Gimp n Text

[pbracing33b]

Hello I am using the latest version of gimp, and what I want to know (n Idk if this has been answered elsewhere or not) is if it is possible to change text? For instance lets say I am working on a banner and I place text in it and decide to save it and close it out, well the next day I come to it and I decided I don't like that text anymore or just want to change the font or style of it, how can I do this without recreating the whole thing. Also should I create a layer (a transparent layer, ie a clear one) then put that text on it so I can change it easily? I don't know how to do this I am very new to gimp and I don't know much about it, it seems to me as of right now the easiest and quickest way is to recreate the whole thing at least for me right now, but I thought that if someone knew of a way that I could simply go in and change the text, how much of a time saver that would be.