Mortgage rates are falling and that means refinancing is picking up, mortgage industry professional Melissa Cohn told CNBC. However, it is certainly no refinance boom, she noted.
"Since the refi boom, we've had Dodd-Frank come in and there are many more restrictions in terms of getting approved for financing, so people that perhaps attempted to get refinanced during the boom are a little bit more afraid to come in today's marketplace," Cohn, president of Guardhill Financial, said in an interview with "Street Signs."
The good news, she said, is that more banks are making it a little easier to refinance.
Read MoreMortgage rates dip below 4 percent
"If you can lock in a rate in the 3 percent range, you are doing yourself a huge favor," Cohn said.
Mortgage rates are moving below 4 percent for 30-year fixed conforming loans with balances below $417,000 for the first time since they spiked in June 2013.
Of those who are refinancing, only some are taking cash out, Cohn said.
"If you want to cash out, [banks] are now limiting you on how much you can cash out and for example, if you want an interest-only mortgage, they're making it more difficult," she said.
"Banks are cognizant of the fact that rates are lower and people want to refinance. They just want to make sure that they will have the ability to repay."
That said there are other alternatives such as REITs and portfolio lenders for those who wish to refinance but don't meet bank standards, albeit at a slightly higher rate.
"There is money out there. If you really, really can prove three out of four points, there's no reason why we won't be able to get you [refinancing]. However, if that credit is one of those bad points, that does continue to be an issue no matter where you go," she said.
—CNBC's Diana Olick contributed to this report