LowSlowT2 is right on point. I refinanced two houses in the past year and sold another one. Unfortunately, you have to endure the pain if you want to take advantage of the low rates. It doesn't help when the brokers and underwriters are clueless. I've already posted my experiences with the clowns that USAA uses in their mortgage department. I think broker incompetence is rampant on a wide scale. I had a broker tell me he had to deny a millionaire a small home loan because he was retired and had no "income." Even the people in USAA's car loan department aren't that bright. I was shopping for a small car loan a year ago and had found a better rate from a credit union than USAA. I was talking with USAA about it and the guy actually had the gall to say "it's only a three hundred dollar difference over the life of the loan, why not just go with us." Unbelievable. Yes USAA, I would like to hand you over my hard-earned money for no good reason.