Why is my refinance taking so long?

Guest

Hi,

I am trying to refinance my condo which I have lived in for just over 3 years. I have great credit and have never missed a payment.

I completed the paperwork months ago. But, I have two friends who have refinanced their single family homes and did not have any problems. I have talked to other condo owners and it seems other people are having the same problem.

Why is condo refinancing taking so long?...If it's happening at all?

gmakerley · Posted: Wed Mar 25, 2009 10:53 am Post subject:

i'm sure you've had this same conversation with your loan officer. what were you told? it may be, by the way, that your condo complex doesn't meet guidelines. if you can't get a straight answer from the loan officer, you're going to have to escalate to a higher authority within the lender's office.

Guest

Actually, I am working with an independant mortgage broker and he keeps telling me he is waiting on the bank. My building is less than 30% renters and should meet any criteria. Like I said, I finished all the paperwork and my broker told me I have been approved.

I just wanted to know why single family homes are getting refinanced and condos are not. My parents just refinanced without a problem, but my brother and I, both condo owners, started the process before my parents with the same broker and are still waiting. My broker keeps saying it is the bank. Just wanted to see if anyone knew why this is so difficult.

smo65d11 · Joined: 25 Mar 2009 Posts: 9 4.56 Dollars($)

is it possible that the condo association is in litigation regarding anything? If they are, I believe all loans, sales, purchases etc are stalled until the matter is resolved in court.

gmakerley · Posted: Wed Mar 25, 2009 2:19 pm Post subject:

that might very well be the situation, smo...

Guest

Good luck! My husband and I have excellent credit score and have been trying to refi since 12-12-08; today Chase, who has the mortgage turned down our refi. I even call the office of the President of Chase a month ago and the executive staff stopped returning my calls a month ago. This is a second home for us our first home is paid off. Our community was started just before the economy went south and now the nothing is selling! This is a big surprise since nothing can be financed.

smithsussane · Posted: Sun Apr 05, 2009 8:12 pm Post subject:

Hi Diane!

Welcome to forums!

Did the lender give you any reason as to why he will not refinance the mortgage? Do you have equity in the property? If you don't have equity in the property, then the lender would not refinance the property.

Feel free to ask if you have further queries.

Sussane

Guest

I was told by Bank of America that I am approved for 4.5% and everything has been done for my single dwelling house but the rep says they are so bank logged that I will have to wait. My lock is up June 1st. What to do?

gmakerley · Posted: Wed May 20, 2009 6:03 am Post subject:

push them very hard, jane. ask for a free extension of your rate lock - you have naught to lose in that case. if all is done, they ought to be able to close your loan.

Guest

I have a wells fargo mortgage broker to do my refi. I gave him all our finacials. he said everything seemed in order he will look at our best options present them to us and we make a decision. So we went ahead locked in our rate in which we paided to lock it in and got our appraisal done. we got our appraisal done in March 09 it came back with workalbe numbers. so In early april I reviewed the options choose one let and let him know he said it could take up to 8 weeks. I said ok i understand the demand ont eh market. 6 weeks later I call him everyday for almost two weeks. finally he returns my call and we are in june now when he returns the call. Tells me my appraisal is only good for 120 days and it will have to get reappraised The market value has dropped significantly in my area and interest rates have gone up. I may not be able to refi now cause of his lack of pruudence is there anything i can do?

adonis · Posted: Thu Jun 11, 2009 12:22 am Post subject:

Hi welby,

I don't think you have much to do in this case except from going for a re-appraisal. If you do not re-appraise the property, you may not be able to refinance it. However, you can always contact an attorney and take his opinion about whether or not you can take any actions against your broker.

gmakerley · Posted: Thu Jun 11, 2009 7:17 am Post subject:

i am of a similar mind as adonis, at least as far as his initial statement. i don't think there's anything that will be available to you as far as forcing the issue with the loan officer or wells.

though it might sound quite reasonable to try to take legal action, i don't think any such action would be successful.

brian3 · Joined: 09 Jun 2009 Posts: 80 21.31 Dollars($)

I have heard the large banks like Wells, Chase and BOA are so backed up on in house files that they are taking 90+ days to process and close them. We have loan officers from the area who bring time sensitive deals to us to close. We are an independent mortgage banker. We close deals with our money and then we sell them to the large investors or to fannie mae directly. I would recommend trying one of the mortgage bankers in your area who work in this fashion. As long as they have available money to close it should not be a problem. In my opinion its bad business of those large banks not to manage their clients expectations......good luck changing that though!

eric1 · Posted: Thu Jun 11, 2009 8:14 pm Post subject:

Brian...90 days? come on now

Posted: Fri Jun 12, 2009 6:19 am Post subject:

Eric, if my partner did not have a friend from Wells who has already handed us three time sensitive loans to close I would probably not believe it myself. Check out some other forums, its not just these people having problems getting their loans closed.

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