Possibly, but not necessarily.

About one in ten of the homeowners with whom I speak who call to ask me if they should refinance get a "no" from me. In most cases it’s because either the remaining term on their loan is so short or the balance on their loan is so low that it doesn’t make financial sense to refinance. Prospective clients are always surprised when I recommend that they not refinance, not expecting this kind of advice from someone who makes money when homeowners refinance. In some cases, the monthly savings are so small that it makes more sense to take the money you would pay in refinancing costs and apply it to your mortgage loan balance rather than refinance.

When I began in the mortgage business over 20 years and six refinance booms ago, the rule of thumb was that you didn’t refinance unless the new rate was at least two percent below your existing rate. (That was when refinancing costs were even higher than they are today, and most mortgage loan balances were below $150,000. The conforming loan limit - now $417,000 - was about $168,000 back then!)

Now, with costs somewhat lower (although still too high in my opinion), and average balances more than twice what they were when I began as a mortgage originator, it makes sense to at least start looking at refinancing anytime the market rate is below your existing rate. We "run the numbers" for clients all day and exert no pressure whatsoever to get them to make application.

It may even make sense to refinance even if the monthly payment increases for instance, switching from an ARM to a fixed-rate loan, or refinancing out of an FHA or VA loan, or shortening the term from 30 to 15.

I always encourage my clients to refinance to a shorter term. Sometimes a lower payment is what you need, but if I can refinance you into a 20-year loan, and you are three years into your 30-year loan, I can save you seven years of mortgage loan payments. Even if a 20-year loan doesn’t work, how about a 25? Many borrowers and even mortgage professionals don’t know that a 25-year loan even exists.

The point is, each situation is different, and you should explain your particular situation to an Upfront Mortgage Broker and ask her or his advice on what you should do. You should have a discussion about costs, available rates, available programs, the process, and how long it will take for you to break even on the deal the so-called "recoup period." O a recoup period of 24 months is about right; over 36 months and I start to wonder if it makes sense.)

I get a lot of questions on provisions of some of the loans into which we are refinancing our clients, in particular whether the rate is fixed and if there is a prepayment penalty. In almost every case, because of today’s low rates, it does not make sense to take an adjustable-rate mortgage loan, and we don’t write loans with prepayment penalties.

Other questions focus on appraisals. At least in the areas we are writing loans, we aren’t having problems with values. I know it’s written about a lot, and you’ve been hearing about it a lot, but we just don’t seem to be having problems with values.

There’s a lot of information out there on refinancing, but the best information is that which applies specifically to you, so call us if you have questions and we will tailor a solution especially for you.

Christopher Cruise is a Senior Loan Officer with GOTeHomeLoans, as well as author of various mortgage manuals. He currently serves on the Board for the National Association of Responsible Loan Officers.

This eye-catching lead was based on data from the Standard and Poor's/Case-Shiller 10-City Composite Index that declined 19.1 percent in October 2008 from a year ago. The S&P 20-city index dropped 18 percent. The San Francisco metropolitan region index plunged a whopping 31 percent.

The Case-Shiller index does not include all homes sold during a time period. It tracks repeat sales. So, only homes that sold two or more times are included. This may or may not be a representative sample of changes in home prices. Another drawback of this, and other home-price indices, is that they are usually based on too broad an area.

For example, the S&P/Case-Shiller San Francisco metropolitan region includes San Francisco, Marin, San Mateo, Alameda and Contra Costa counties. This is an immense area. In choice neighborhoods in San Francisco, Piedmont, Oakland and Berkeley, home prices declined only approximately 7 to 10 percent last year. In areas bloated with unsold inventories of new tract homes and foreclosure sales, like Concord and Brentwood in Contra Costa County, prices dropped more than 40 percent.

Two other widely used home-price indices are the National Association of Realtors (NAR) median existing-home price index and the Federal Housing Finance Agency's (formerly the Office of Federal Housing Enterprise Oversight) Home Price Index.

The drawback with NAR's price index is that it measures changes in the median price during a period of time. But, it is not an index of changes in the market value of the homes sold. Half of the homes sold during a period sold for more than the median price and half for less.

When there is more sale activity at the lower end of the market, like the foreclosure sales activity that dominates many markets today, the median price drops. Also, it's impossible to extrapolate from national statistics to local neighborhoods, other than to say that generally prices are declining rather than advancing.

The FHFA's monthly House Price Index also has shortcomings. Like the NAR index, it covers the nation. It is a repeat sales index that measures price changes in sales and refinances of same properties. It includes only properties where conforming loans (Fannie Mae and Freddie Mac loans in amounts of $417,000 or less) were used for financing a refinance or purchase. The upper-tier market is excluded, as are foreclosure sales.

It's not surprising that these three indices produce different results. For example, the S&P/Case-Shiller 20-city index reported that home prices dropped approximately 9 percent in 2007. According to NAR, the median price of existing-homes sold in 2007 declined 1.4 percent. And, the FHFA Home Price Index dropped 0.5 percent.

HOUSE HUNTING TIP: The only way to know for sure the current market value of a home is to put it on the market and sell it. However, this isn't realistic if you're trying to determine whether or not now is a good time to sell. You need to research your local market to gauge the approximate selling price of your home at any given time.

A good, reputable real estate agent who knows your neighborhood well can assist you by preparing a current market analysis (CMA) of your home. This will give you a snapshot of recent sales in your area. Make sure it includes the most recent sales, listings that have sold but not yet closed, and active listings.

THE CLOSING: Don't make a decision on whether or not to buy or sell based on a news headline. Read the entire article. Then research your local market.

Dian Hymer a nationally syndicated real estate columnist and author of "House Hunting, The Take-Along Workbook for Home Buyers" and "Starting Out, The Complete Home Buyer's Guide," Chronicle Books.

Whether you have a tub/shower combination or a dedicated stall shower, there are essentially three different types of doors available:

• Horizontal sliding doors: By far the most popular of the door styles is the horizontal slider, which can be used with either tub/shower combinations or with wide stall showers. A horizontal overhead track is supported by two vertical frame pieces at either side of the opening. A pair of doors then hangs from the overhead track on nylon rollers. Both of the doors are operable, with one door sliding horizontally past the other door.

• Swinging doors: Swinging doors are designed specifically for use with stall showers of virtually any width. The door is mounted onto a vertical frame using a continuous hinge and swings out away from the shower (shower doors never swing into the shower stall because of the difficulty in opening it to get to a person who has fallen or otherwise become trapped inside the stall). Swinging doors can be hinged to swing in either direction, and for showers over about 3 feet in width, there is typically one or more fixed panels next to the swinging door so that the door doesn't have to be as wide and heavy. Swinging doors are also used in combination with glass panels and a metal framework to make up a corner shower unit.

• Accordion doors: Designed for both tub/shower combinations and stall showers, vinyl accordion doors hang on a track and fold up against one wall in small sections. This particular door style is no longer particularly popular, given the difficulty in cleaning all of its multiple panels and parts.

KNOWING WHAT TO LOOK FOR

When shopping for a new door, you have more options than you probably realize, primarily in color and style. Your first priority is to look for a door with a good solid frame and heavy-duty rollers, hinges and other hardware. The glass is required by law to be tempered, and doors with acrylic panels are no longer allowed in most areas. Be sure and look at a full-size, operable example of the door you're interested in before you buy it.

The basics aside, the choice comes down to one of appearance. For the frame color, you'll have a choice of chrome -- typically the least expensive -- gold-tone, white, almond and a variety of other colors. For the glass, the least expensive option is opaque or frosted, but you'll also have a choice of clear, smoked, bronze-tinted, or clear or frosted glass panels with any of a variety of etched pictures. If you opt for clear glass, there are little shower squeegees you can use to quickly remove water from the glass after your shower, which helps greatly in preventing a buildup of water spots.

Some glass shops also offer doors with custom etching. You can bring them a picture, message, logo, or other artwork, and they can have the art etched into one or more of the doors or panels. This will obviously add to both the cost and the ordering time.

THE INSTALLATION OPTIONS

You've got two options here -- do it yourself or hire it out -- and the choice is directly influenced by your level of patience. Installation of a sliding or swinging shower door set requires the assembly of the frame and its installation in the shower, followed by the hanging and adjustment of the door(s), sealing of the frame, and installation of the weatherstripping.

Most shower doors are available in kits for the do-it-yourselfer, and contain all of the necessary hardware and instructions, usually with the exception of caulking or sealant for sealing the frame in the opening. Typical tools you'll need include a screw gun, hack saw, level, caulking gun, and a couple of different sizes of drill bits -- including masonry bits if you're installing the frame against ceramic tile.

Shower doors are sold through most glass shops, as well as home centers and larger hardware stores. Given the number of options, you'll probably only find the most common sizes and colors in stock; others will typically require a special order and, depending on the style and color, will take anywhere from a couple of days to several weeks for delivery.

Remodeling and repair questions? E-mail Paul at paul2887@ykwc.net.