With interest rates near record lows, and many people sitting on loans with fixed rates over 5%, this guide by U.S. News & World Report couldn’t be more timely. Of course, refinancing only makes sense if it will actually save you money. You need to take many things into account, from how much of your loan remains, to closing costs on the new loan, to the time-value of money for money now vs. money over the life of the loan. There are lots of comparison calculators out there, but a calculator alone won’t get the job done. This report gives 11 concrete steps you can follow to navigate the refinance process.