I'm currently in the process of a mortgage refinance, and am getting very frustrated with it. It's my first home (bought 7 years ago), and thus my first mortgage, and my first time to refinance. My mortgage has been sold twice in five years.
I am refinancing with the same mortgage company I have been with for the past several years. I thought that since I was staying with the same company, and simply looking to get a lower interest rate (currently at a whopping 7%), that it would be a fairly easy process. Also, they contacted me about doing the refinance.
However, it's now been almost six months since I first talked to them, and it seems like every week there's a new complication. They need this proof of income, they need that proof of taxes, they need this proof that I'm not actually employed but work as a freelancer. They need this form signed again, because it's now been so long that the original form has expired.
You would think that having to pay a little bit less to the same company wouldn't require a complete financial investigation, but apparently it does.
It's also going to cost several thousand dollars in closing costs, fees, etc. Talking to several other friends in the neighborhood, they got some great deals on their refinances. One was charged less than $50. Another was charged right around $1000.
Of note is that our house (and the ones of the friends above) is worth about 60% of its original mortgaged value, and well below what we still owe on it.
I'm just wondering if this sounds fairly normal, or if it seems really out of line. I called my bank to see what their deal was, and they said they wouldn't touch my mortgage with a ten foot pole, and that what I'm going through is fairly normal.
I am refinancing with the same mortgage company I have been with for the past several years. I thought that since I was staying with the same company, and simply looking to get a lower interest rate (currently at a whopping 7%), that it would be a fairly easy process. Also, they contacted me about doing the refinance.
However, it's now been almost six months since I first talked to them, and it seems like every week there's a new complication. They need this proof of income, they need that proof of taxes, they need this proof that I'm not actually employed but work as a freelancer. They need this form signed again, because it's now been so long that the original form has expired.
You would think that having to pay a little bit less to the same company wouldn't require a complete financial investigation, but apparently it does.
It's also going to cost several thousand dollars in closing costs, fees, etc. Talking to several other friends in the neighborhood, they got some great deals on their refinances. One was charged less than $50. Another was charged right around $1000.
Of note is that our house (and the ones of the friends above) is worth about 60% of its original mortgaged value, and well below what we still owe on it.
I'm just wondering if this sounds fairly normal, or if it seems really out of line. I called my bank to see what their deal was, and they said they wouldn't touch my mortgage with a ten foot pole, and that what I'm going through is fairly normal.
