I have got it done once and in the process I got some amount left which I used to buy a car.I thus got a car loan(little amount) at the rate of interest of home loan.

Good for you; your interest savings must have been quite substantial to enable to buy practically the whole car (since you still have to take a small car loan).

That is the judgement one must make when considering refinancing - whether the savings are worth than hassle of switching.

This may be a good time to refinance for the following reasons:

• ARM – if you have an adjustable rate mortgage thatis scheduled to reset this year, it might be wise to refinance now.
  
• Good Credit Record  - Youcertainly should not wait for a missed mortgage payment entry in yourcredit history that could deduct valuable points from your creditscore. You should take advantage of your high credit score and pristinerecord right now in order to get approved for a refinancing loan andquickly and enjoy the lowest mortgage rates as well.
• Falling Home Prices – in the past few years,home prices have declined substantially -  leaving owners with reducedhome equity. If you wait too long before making a decision torefinance, you might find yourself getting rejected.