I feel sorry for people that have to get a new mortgage.

[OllieLotte]

We decided to refinance our home, to take advantage of the new lower rates. I contacted a mortgage broker that had been recommended. My wife and I both have a credit score just over 800. We have a bit of rental property, which prevents our score from being higher. We have never missed a payment on any of our rental properties or on any of the homes that we have owned. We do not have a car payment and pay our credit card off each month. The process was absolutely brutal. Copies of everything. Taxes for the past two years, W2s, bank statements and explanations for deposits. After going around with them for 2-3 weeks, I thought we were getting close and then they asked for copies of the insurance on my rental properties, tax records on each and copies of the leases for each. I told them that the property manager handled the lease and the bank the insurance and taxes through escrow. Didn't matter and we walked away after spending almost $500 on an appraisal. We decided to refinance through our existing bank, which does not require the appraisal or all of the extra paperwork. If we were buying a new home, we would not have had that option. If you are having to get a new mortgage, you have my sympathy.

[Common Sense Party]

1. We just did it and it was a breeze.

We weren't refinancing; maybe that was the difference.

It could not have been easier--from start to close it was 3 weeks.

[OllieLotte]

2. I'm shocked, I am surprised that you said that. Congratulations.

I will refinance with my original lender. That is the way I should have gone from the start. I spoke with someone that I work with that recently bought a new house. His lender had him provide information on a $20 cash deposit.

[Common Sense Party]

3. It might just be that refi's are a pain now. We bought a different house, and it was

the smoothest closing ever. If I were refinancing, there might have been more red tape.

[Billy Patterson]

4. Join Mortgage Community

You should join online mortgage community to get the perfect result about your quarries.

Thanks