So back in January of this year my wife and I decided to try and refinance.  I had 2 MTG brokers watching rates and I was waiting for a 30 year, with zero points at 4.5%...mid month on a Friday morning I got a call from BB & T that the rate was there and did I want to lock.  Of course I said, LOCK IT...we were very excited!

Application made and fully documented, I checked in mid February to see how the loan was moving along.  I was told slowly but not to worry, they will get to it as soon as humanly possible and that they were just swamped and under manned.  OK

Now comes early March nearly 2 months later...I called to get an update.  I was told that the appraisal was finally ordered and that I would be contacted when that got back.  Appraisal comes back fine (better than expected) but now they tell me the guidelines have changed because I have a job related to the housing industry and they may not make the loan after all.  Loan officer tells me they want to see 2008 tax returns.  Not great since very few people I know in this industry actually made more in '08 than '07 

Scramble to get tax returns done and send those in.  Mid May now and I finally get an approval but now they won't allow an equity line behind it.'s the dilemma:  do I do the refi and basically lose the equity line or do I sit tight with the mortgage that I have and keep the equity line in tact (prime -1/2).  Really don't use it but these days who knows?  May come in handy...

It's been a long frustrating road for us.  I feel like been dragged through the mud and the muck.  It's clear for sure that BB & T was at fault for this whole mess.  In the end though, we went through with the refi because the smart move was obtain the lower mortgage rate and increase our payment contribution towards principle.

I write about this only because many of the stories you hear out there are real (and I could go on about my ordeal in more detail) but the point is, banks just are not lending like they used to.  New and mostly stricter guidelines is making it tough if not impossible for a lot of people.  I just hope things loosen up soon for every one's sake.