerdWallet.com, Money, and Calculator.net.

Don’t drag your feet. It’s no surprise that interest hikes are in our near future. With inflation soaring, the Federal Reserve will soon step in to help stabilize the economy. As reported in CBSNews.com, the Federal Reserve plans to raise rates a whopping three times in 2022. So, if you are considering refinancing, check your numbers, explore your options, and make your decision sooner rather than later.