With rates significantly lower than when I bought my house, I am interested in potentially refinancing. Can anyone summarize what the refinancing process is typically like? Is it essentially the same as when I got the original mortgage -- Several months of pay stubs, W2's, "mysterious" underwriters, appraisal, closing costs, etc.?
We purchased our house back in 2006 for $95,000 w/a mortgage for 80% of the value and a 2nd mortgage for the remaining 20% (to avoid PMI). I just paid off the 2nd mortgage 17 years early and depending on the rates, would like to refinance the remaining $70,000 with a fixed rate 20 year loan. My credit has no blemishes and I suspect I should have a FICO in the 750 - 800 ballpark (I'm waiting for my credit reports to update before pulling my score) and I have an income of about $78k. My credit should be better now than when I bought the house initially and my income is about 30% higher. I have no credit card debt but owe about $12k in student loans and another $12k for a car loan.
I've heard repeatedly that credit is much more stringent now than in the past and somewhat nervous about the whole process.
