Clark has always despised cash-out refinances -- the kind where you refi your mortgage for more than you owe so you walk out with cash. This was very common over the past 10 years and it's been a part of the foreclosure problem.

That's why the consumer champ was pleased to learn that cash-out refis are going away as of April 1, 2009. You won't be able to do them except under the strictest of circumstances through the FHA program.

So if your heart is set on one despite Clark's reservations -- and he can't believe he's saying this -- you've got to hurry and do it right now before the deadline.

Meanwhile, the best rates on refinances of all types remain fairly elusive. The great rates that the penny-pinching guru quotes from time to time on the show are contingent on an applicant having great credit (a minimum of 720); good equity in their home; and solid proof of income.

As a reminder, AnnualCreditReport.com is the only site to get your free credit report. And as always, Quizzle.com, CreditKarma.com and Credit.com all offer free non-FICO credit scores online.