Kelly and I recently decided to jump on the recent (and absurdly low) 4% mortgage rates and started the process to refinance our home. Though we have sterling credit, this is the third home we’ve owned, and would be our fifth mortgage, by the hoops we’ve had to jump through you’d have thought we were clueless about the whole process.
Certainly this isn’t the go-go 2000s, when I could buy a house without having a job (while erroneously having my brother’s mortgage on my credit report, too!), but the due diligence of the mortgage broker has been remarkable. We’ve had an appraisal of the house done, supplied far more financial documentation than ever, and had employment verification calls done on our behalf. I was even asked about a business the former owner of our home used to have here, possibly because it showed up on some report.
While the one we’ve been working with has been pleasant throughout the process, it seems mortgage brokers are going out of their way to make this as challenging as possible. It made Kelly ponder that if we have great credit and it’s this hard for us to get a loan, just who exactly are they lending money to?