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Why is refinancing such a hassle?

Q: We started the process of refinancing three months ago. We were approved quickly however the mortgage company lost papers, has us jumping through hoops and set us up for a 30-year loan when the original application
was for 20 years.

Meanwhile the interest rate is back up to nearly what we are paying now. Is this run-around typical?

A: Sorry to hear of your troubles, which are more commonplace in today's market than you might expect. Without a lot more detail about your situation, it's hard to even speculate on the source of the troubles, but the changing availability and price of mortgage credit, new regulations, a lack of experience personnel and more can all contribute to a frustrating and unsuccessful refinance.

If you haven't committed too much money to the process, you might consider pulling the plug and contacting another mortgage lender to see if your level of service and competency improves.

More help from HSH.com

  • When refinancing at a higher rate makes sense

    Trade your old mortgage for a new, higher-rate version? There are times when it actually makes sense.
  • Should I pay off a mortgage early?

    By making extra principal payments or refinancing your mortgage, you could pay a lot less interest and free yourself from your mortgage ahead of schedule. Here are the pros and cons of retiring your mortgage early.
  • Are ten-year fixed-rate mortgages (FRM) available anywhere?

    Sure! Virtually all lenders who sell product to Fannie Mae or Freddie Mac will be able to offer you mortgage with a 10-year term. However, interest rates are usually the same as the lender's 15-year offerings.

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