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I talked to my mortgage broker on November 4th about refinancing my mortgage. Periodically she would ask for different ducuments, which I submitted within a day or two. The last time I asked what was taking so long, she said it was because lots of necessary people were off for the holidays. It's now January 11th, and I still have no information. This is the same broker that I used when I bought the house 4 years ago. It didn't take this long from offer to closing when I bought the place!
I talked to my mortgage broker on November 4th about refinancing my mortgage. Periodically she would ask for different ducuments, which I submitted within a day or two. The last time I asked what was taking so long, she said it was because lots of necessary people were off for the holidays. It's now January 11th, and I still have no information. This is the same broker that I used when I bought the house 4 years ago. It didn't take this long from offer to closing when I bought the place!
What gives?
There are so many factors. How long did it take you to get her all the paper work? Did you ever lock. If you did lock, your lock probably expired and they have been quietly waiting for rates to drop. The rate have dropped on Friday, so I expect you do be winding down this week.
I had the same thing happen. I was told it would take 2-3 weeks from start to finish. After two months, I gave up. I eventually sold the place. Now I am supposed to be closing on a new home TOMORROW and still do not have the mortgage company's "clear to close"!!! I am beyond frustrated!
I had the same thing happen. I was told it would take 2-3 weeks from start to finish. After two months, I gave up. I eventually sold the place. Now I am supposed to be closing on a new home TOMORROW and still do not have the mortgage company's "clear to close"!!! I am beyond frustrated!
A good rule of thumb - closings are scheduled at the end of the month, so when the loan funds, a full months of interest is charged on the new loan. Refinances - due to the recend period, close at the lastest three business days before the end of the month. Purchases fund at the closing table, are scheduled on the last business day on the month.
One time back in 2006 (end of the year) - did a refinance from origination to closing took one week!!!!!! Never again.....lol!!
I have not heard a single word from my mortgage broker since December 27th. This is the email she replied when I asked her what was taking so long:
"Hi, during the holidays, between week of thanksgiving and new years everything slows down due to people taking vacations and days off... especially this year because of the days they fell on. need copy of your home owners insurance or the name and contact information of the agent. The homeowners should be paid out of your escrow account correct? I know you are planning on changing policy and / or agent. What is the anticipated new yearly premium?"
I had already given her all of that information previously. I actually had given her all of the following on December 18:
* copy of most recent mortgage statement
* copies of last 30 days paystubs
* copies of 2011 and 2012 w2's
* copies of last 2 months bank statements
* name andcontact info of insurance agent you are planning on moving to
* copy of current homeowners deck page
I'm at the point now where I'm going to tell her I no longer want to re-fi. It's been entirely too long. I haven't been given ANY information about how much the interest rate will be or closing fees or anything. I've literally been given NO information on anything.
She's an acquaintance of mine, so honestly, I feel like she's pushing me to the side because she's not making much money on this.
Something is NOT right. Business isn't so busy a refinance can be ignored! Either, your loan could not meet the reasonableness test ("does this refinance make sense?") Or she quoted a rate/point combo that doesn't exist. (Maybe it did before, but the market got away). Many reasons why you loan is not progressing, but these are the most obvious.
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