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It may be a good time to refinance your home

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Mortgage rates have been low for months, but currently, about 19 million homeowners who are eligible to refinance haven't cashed in.

According to data analytics firm Black Knight, these homeowners have a credit score of 720 or more and at least 20% equity in their homes. They could save nearly $300 a month on average.

A new survey by YouGov for Forbes Advisor found that 34% of homeowners say they’re not sure refinancing is worth it.

A mortgage analyst at Forbes Advisor says one reason people may be hesitant is they don't want to deal with banks that are overloaded with applications right now.

“Borrowers really need to advocate for themselves, so make sure that you call your lender if you haven't heard from them in over a week let’s say or just really stay on top of it and at the end of the day. If you're not getting the service that you want, there are many other lenders that would be happy to get your business,” said Natalie Campisi, Mortgage Analyst at Forbes Advisor.

Another reason you should act now if you've been considering refinancing, is there's a new fee. It starts on December 1, but your loan may not be processed before then if you don't start the process now.

“What you want to do is talk to your lender,” said Campisi. “If you decide to apply for a loan, ask them, say you know will you roll this fee into the cost of my loan, which some lenders are doing, and find out some lenders might be able to process your application before December 1.”

Campisi says you can benefit the most from refinancing if you're not planning to move within the next few years. Also, if you have more than 10 years left on your mortgage.

You also need to consider closing costs that can average around $5,000. Most experts recommend you need to be saving at least $200 a month to make those costs worth it.