Mortgage Refinancing 101

My friend told me the other day that they just closed on a refinance on their house. I was a little jealous..I would LOVE to do a mortgage refinance on our house. I would LOVE to have some extra money to do some home repairs. Right now, we wouldn't get approved just because of our financial situation with Kyle not working...at least I can't imagine we would. Maybe it's something I will check into. hmmm.

We had attempted to refinance our mortgage at one point, we went through all the steps including, appraisal, application fee, etc. They called us on a Saturday on our cell phone to congratulate us and tell us we were approved, on MOnday they called back and said there was a mistake and because we had been late on one mtg payment they couldn't approve us!! We were SOOOO mad!! I demanded that our appraisal and application fees be returned, which took a lot of, um convincing. *wink* Then they gave us the run around about when the check was sent. It was a really awful experience and I will NEVER use that company again.

If and when I am ready to attempt it again I'll definitely be doing more research through places like www.personalhomeloanmortgages.com the info you find there is really geared toward helping you make intelligent borrowing decisions. They even have my favorite source for finding out information...forums!!