Refinancing...be ready to be patient!
Thought I would post my refinancing experience on here FWIW to others. I have lurked around here for a good while and got lots of good information, so thanks!
Bought our house about a year and a half ago, got a 30 yr fixed at 7.375. Never truly really considered refinancing until rates hit in the upper 4 range, then it was "duh" I can't afford not to refi. Don't know why it didn't occur to me earlier.
Long story, but we went in on Jan 5th and did the app, FHA 30 yr fixed. Next day, got approved for 4.875 (no points) so we locked. Next had to get the appraisal, termite letter, all that good stuff done. Just seemed like it was one thing after another, and of course it takes a day or two to get a response and then there was always something else they(the underwriter) needed. I will admit it was very frustrating at times. I understand that "all loans are a little different" and I am a very understanding person, but sometimes it is a little ridiculous. My file was at least 3" thick.
I couldn't believe my ears when I was told that I needed a letter from my wife stating that I have access to the joint banking accounts. Had to shake my head and roll my eyes on this one...."wait a minute, my wife has to write a letter saying that I have access to our joint banking accounts.....bank statements/credit reports aren't enough?" This has to be a joke right?....I wish it was.
Anyway, we finally closed on Feb 18th. What a relief. It was a long, and painful process, and to their credit, the banks are swamped. There were times I felt like saying the hec with it, but that would have been a BIG mistake knowing how much we are going to save over the long run.
Thanks to all of those on here for their advice, I was reading a learning a lot. Several major things learned from my my first refi experience were if you lock, make sure you give yourself enough time. Nothing like having your lock about to expire and not knowing if your going to be able to close in that time frame (again banks are/were really busy with refi's).
Another thing learned is trying to time the rate. Dave and others have posted a lot on this. For me it was pretty simple....right now anything is better than 7.3% Obviously, the lower the better, but who knows what the future holds? As Dave has said, and I found out true, the process can take a while to complete so get the paperwork done and lock when you feel the time is right.
Thought it might help someone to post my experience on my first refinance. I have lurked and learned, so time to pay that fwd.