If you own your own home, have you refinanced lately to cut your interest rate and monthly mortgage payment? Maybe you've been toying with the idea of trading in your mortgage for a new, cheaper one but have been procrastinating.

Well, Warren Buffett of all people would tell you it's time to get off the fence.

"This is a very good time to borrow money, which means it may not be such a great time to lend money, but it’s good for the country that it’s a good time to borrow money," the folksy financial guru said in early May during his company's online shareholders meeting.

Buffett himself has been on something of a borrowing blitz and has been snagging some truly incredible rates. Just follow his lead, and you can do well when you apply for a refi loan.

Buffett's been borrowing. You should, too

As the economy was rapidly spiraling downward in mid-March, the Federal Reserve slashed a key interest rate almost to zero, matching an all-time low established during the 2008 financial crisis and the Great Recession.

Buffett hasn't figured out a way to borrow at 0% interest — at least not yet — but his Berkshire Hathaway company did come close recently, thanks to the low-rate environment the Fed helped create.

Berkshire said in a regulatory filing last month that through a bond offering priced in Japanese yen, it would be taking on the equivalent of over $1.8 billion in debt — at rates ranging from 2% to just 0.674%.

You won't find mortgage rates way down in that sub-basement, but they have been hitting all-time lows due partly to the Fed's extreme rate cutting. Thirty-year fixed-rate mortgages have just begun appearing with once-unthinkable rates below 3%.

Buffett has called the 30-year mortgage "the best instrument in the world" — because of your ability to refinance when you find a lower rate.

"If you’re wrong and rates go to 2%, which I don’t think they will, you pay it off," the billionaire investor said during a 2017 CNBC interview. "It’s a one-way renegotiation. It is an incredibly attractive instrument for the homeowner and you’ve got a one-way bet."

Refinancing is all the rage

Many households have been pouncing on the ultra-low rates on home loans. In recent months, Americans have been applying for refinance mortgages at three and four times the levels seen a year ago, according to the Mortgage Bankers Association.

"With many homeowners still facing economic and employment uncertainty, these refinance opportunities will allow them to save money on their monthly payments, which can then be used to help other areas of their budgets," says Joel Kan, the vice president of forecasting for the trade group.

Homeowners who refinance mortgages they took out just one year ago can save an average of around $60 a month for every $100,000 borrowed, a LendingTree study released earlier this spring found.

Still not sure whether to refinance? You're in a good position to score a sensationally low mortgage rate if you currently have a 30-year mortgage at 4% or higher and if your credit score is exceptional (800 or higher) or very good (740 to 799).

Warren Buffett says this is a good time to borrow money. Maybe it's your time to take out a new home loan — and slash the cost of your mortgage.