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Refinancing Home



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amother
OP


 

Post Wed, Oct 28 2020, 7:29 pm
How long does it take to refinance a home? I started the application in July and paid an application fee. It's almost November and they say they are still working on it. Is this a normal time line or should I go elsewhere
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Kumphort




 
 
    
 

Post Wed, Oct 28 2020, 7:53 pm
I just signed my refi papers last week I just went back and saw that we started the process in August. But we were in contact the whole time going back and forth providing paperwork etc. if you haven’t heard anything back and are not in conversation with them, then I would look info other options
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amother
Coral


 

Post Wed, Oct 28 2020, 7:57 pm
Not normal. I refinanced two years ago and took about 6 weeks from contacting the rep to closing. or so total. I'm Refinancing now and also should take 4-8 weeks really mostly dependent on how fast I finish getting paperwork in . Once u get all
Your financials in it should be 4-6 weeks. Maybe 8 if the place is very busy or your situation is complicated like with contesting your home evaluation or soemthing.

Ask what they are working on? Once u get financials in u need to be approved (took our place less than a week) and also need house appraised (are aged within a few days for us) and title search (shouldn't be more than a few weeks ) then close. If there are issues- like not enough Perot of income to house Dosnt appraise for enough they should tel u right away and give u ideas of what to do next.

I think they just aren't working ok it. I have tons to friends and family that have refinanced and never heard of it taking that long. Two months to less - and Very often less!
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ImmaBubby




 
 
    
 

Post Wed, Oct 28 2020, 8:02 pm
I don’t think anything can be measured by what was normal a year ago. Covid has effected every aspect of existence.
My advice is to keep calling them and politely remind your agent about your application.
Hatzlacha!
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coloredleaves




 
 
    
 

Post Wed, Oct 28 2020, 8:09 pm
I am refinancing now. Started last week and expect it to be done within 4-6 week. My Neighbor refinanced last month and so did most of her family. All were done in normal time frames.

Probably covid did effect it- as in the rep working from home, getting less done- maybe also in July less appraisers were working etc... but plenty of people's mortgage brokers made it happen in normal or only slightly delayed time frames.

Of course be polite but don't just wait. It's probably in the bottle of some backlogged like somewhere. let the broker know politely that u are still waiting and when u can expect it done and what steps still need be taken and expected time frames for them.

u can very politely also tell him frankly u do know numerous people who started the process after u with diff people and got it done already so u are getting antsy. U can also call a couple places and ask how long the typical time frame woudl be if u initiated an application now. That will give u an idea.
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amother
Oak


 

Post Wed, Oct 28 2020, 8:34 pm
I work in a title company, and I can tell you the banks are very overwhelmed right now with so many people refinancing. They have been taking much longer thsn usual. Chances are they're just very busy. Call your title company to ask them. Hatzlacha!
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chava101




 
 
    
 

Post Wed, Oct 28 2020, 8:58 pm
Banks are overwhelmed but not this long however there may be a reason that it's taking so long. Have you provided all the documents requested? Is it a complicated loan? Just thinking of reasons why it could take this long.......
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amother
Aubergine


 

Post Wed, Oct 28 2020, 10:34 pm
I started at the very end of August and still not done!! Submitted all documents right away. I know banks and all other places are very busy now, but this is crazy.
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amother
Aubergine


 

Post Wed, Oct 28 2020, 10:34 pm
amother [ Oak ] wrote:
I work in a title company, and I can tell you the banks are very overwhelmed right now with so many people refinancing. They have been taking much longer thsn usual. Chances are they're just very busy. Call your title company to ask them. Hatzlacha!

What can we ask our title company? If the info was requested?
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amother
OP


 

Post Wed, Oct 28 2020, 11:44 pm
Thanks all!
I gave all documents right away. We were approved and it's in underwriting but it's taking so long. Just feel like I could have saved A LOT by now. They said they are very backed up but it feels like way too long.
I'll try calling other places to get a time frame. Any suggestions?
TIA
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amother
Lilac


 

Post Thu, Oct 29 2020, 4:21 am
OP,

Are dealing with a broker or bank directly? Dealing with a broker will get you much faster results.

The title company has nothing to do with the delay. Hatzlacha!
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amother
Lime


 

Post Thu, Oct 29 2020, 4:52 am
We started in July and closed in September. And that was with them being shleppy because they were so overwhelmed.
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amother
Plum


 

Post Thu, Oct 29 2020, 7:19 am
Now things are different. We signed to refi in July and still haven't closed. They told me that due to many people losing jobs and the economy there have been a lot of changes in regulations, which is delaying the process for many people.
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chava101




 
 
    
 

Post Thu, Oct 29 2020, 7:53 am
If you've been approved have you been asked for a list of documents the underwriter requested? Has an appraisal been ordered?

Current turntimes for refis once the application has been submitted to a Lender is between a week to 3 weeks and once approved and you provide documentation requested it could take up to a week to clear.

also rules have not changed in the last 4 months you do have to be able to demonstrate that you're working and earning as much as you stated on your application
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amother
Khaki


 

Post Thu, Oct 29 2020, 8:34 am
I work in a mortgage office. Bh we are super busy. We have 4-5 times the amount of volume as usual. We hired 6 new ppl for our team. We are closing over 50 files per month (we are a highly successful office and in normal times close 15-20 a month. We are on track to close 150 files for November.
That being said, refinances aren't taking months and months usually. Alot of it is waiting on other things beyond our control. For example, CEMAS- banks are taking months sometimes. Appraisers are backed up a few weeks.
We have closed many ppl in 30-45 days.
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amother
Crimson


 

Post Thu, Oct 29 2020, 10:10 am
I started my refinance the first week of September and closed earlier this week and that was considered long according to my broker. Did you lock in? Find out if your rate is locked and when the deadline is to close?
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