In California's competitive housing market, homeowners can lower monthly mortgage payments through various refinancing strategies. Options include rate and term refinancing to secure lower interest rates, cash-out refinancing to access home equity for other expenses, and adjustable-rate mortgages (ARMs) for reduced initial payments. Additionally, government-sponsored refinancing programs like HARP and FHA Streamline can help borrowers with limited equity. Consulting a mortgage professional is recommended to navigate these options effectively.