Current economical environment has negatives and positives for homeowners. Some focuses on adversities, others take the opportunities presented. Ordinary people have no control over what is happening to housing prices, interest rates and unemployment. They have to work their way around these problems.What alternatives are there for homeowners? Many of them would not find selling their house to be attractive solutions, because people do not like losing on their investments. Selling now would most likely result in loss. Even they sell, what are they going to do? Many still want to own heir home. Unless they want to move to a different location, up trade or down trade, staying put in their home would be considered a safe bet.Record low mortgage interest rates offer a way out for struggling homeowners. They can refinance their home mortgage and lower their monthly bills, consolidate debt or reduce the term of the loan. If their home is underwater, there may still be a government program that will allow them to refinance. Other alternative is direct their low earning bank savings into their home equity and qualify for the best refinance home loan rates. This seems to be a popular choice at the moment. Putting the money in their home secures a good rate of refinance interest and provides long term stability.Even the house prices go down further; they are sorted for a long while. Knowing that the house prices cycle will come back, all they may need to do is to lock the low rates in and wait. For many homeowners who are comfortable in their home, high home prices would only provide physiological comfort. Since they would not sell their home, high or low house prices may not really be a concern. What should be a real concern is that they can afford to make their mortgage payments and refinancing now may help them to do just that.