Many homeowners have already taken advantage of low interest rates to refinance their mortgages at some point in the past few years. But with rates still edging downward, it may make sense for some homeowners to consider refinancing again.

In the following video, Motley Fool investment planning editor Lauren Kuczala talks with longtime Fool contributor and financial planner Dan Caplinger about making a smart refinancing decision. As Dan points out, low rates have come about due in part to Federal Reserve intervention, but with the economy finally starting to pick up steam, this may be your last chance to lock in rock-bottom rates. He also notes that while banks have gotten stricter about lending standards, they're also scrambling to keep their profits up, giving them an incentive to find a way to help you refinance. Dan closes by explaining how to decide whether the benefits of refinancing outweigh the costs involved.

Fool investment planning editor Lauren Kuczala has no position in any stock mentioned. Fool contributor Dan Caplinger owns warrants on Bank of America, JPMorgan Chase, and Wells Fargo. You can follow Dan on Twitter @DanCaplinger. The Motley Fool recommends Wells Fargo. The Motley Fool owns shares of Bank of America, JPMorgan Chase, and Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.