Refinancing in Era of Trump
We have been trying to bring down expenses since September when my chances of a new job looked pretty slim. After cutting back and budgeting with a financial planner, we thought it best to bundle credit card debt and equity line of credit into our mortgage payment via a new loan. As time moved along we made an appointment for election day - 11/8. As it approached and various indicators had me really anxious, I knew we had to lock something in Nov. 8th. We did - at the interest rate of 3.5%.
But then the election results seemed to give the bank free rein to up the rate to 3.75 when the paperwork arrived two weeks later.
I have been on the loan officer's back ever since. He has found excuses to cancel appointments (illness, broken tooth) and at first said he would get it back to 3.5. Now claiming it was something called "cashout refi" with "add-ons" - which he says he hadn't realized was what we signed- we can only hope he can get it down to 3.62.
This cannot be normal. On 11/8 he was complaining about new regulations causing paperwork to seem endless. Now I wonder if the surprise election put them back in predator mode.
And what can we do about it?
= new reply since forum marked as read
I refinanced at 3% about three years ago, and found the whole process bewildering and unmanageable. Basically, I picked a credit union and trusted them, and didn't feel like I had any standing to question the myriad of fees or the end result. We started out expecting 2.75%, as I'd spent some time previous repairing credit, doing research and getting the whole financial side on solid footing, but when we were fully committed and the paperwork came through it was 3%. Why, I have no idea.
In any case, our refi folded my first and second mortgages into one 15 year note, and saved me $500 a month, plus a bundle in the long term, so I didn't really want to argue or risk it falling through. I don't see indications that interest rates are going anywhere but up, so I'd probably take it if I were in your shoes, but if you have a person to talk to and a little leeway timewise, maybe you'll do better than I did by asking questions. A point here or there doesn't sound like much, but in the long run it really does add up.
on edit - just remembering that one of my beefs with my original loan was that it was Chase, who'd screwed us with a credit card issue, held our mortgage also and declined to refinance. We went through a credit union deliberately to get away from them. Then three months after the refinance we got the notice the new mortgage had been sold to - Chase. 
depending on the size of your loan $3K might be okay. Ask where the closing costs go. Insurance and fees are can't be avoided and no, you don't have much choice about points. However, some lenders will lower the points but it is usually at the cost of the interest rate.
In all honesty, loans are cheap right now. Our first home loan was at 8% and when our friends bought homes a few years later it was up to 12%. And even then, think what credit cards and car loan interest is. Much higher than 4%. And remember the interest on a home loan is tax deductible for federal income taxes. So it makes the interest cost even lower depending on your tax bracket.
If there is anyway to make a higher payment, everything over the regular payment goes towards principle and you pay it off sooner.
Remember, I'm an interest nazi. Not exactly sure why, but I hate to pay interest. When we bought our first house, my aunt told me to never take a second mortgage. It stuck with me but it does make sense if you can get an overall lower interest rate.
When you apply for a loan, at some point you "lock" in an interest rate. If you locked, the lender has to give you that rate. But locking in the rate is a risk for both parties. You might lock in at 4% and it goes down to 3.5% the next day. Not all lenders are crooks. Or so they say 
