Refinancing - CEMA

amother

Tue, Apr 27 2021, 5:44 pm

I am working on refinancing in NY.
I am waiting for the CEMA but it's taking a very long time. It's almost 3 months already. Anyone have experience with this? Anyway to speed up the process? If I don't get it it'll cost me $8k in taxes. Really don't want to have to pay it but need to finalize the refinance. I need the lower monthly payments asap.

amother

Royalblue

Tue, Apr 27 2021, 5:48 pm

I am in the mortgage business. Some banks are taking very long to do CEMAs. It depends on the bank your currently with. U fortunately its normal for it to take that long. You can ask the person handling the CEMA to follow up.

amother

Tue, Apr 27 2021, 6:37 pm

amother [ Royalblue ] wrote:

Thanks!
It's M&T bank.
He has been following up regularly. I'm wondering if there's something more that can be done. Maybe someone I can call.

amother

Cobalt

Tue, Apr 27 2021, 7:50 pm

It takes long if you're refinancing with a different bank than you're currently with. Just daven that rates don't go up too much, because then the higher rate will cost you more than the cema savings...

chava101

Tue, Apr 27 2021, 8:17 pm

CEMAs could be a real pain. How much are you saving each month once you close? Are you saving 8k after all the CEMA fees involved?
Sometimes end of the day if you add all the interest you're paying until the closing since you'll be starting a new loan term from after you close in addition to all the fees associated with the CEMA the savings aren't as high.

amother

Tue, Apr 27 2021, 11:05 pm

I was told CEMA takes 4-6 weeks so it made sense. But now it's already almost 3 months and I have no idea how long it will take so no way to really calculate the savings.
Right now my rate is locked in. So I have some time until it expires. But how long should I wait?

chava101

Wed, Apr 28 2021, 1:03 am

amother [ OP ] wrote:

You should be able to get a sort of timeframe however timeframes could change now with all the refi's. See if the CEMA attorney could give you a clearer picture. They do need to be nudged however it may not even help since they're all swamped.