Compare your current interest rate with low rates being offered by lenders and see if you could save money by refinancing. Some lenders will even finance points you pay on your loan to reduce amount of cash you need upfront. If you want to refinance your home and lower your payments, contact a lender who can approve your loan in California or in any other state you may own a home. Refinancing is a great way to take advantage of great loans being offered by online lenders and traditional mortgage companies. You can get free quotes from several lenders and compare rates offered by each. You can lower your monthly payments and have extra cash each and every month.

2. Once you have checked your credit reports, apply only to places that submit your application to many lenders. Every time your credit report is pulled, it will knock your credit score down a little. If you apply to a mortgage service that will submit your application to many lenders, then you only have one credit inquiry and can receive offers from up to 4 lenders per application.

Frequently asked questions are:

1. Will I have to make a large down payment? Not necessarily. If you can get your credit score above a 600, you should easily be able to get 100% financing, even if it has been less than two years since your bankruptcy or foreclosure. If your score is above a 580, you might still be able to qualify for 100% financing.

2. What kind of interest rate can I expect? Depending on your credit score and whether you have any down payment or not, I have heard of situations with a credit score as low as 585 with no down payment and an interest rate as low as 7.25%. That was quoted in March of 2005.

3. Can I get cash out? On a purchase, not likely. On a refinance, depending on your amount of equity, that is very possible.