while the perks of refinancing can be enticing, a report in USA Today says that new terms and conditions may make homeowners rethink taking advantage of the opportunity.

At the peak of the housing boom, owners were refinancing in an effort to lower their monthly mortgage payments while borrowing a few extra bucks to pocket for themselves. Now, even though mortgage rates are still historically low, there may be nothing left for owners to hold onto after the refinancing is said and done.

USA Today found that most mortgage lenders who offer refinancing options now require homeowners to pay for private loan insurance if the loan-to-value ratio is over 80 percent.

There is also no guarantee that consumers will be eligible for the lowest possible interest rate after the deal is done.

The paper notes that the benefits of refinancing may still outweigh the fees to some homeowners who are looking to shorten the length of their mortgages. Refinancing can still be a valuable option to those who wish to make their monthly payments more affordable and/or reduce a mortgage’s life span by years.

Oftentimes, a good route for homeowners is to compare refinance rates and find out what rate they qualify for. All factors, including any possible loan insurance costs, can then be considered when deciding whether refinancing is a wise financial move or not.ADNFCR-3094-ID-19913494-ADNFCR