why is the refinance taking so long?

Author Message
sylvie

Guest







Post Posted: Tue Sep 04, 2012 12:07 pm    Post subject: why is the refinance taking so long?
Like
Dislike

I applied to refiance my home on July 31, 2012. The mortgage loan application was delivered on August 8 electronicly with all paper work w-2, credit scores, and other documentation. I received my good faith doc. on August 21/23 apprisal information sent to loan processor. I still waiting to find out closing date. I've heard no question are good situation. The mortgage loan office stated it might be around September 14 -19. I have a credit score 713, loan to value on house is 45%, and front end debit 10% and back end date 29%. Is this normal?
_________________
Need help choosing the right loan? Get free consultation from community lenders/consultant
Icon Mini Profile chrisgummerson
chris-gummerson
Community Expert
Community Expert



Joined: 29 Apr 2010

Posts: 851
Location: La Palma, CA
14.18 Dollars($)
Post Posted: Tue Sep 04, 2012 5:39 pm    Post subject:
Like
Dislike

If you are on a freddie mac or Fannie mae HARP loan, the turn times can be very long. For normal transactions, a 60 day closing is not unheard of. Things happen, and slow down the process. You also may be working with a lender who is backed up with influx of borrowers wanting to take advantage of the market rates...Things are not as they were 5 years ago in this mortgage industry...
_________________
Chris Gummerson
Bay Valley Mortgage Group
bayvalleymortgage.com
714-367-5125
Icon Mini Profile adonis
adonis




Joined: 22 Oct 2005

Posts: 12179
Location: ALASKA
1313.94 Dollars($)
Post Posted: Tue Sep 04, 2012 9:15 pm    Post subject:
Like
Dislike

Welcome sylvie,

The loan closing may take quite some time. Nevertheless, you should contact your lender and check out if he can let you know a tentative date of loan closing.

_________________
Procrastination is the enemy of your financial success
Icon Mini Profile raymond
raymond
Community Expert
Community Expert

best lender badge

Joined: 03 Jul 2009

Posts: 1348
Location: Irvine, CA
16.17 Dollars($)
Post Posted: Thu Sep 06, 2012 12:39 pm    Post subject:
Like
Dislike

Yes, it's normal.
_________________
Raymond Denton
www.IrvineReverseMortgages.com
Icon Mini Profile kayleemegn





Joined: 07 Jul 2012

Posts: 103

21.07 Dollars($)
Post Posted: Fri Sep 21, 2012 3:38 am    Post subject: Re: Why is the refinance taking so long?
Like
Dislike

Each bank and lender has own individual entity these days. Time for refinance from application date to settlement date can vary. It depends on the bank and lenders, how much time they will require to avail you the refinance. Otherwise, you can go to them and ask them the tentative date.

__________________________________
Check your credit score at Creditscore.com/
Icon Mini Profile saliviyajonathan
saliviyajonathan




Joined: 11 Sep 2012

Posts: 72

11.35 Dollars($)
Post Posted: Thu Sep 27, 2012 3:39 am    Post subject: Help in refinancing
Like
Dislike

It depends, usually such processes do not take so much time but as per your case it can also be said normal, but further processing should start soon
Ask question
Your Name
Subject
Image Verification


Can't read the image? click here to refresh
Message Body
All times are GMT - 7 Hours
Page 1 of 1

 
Delete this topic Move this topic Lock this topic Split this topic 

Page loaded in 0.862 seconds.