Refinancing question (loan, interest rate, rate, loan) - Mortgages -Lenders, loans, financing, rates, foreclosures, short-sales, brokers, credit score, deed, lien, refinancing, borrowers - City-Data Forum

Greybear · 06-30-2013, 09:24 AM

For those of you who have refinanced, how long did it take? I have started the process with my current lender back in March and we still haven't closed yet. I got locked in to a great rate in May but it has a 60 day expiration and therefore expires tomorrow. I feel like I am getting thrown under the bus here.

Is there anything I should do or know about? Should I talk to a lawyer?

BirdieBelle · 06-30-2013, 10:40 AM

We've refinanced 4 times over the decades.

The most recent time (last year) took about a month and a half. They definitely do not seem to handle refinancings with the same urgency they do regular purchases.

I remember getting frustrated that it seems like it was taking forever. But if your rate expires tomorrow, I would be raising holy h*ll to get it done.

Greybear · 06-30-2013, 07:11 PM

I can get an extension but I don't think I shoud have to pay the fee. Words will spoken.

marsharini · 07-01-2013, 07:07 AM

We started the process in late April and are closing this week.

MauiTiki · 07-04-2013, 12:26 PM

Refinanced via Quicken Loans. Closed within 5 weeks.

LO/SF · 07-16-2013, 08:43 AM

I use to work with one of the large lenders and they took forever to close loans. I now work for a smaller lender and we close refi's in 3 1/2 weeks. Smaller lenders don't have as many overlays on top of the larinvestor guidelines and there are less hands in the cookie jar so to speak so there are no delays beyond the appraisal and title.

And the rates and lock periods are lower and less. Normally 30 days which means lower rates as well.

good luck!

djacks · 07-16-2013, 09:54 AM

Quote:

Originally Posted by Greybear

Is there anything I should do or know about? Should I talk to a lawyer?

Why is this some people's knee jerk reaction?

Yeah, go ahead call a lawyer. Lawyers need a good laugh every once in while.

Refinances are taking a while with everybody trying to get these artificially low rates while they still exist and there are still many loan modifications going through. Best advice is stay diligent and be polite unless you want to start the whole process over again at a higher interest rate.