* Are payments for PMI included in your current home loan schedule? If have you paid, at least, 20 percent on the principal of your mortgage, your lender is required by law to remove the PMI.

* Do you owe more on your home than it is worth? If you probably will not be approved for a Cupertino re-financial loan. The exception is the Home Affordable refinance program. If you want more information, do a search on the Internet for the program.

There are many reasons homeowners want to refinance their mortgages, and some might be to:

* Lower your monthly payments.

* Lower your interest rate.

* Combine unsecured debt to lower your interest rate on credit cards.

* Get cash out by loaning more than the balance due to upgrade your home, cover an emergency medical situation or pay for college for the kids.

* Refinance an adjustable rate mortgage (ARM) that is coming due.

* Remove the PMI from your loan, which will definitely lower your payments.

Keep in mind that if your goal in Cupertino re-financial is either to obtain a lower interest rate or lower your monthly payments, you will restart the clock on your mortgage. When applying for a new loan, you need to decide the preferred duration of your new home loan. The most common are 10-, 15-, 20- or 30-year fixed rate notes. The fewer years on the note, the more you will save. You can save.7 percent or more on your new note. That can add up to thousands of dollars over the life of your loan.

All things considered, do you still want to refinance? If you can save money, there's no reason not to. Interest rates have remained steady in the 4 percent range for some time now. That will save you loads over the period of a 30-year loan, even if your original mortgage was only a couple of points higher. You will have to pay closing costs, though. Depending on who you are lending from, there may also be administration fees or other fees required. A down payment will, most likely, be required, too.

If you want to avoid a down payment, you may want to consider getting a Fannie Mae or Freddie Mac loan for refinancing. You typically don't have to come up with a down payment with either. Regardless of where you obtain your home loan, be sure to request all fees that will be included in the note. Get all fees in writing from each lender prior to making your decision. Before making the final decision to refinance, add up all new fees and closings. Divide that by the monthly amount you will save on your new loan. This will tell you how many months it will take you to recoup the charges for your new loan. Ideally, you want them paid off within a year.

If you will be living in the home much longer than it will take you to recoup the charges, then it will be to your advantage to refinance. Your final task will be to check out the lender's reputation. Does it have any industry memberships or certifications? If so, check with the organization as to the business' reputation. Also with the Better Business Bureau (BBB) and your state's attorney general's office. Compare all the company reputations, fees and interest rates. Select the one that stands out from the rest.