I'm shocked. We live in a small town. Wanted to refinance our building to get a smaller interest rate.
Called every bank, and they ALL want HUGE fees to refinance our commercial building. Appraisal: anywhere from 00-4000 that WE have to pay, with no control over who they get. A bunch of other fees on top. Plus give them the last three years of tax returns, and a mess of other things.
And interest rates vary from the same, to only 1 1/2% less to what we already pay, to 2 1/2 and 3 % less. All variable; one or two with fixed for only a few years.
I have credit over 800; we have paid our monthly mortgage every single month on time for several years. Yet, the banks make me feel like I have to get naked besides PAY them to get me naked before they will even think of refinancing.
Isn't there ANY bank or mortgage company who is friendly to HAVING MY MONEY??
i recently did this myself. i didn't refinance but i opened up a large credit line…. i had been with this bank for 10 years. had multi million dollar investments with them. as an agent and an investor did every sale with them for 10 years. they never needed anything before but last October when i wanted to increase my credit line, they required everything you mentioned… appraisal, tax returns, blah blah blah. again i was like you, always on time with taxes and mortgage payments…. have a high credit score… they didn't care. the market turned and they were forced to do the same.
let me tell you though, banks that do this are the banks you want to go with because they won't be going out of business anytime soon. by them making sure their butts are safe, they are ensuring that your butt is safe.
just make sure you get a copy of the appraisal for your own records. by law if you pay for it, you can have it.