Hooray, I got my house refinanced! But my neighbor can't get his refinanced..

Weve refinanced before. I was hoping to do it again with rates being soooo low! However, the news kept saying it's going below 4 htis spring! Well it didn't at my lender but it would of been enough to refi & make it worth wild when it was down to 4.3 but I kept hoping for lower & never did go lower. But I called and asked since it was a point below what we were paying & it would only save me $86/mo wich would be helpful but not enough to go thru the hassel of refi'n. So I just keep watching...... I agree that's BS about the not helping people refi @ a decent rate til they are behind. I think their big problem is that if you refi with the same place they make less money on your loan, even though their liablity would be less should you default. On a similar note I wanted to re-fi our van. A CU not far from here was @ 4.99% our van is @ 7.5%, I was thinking WOW we could save some big $$ & pay it off sooner ect. We were denied because they would not take my varying schedule & his 2 days a month of mandatory overtime into account. The place we have the loan thru won't refi their own loans... so now I have felt ripped off about this whole thing! Especially since dh was able to go in upside down (yea not happy abt that) on a truck around the same time w/o any problems with one of those big banks that cried to Uncle Sam for bail out $$. I DON"T GET IT!

I didn't know that it can be so complicated. I think nowadays, the process of buying and selling house can become so hard and complex that I think if anything, it's best to rent an apartment because of the refinance part. If it's so hard to get a refinance, I can't imagine how...

hi dragon54u I am so glad to hear you did get your mortgage payment cut in half, thats really great. as for your neighbor' that is so silly but it seems they are doing that all over the US its so sad now to see empty houses along the streets with foreclosed signs on them when is this bad economy going to'change, is Obama ever going to do anything to help reverse things?We now are clear out of the picture.I am in a retirement center, my son in a gov.sponsored apt so he and his three men roommates can have an address as they hunt for jobs. this economy has split up families, and put people out of their homes. when will it end?

i am confused if you are happy for your house refinanced or your neighbor's getting rejected, lol. i think banks only help genuine people so you deserve it. well, i am student so i dont have any tension of all these things but i have think about it as i cant remain dependent on my parents whole life. cheers!!!

...Hi dragon54u, Good for you and smart, to reduce your debt. Takes some of the pressure off. Your friend is a victim of doing what he should have done or been able to do, that is to pay his mortgage on time. The programs are set up to help those who are delinquent or in jeopardy of losing their homes. Those who are good credit risks, are at the bottom of the refinance barrel, because banks are holding on to the money that they have, due to tight economic conditions and also because the Federal Reserve has tighter lending requirements. Credit has to be more loose, before the flow of money starts up again, for those who are credit worthy. Take care.

....Hi dragon54u, Good luck to you and your neighbor. He should keep trying to find a company that will refinance his mortgage. It's not impossible. A small regional bank could be the answer, as the government is trying to help the small banks so they can lend out money. The larger banks are hoarding their money. Take care.