Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I've not heard a word about the appraisal, or the type of loan, or anything. She's literally told me NOTHING. I told her I wanted to re-fi, she asked me for docs and info, and that's where it's been left.
I've not heard a word about the appraisal, or the type of loan, or anything. She's literally told me NOTHING. I told her I wanted to re-fi, she asked me for docs and info, and that's where it's been left.
Something is wrong, it should take 3 months to get an appraisal, if it was FHA, an appraisal might not be necessary.
Then it might be time to give up on her. You document and credit report will be too old in a couple of weeks and you are going to have to resubmit more paperwork. Maybe she is no longer working, in the hospital, dealing with personal issues, who knows. If you want to refi, you need to move on, but you bought in 2008 and the market has dropped and recovered a little. If you put only a small down payment it might be difficult to refi due to lack of equity.
Your LO friend is full of it. I did a refi between Thanksgiving and Christmas with no problem. Started refi on Dec 2nd, closed on Dec 27th. Find someone that values your business.
Apparently, the appraisal was the issue ($11k less than what my loan is for), but I'm irritated as all hell that I had to basically say, "Hey, look, I haven't heard from you at all in 6 weeks. I'm done. Thanks anyway," for her to say, "Oh, yeah, it's not going to work because of the appraisal." I mean, did she think I was just going to fade away and she wouldn't have to tell me that?
Values have been going up, you home might have more value than a couple of months ago. If you paid for the appraisal, you should have received it. Right around now people are meeting with their accountants, then they realize that they should buy a house. Prices might go up in the next few months and you might have some value to refinance. Go find another lender to start working with so when the time is right to pull the trigger, you'll just have to update a few pieces of paper.
Agree on the muliple factors - have you had your appraisal? (appraisals have a time limit for 90 days)
This information is incorrect.
A FHA appraisal is good for 120 days from the Effective Date of the appraisal (the date the home was inspected by the appraiser).
Note: Not the signature date on the appraisal. Look for the field entitled Effective Date.
If necessary and approved by FHA/HUD, this 120 day expiration date can be extended by an additional 30 days IF the loan has been approved during the original 120 day period. This extra 30 days is to allow for closing the loan.
Your LO friend is full of it. I did a refi between Thanksgiving and Christmas with no problem. Started refi on Dec 2nd, closed on Dec 27th. Find someone that values your business.
I'm not a LO but I do have lots of realtor friends. We have been discussing a new set of mortgage rules that went into effect on or about 1 January of this year.
The changes appear to have added almost two weeks to the normal mortgage origination process and requires substantially more documentation than was previously needed.
Several major Mortgage Industry bulletin boards and forums are also discussing these changes and how they are lengthening the mortgage origination process.
While none of what I read appears to be authoritative, the results of the new guidance means closing loans will be tougher and take longer to complete.
I'm not a LO but I do have lots of realtor friends. We have been discussing a new set of mortgage rules that went into effect on or about 1 January of this year.
The changes appear to have added almost two weeks to the normal mortgage origination process and requires substantially more documentation than was previously needed.
Several major Mortgage Industry bulletin boards and forums are also discussing these changes and how they are lengthening the mortgage origination process.
While none of what I read appears to be authoritative, the results of the new guidance means closing loans will be tougher and take longer to complete.
Although I see FHA now requiring more work from the borrower potentially adding more time, I am unsure where extra time would be adde for conventional loans. Do you mean tougher as in they will need more cash so they might have to wait a couple of weeks for their next pay check?
Most LO have an idea what documents will be required, but instead, they ask for the minimum, then give it to the underwriter and then go back to the the borrower and ask for more stuff. This way the UW looks like the bad guy. I tell people upfront, I'm going to ask for more documentation than any other loan officer that you've worked with in the past but I'm going to do it now rather than a week before your closing date.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.