Refinancing your mortgage is a scary prospect. After all, you most likely already spent thousands of dollars paying off the mortgage loans you have now. But sometimes, conventional mortgage refinancing is the best way to reduce your home loan rate of interest and save money.

If you are worried about how to go about starting the refinancing process, relieve some of your fears by separating fact from fiction. Here are three myths about conventional mortgage refinancing, busted.

Myth #1: It’s Already Too Late to Refinance

No matter how long or how short a time you have been paying off your current home loan, you always have the opportunity to refinance. The key to conventional mortgage financing is considering the break-even point of your new loan. For instance, if your one-time cost to refinance is $4000, but it saves you $100 a month on your monthly mortgage payments, then after 40 months, you will be saving money on each payment. As long as you are sure you won’t be moving out of your home before the break-even point, refinancing should reduce your overall expenses. This is great news for many homeowners, as a study from 2016 shows that for the past 13 years household income has increased by 28%, but the cost of living has also increased by 30%. Hopefully, refinancing your home will help offset this imbalance between income and living expenses.

Myth#2: You Won’t Be Able to Qualify

You may be thinking that after the last housing meltdown, it is almost impossible to qualify for conventional mortgage refinancing. However, this is certainly not the case. Even if your credit has been struggling, the improving economy has led to loosening guidelines for refinancing options, giving you a better chance to qualify.

Myth #3: Refinancing Takes Too Much Time

While it may seem daunting at first, begin the process of refinancing with a quick five-minute phone call to check on your rates and compare with other rates your lender has available. Once this first step is done, it is possible to streamline the refinancing process if you have an FHA loan or VA loan. If you have taken out one of these loans, you may be eligible to skip some of the extra paperwork, such as income verification or an appraisal.

Conventional mortgage refinancing may seem difficult at first, but it could be well worth the effort Qualifying and applying for refinancing options is completely doable in the current market and could save you a lot on your monthly expenses.