There are four simple steps you can take to make this happen.



Investigate your credit Estimate your equity Know your home's value Shop for a good lender

A lot of people don't realize their credit report can hold some big surprises until it's time to refinance their home. It's easy to forget to make a payment, and most people realize one single missed payment can make the difference between an approval and denial.

Check Your Credit Report...

It's a good idea to check your credit report to guarantee that what's on there is accurate. If you didn't do what your credit report says you did, demand that it be corrected. By the same token, if you were late with a payment and the credit report doesn't show it, be grateful for small errors.

Estimate Your Equity...

The amount of equity in your home determines how much you'll pay for your home refinance loan. If you have almost no equity it makes zero sense to abuse yourself by refinancing. It could cost you a bundle. Here's a handy little tool you can use to get a pretty good idea of how much equity your working with. http://moneycentral.msn.com/loan/home_equity_calculator.aspx

Know Your Home's Value...

Knowing your homes value doesn't have to be guesswork, and it doesn't necessarily have to be a science. Many times homeowners can find out how much their house is worth by searching through sites like http://www.Century 21.ca and http://www.Century21.com. Since they're the biggest of the big, you can usually find out relatively easily how much your home could be worth by using data they collect on homes they have sold.

http://www.Zillow.com also specializes in pinpointing specfic home price points, but is currently only offered to U.S residents.

In real estate, "comps" - or comparative values - tell you what homes with similar features to your own in your area have recently sold for, which can give you a rough estimate of what yours could be worth.

Shop For a Good Lender / Mortgage Broker...

The last step is important, because a good mortgage broker is sort of like a good steak: really rare.

To make sure you get the best possible lender / mortgage broker, it's important that you look for the right things.

Hold out for a lender who has a number of different products for you, to guarantee a smart refinancing situation. You don't want to be streamlined into a loan that doesn't fit your plans or it could cost you a bundle.

And if you're planning a big move in the very near future, it might not make sense at all.