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mimiott
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 Posted: Tue Nov 03, 2009 2:48 pm Post subject: FHA Refinance |
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We began the refinancing process in early August. We decided to do an FHA refi, we have equity, some of which we were going to get back for home improvements.
Our loan supposedly was approved-"Okay to Fund" on 10/20/2009...have been told for weeks that we will close in the next day or two, and still no closing in sight. I don't understand how this can be...does anyone know if we have any recourse-anyone we should complain to? How can we find out when this loan will go through?!
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 sonjakracine
Joined: 24 Oct 2007
Posts: 73
Location: Lafayette,IN
14.50 Dollars($)
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| Posted: Tue Nov 03, 2009 2:53 pm Post subject: |
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You need to speak to your lender, who did you take the application with?They are the number one person to go to. If they are unresponsive, I'm sure they have a boss and you can go over their head to get status. If you were approved then you would have gotten a commitment letter and if you provided items that satisfied the conditions then you should be good.
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Sonja Racine
Home Mortgage Consultant
www.wfhm.com/loans/sonja-racine |
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cavoyagehomeloans.sac
Guest
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| Posted: Wed Nov 04, 2009 3:47 pm Post subject: FHA Refinance |
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As far as my knowledge goes FHA loans do not take longer then 21 buisness days. Then again it depends on the lender. There are banks that are taking as long as 120 days to fund loans. I would suggest you consult someone else as well.
Good luck
Sam
Voyage home loans |
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gmakerley
Community Mentor
Joined: 09 Nov 2007
Posts: 7405
Location: bloomfield, ct
62.63 Dollars($)
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| Posted: Thu Nov 05, 2009 10:08 am Post subject: |
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the process does, indeed, take longer than anyone might anticipate. nevertheless, for a refinance transaction, it certainly ought not to stretch out over two months-plus. you need to speak to your loan officer, as sonja mentioned, immediately. assuming your loan officer is clueless, you need to kick it up a notch (again, as sonja said). i don't know about going elsewhere - that's just going to prolong things. but if most of your documentation has been taken care of and it's just a matter of someone getting up of his or her duff to do the job, then you need to begin raising a little ruckus to ensure they do that.
it's safe to assume the appraisal has been completed, right?
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George M. Akerley
Loan Consultant
860-221-5044 |
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