Our refi is finally getting pushed through (Well, at least that is what the bank says). About 2 months ago I started looking at our refi options and decided on a broker. I told them we were refinancing a rental property and so we were penalized a couple of pts and ended up with a 4.625% 30 yr fixed rate. We provided all of the information requested and prior to leaving on vacation, everything seemed to be on track. Well, after getting back in the states 3 weeks ago, its been like pulling teeth trying to get an answer to what the problem was. Turns out, our tax free disability payments were not being counted towards our income, making our debt to income ratio too high. They also would not count as income current year rental income, they would only count rental income that appeared on prior year income tax. Not good, when we just bought the place in July 09 and didn't start renting it until Oct 09. Can't wait to get the bank rep and broker off my speed dial/contact list.
"The four most dangerous words in investing are 'This time it's different.'" - Sir John Templeton