Many Long Island homeowners are rushing to refinance as mortgage rates hit record lows.

Nationwide rates for a 30-year fixed mortgage are averaging around 5.25 percent. With rates that low, Bethpage Federal Credit Union says it?s seeing four times as many refinance applications than at this time last year.

?You can save an amazing amount on your monthly payments if you come in and refinance now,? Bethpage Federal Credit Union President Kirk Kordeleski says.

Prakash Totala, only two years into his mortgage on his Plainview home, says he has chosen to refinance and will save about $300 a month for the next 28 years by doing so. That adds up to about $200,000, he says.

Financial experts say how much a homeowner will save by refinancing depends on a variety of factors .?If you are not going to save a point or a point and a half, it is not worth re-financing,? Dowling College economist Martin Cantor says of the rates. He also says homeowners should consider closing costs and other fees when thinking about refinancing.