With all the news about the country being in the grips of a credit crisis it’s easy to forget that banks are still making new loans every day, just not with the wild abandon that helped create the housing bubble.

With consumer credit thawing (unlike my lawn, which is still covered in two feet of snow) and a new year almost here, people are reevaluating their current debts and for most Americans their mortgage is the biggest one.

A new mortgage can mean paying off your home faster, saving money on interest payments and freeing up cash every month to pay off other bills or save for a rainy day.

Mortgage rates are currently at near historic lows, hovering around 5%. Many professional rate watchers believe that it’s unlikely that mortgage rates will dip much lower and many factors point to higher rates at some point next year and beyond.

An improving economy and inflation concerns may combine to make today’s low rates a thing of the past and a missed opportunity for you.

Taking all of this into account may mean that it’s time for you to think about refinancing your mortgage. But if you’re going to go down that road, don’t do it blindly.

Number one, make sure you get a copy of your credit report. You don’t want your mortgage company to be the one to break bad news to you. Dispute any inaccurate information before you go in for a new loan. It can mean the difference between being approved or not.

If there are minor blips in your credit file, be prepared to speak to them as part of the loan process.

Being able to document your income is also important. Gone are the days when lenders would simply take your word on what you earn. Have pay stubs, tax returns and bank and brokerage statements for the last few years ready.

Finally, you’ll need to have a good idea of what your home is worth, so that you know how much equity you have. Your annual tax assessment, recently sold homes and websites like HotPads and Zillow can help establish a rough estimate. However, you won’t have an accurate valuation without a professional appraisal.

Armed with this information, you can see if (and it’s a big if) a new home loan is in the cards for you.

Need a little nudge to start exploring this option for yourself? How about the fact that Federal Reserve Chairman Ben Bernanke recently refinanced his own mortgage?