With mortgage rates so low, now may be an excellent time to consider refinancing your home. But while the rates are right, it may not be the right time for you. Experts at Equifax give a few potential examples that might surprise you about why or why not to refinance.

For instance, the article “FAQ: Should I Refinance?” addresses that if you purchased a home within the past few years, you could refinance, but it’s more a question of if you should. First explore prepayment penalties on your current mortgage and re-paying closing costs. If you find that you would still save substantially, it may be worthwhile, especially if you can find much lower closing costs and/or a large drop in your interest rate.

If your home is underwater, you may be able to refinance, but your options will be limited because you don’t have any equity. You might have luck with the government-backed Home Affordable Refinancing Program (HARP) 2.0, which allows homeowners who have less than 20 percent equity in their homes to refinance. It comes with a lot of strings and requirements, so just be aware that while you may be able to get a refinance; it is not guaranteed.

For more tips about refinancing and protection from identity theft, be sure to check the Equifax Finance Blog.