[quote author="IrvineCitizen" date=1243509316]I saw the article in the OC Register online this afternoon and immediately went to my Countrywide login (now BofA Mortgages) and checked on just how much my refinance would now cost me.
You see, I refied last month for 4.375% for 0.5 points on a 300K loan. I was a current Countrywide customer and that was a helluva deal. That was with a 45 day lock, too.
The rate today on their site is 5.375% for 0.825 points on a 300K loan. And the lock is NINETY days!
I figured that would happen because my loan processor told me that he was overwhelmed with refi's and the 45 day lock just wouldn't cut it anymore.
I had to basically babysit the whole process with several calls to them a day, faxing, refaxing and then re-refaxing documents to them, etc. It was a pain in the ass but it's over and I have a $1400 a month payment.
Glad to get in while I could because I believe that's it for the 4.X% until the next economic crisis twenty years from now.</blockquote>
Sounds almost identical to my experience and rate as a current customer of WaMu/Chase. At one point I was told that every loan processor had 500 clients to deal with. There were several times when I thought there was no way I'd make the 45-day lock. It kept going back & forth to underwriting purgatory, they kept "losing" paperwork...and this was a "streamlined" refi. I finally got hold of a supervisor who pushed it through and I closed with 2 days to spare. The savings and hassle were worth it though, and at this rate I know I'll never have to go thru a refi on this place again.