Refinancing a home loan in today's lending climate can be horrifically difficult or surprisingly easy, depending on the homeowner's situation. Here, three homeowners explain how they refinanced, what the process was like for them and why they did it.
Peace of mind
Cynthia Guiang wanted to refinance her two home loans in 2008, but an appraisal lower than the combined loan balances thwarted her intentions.
Fast forward four years, and she now has a new mortgage -- and greater peace of mind.
The new loan of $674,500 paid off a $412,000 20-year first mortgage with a fixed rate of 5.625 percent and a $248,000 home equity line of credit with a variable rate, plus closing costs and "a little cash out," Guiang says.