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.